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Contributor
athan12
Posts: 104
Registered: ‎12-28-2012
0

Getting a secondary credit card?

Right now I am using a college credit card and it's been over due for a very long time and I just paid off all of my debts on my college credit card last week to basically start rebuilding my credit card.

 

I'm planning to apply for another credit card but this time I'll start with a secured credit card and work my way up to an unsecured credit card.

 

Is it advisable to build up my score faster with two credit card and if so, what are your advises on using a secured scredit card. Thanks! I'm at 570 right now :smileysad:

Starting score as of 12/2012: EQ 570
Current score as of 02/2013: EQ 619


Current scores as of 06/2014:
EQ: 640
TU: 650
EX: 655

GOAL: 700
Community Leader
Valued Contributor
DaveSignal
Posts: 2,109
Registered: ‎07-29-2011
0

Re: Getting a secondary credit card?

secured is possibly your only option right now, but it is a good option.  You can rebuild with as many as you like.  It wouldn't hurt to get two.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Contributor
jetsfan2013
Posts: 147
Registered: ‎11-28-2012
0

Re: Getting a secondary credit card?

Capital One may also be a good option unsecured

Rebuilding Since 11/11
Current Score: 659 5/14 | Goal Score: 710+ 4/15
Cap 1 Quicksilver 2250 | Cap 1 Visa 2000 | Barclays Apple Visa 2000 | Discover IT 1500 | American Signature Store 1000 |

Rebuilders: First Natl 850 | Show MC 550 | Walmart Store 150 | American Eagle Store 150 ~~ Garden rest of 2014
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HiLine
Posts: 2,946
Registered: ‎10-19-2012
0

Re: Getting a secondary credit card?

Treat your secured card like a debit card: always pay in full, and don't get too close to the credit limit. Also try to obtain as high a credit limit as possible, as this will help you with future credit applications.

Contributor
athan12
Posts: 104
Registered: ‎12-28-2012
0

Re: Getting a secondary credit card?

[ Edited ]

@HiLine

 

Is it true that its better to pay in full instead of paying 4 times a week. Because I was reading this article on yahoo about people with almost perfect credit score, and one them said that he is paying every week and dividing the balance instead of paying once a month in full. So to pay in full or to divide and pay every week?

 

and I heard its better to only use 30% of your credit limit. is this true?

Starting score as of 12/2012: EQ 570
Current score as of 02/2013: EQ 619


Current scores as of 06/2014:
EQ: 640
TU: 650
EX: 655

GOAL: 700
Community Leader
Valued Contributor
DaveSignal
Posts: 2,109
Registered: ‎07-29-2011
0

Re: Getting a secondary credit card?

The balance or how many payments you make doesn't really matter as long as it is paid before the date that the credit card company reports to the CRA  (usually the statement date).

 

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k

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