Does Secured Credit Card CL Matter?

[ejm7788]

Long time reader but first time poster. I want to thank the community for helping me gain knowledge in rebuilding

I'm looking into getting a capital one secured card. I see the minimum deposit is $200. 

My question is do I need a large line of credit to make a significant impact on my credit score/report? Or will a small line of credit and deposit of $200 be fine as long as I pay it off monthly?

I also understand having 2 or 3 secured cards are better than 1, so my plan is to get 3 with a small line of $200-300.

Is this a good plan? Or should I try to have a larger secured cc deposit?

[DiabolicallyRandom]

The limit itself does not matter. All that really matters is how you use it.  Some people like to put a lot on them hoping that it will factor into what limit they may get on future approvals.  I personally wouldnt put a lot on one with money that I could use more wisely else where. Larger approvals came for me while I still had lower limit cards.

Depending on what your profile and scores look like, opening one to two secured cards can be very helpful. BofA and Wells Fargo secured cards have the possiblity of graduating into an unsecured line.  If you are simply looking for lines to age, you can look into the "shopping cart" trick. You can find out more about it by doing a search of the forums. I wouldnt reccomend getting cards that you have no use for, but they can be obtained easily without out an inquiry being added to your reports.

[ezdriver]

Size of the CL does not matter. Utilization and ontime payments are key to rebuilding credit. Multiple tradelines and a mix [revolving credit, installment loans] are important factors too. Good luck and it looks like your journey has started.

[Nola_Bee]

Good question! I was wondering the same thing. I was recently approved for 2 secured cards with the minimum limits. 

I don't want to have to add any more money to them if it doesn't make a difference.  

[guiness56]

CL make no difference at all.  It is how you use them.

Making on time payments do not either for that matter.  FICO does not give you credit for making your payments on time, it is expected of you.