Reply
Valued Member
Posts: 158
Registered: ‎06-15-2007
0

secured card

I have some money to spend and want to get high limits on CC's but the only way that I can do that with low scores is with a secured card,,,I have a BOA secured with 2000 limit,,,,think I could apply for another card and give them 2k would this help my score? or would 2 much new credit hurt my scores? trying to buy a home in March 08
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: secured card

 I would just chill with this one card for now and let it work for you for a few months.   I know we all want as many cards right out the gate but if you are coming out of bad credit and bad debt, sometimes it's just wise to take it a bit slowly and let time and frugal spending and paying on time every month do it's magic.   If your baddies are all squared up and you use this card wisely, better offers for a non secured card are going to be on the horizon.
 
I would take that extra $1,000 or $2,000 or whatever extra you have and either get any past debts taken care of and if don't have anyof those than I would put into a high interest yielding savings account like ING or a GMAC or a money market fund like and MFS  and just let that sit for a while and build and let a nice emergency fund build up.
Valued Member
Posts: 158
Registered: ‎06-15-2007
0

Re: secured card

well everything is paid off, thank god nothing more to pay off,,,,,I just had some money to spend and since everything was paid off didnt know if I should put that on a secured card
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: secured card

put it away and use it towards the downpayment:smileywink:
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.