How many Bank cards Do i need to start rebuilding?

[alienfico]

i think of rebuilding as running a marathon, you have to train for 6-8 months before the race day.  

rebuilding is just like that, everyone goes at their own pace.

Not everyone has the money to tie it up for six-8-12 months on a secured card.  If folks need

to used FingerHut and it serves their purpose....by all means do what works for you meanwhile

you are cleaning up the baddies on your report and creating positive trade lines.  I had the FH

account open for a while and just recently ordered one item from them.  I was fortunate to be 

added as an AU on a card, and also put up money for some secured cards.  I think the 

biggest thing that helped me was cleaning up the baddies on my reports.  I'm not anywhere

close to where I want to be....but that's where the marathon running comes in...patience, 

focus and time...just like rebuilding.

What works for one, doesn't work for all.  I think we all have individual financial needs and profiles.

If you have extra money to put up for secured cards, I'd suggest Open SKy they don't do a hard

pull, they're pretty ok.  You might also want to try going with a credit union and getting a 

secured card with them.  

[Anonymous]

I think three credit cards is great. This forum gave me some wonderful advice. I have two secure cards and one unsecured card.  This method certainly has been awesome to rebuilding my credit. Hope this helps!

[Anonymous]

Thanks for response. Curious about the Opensky secured cards, whats the length for it to graduate. How long before I can get the deposit back?

[finallyfixingit]

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@Anonymous wrote:

Thanks for response. Curious about the Opensky secured cards, whats the length for it to graduate. How long before I can get the deposit back?

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Someone please correct me if I am wrong but I believe Bank of America is the only one that will graduate secured cards and possibly Discover. 

[Whitneyy]

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@finallyfixingit wrote:

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@CH-7-Mission-Accomplished wrote:

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@finallyfixingit wrote:

I would agree Fingerhut ‘s products are overpriced. However, Fingerhut and Capital One gave me the opportunity to start again when no one else would.

With Fingerhut I did purchase things that I would use. Did I overpay for a waffle iron and rice cooker? I did but in my opinion it has been worth it. My last purchase was small but for something that I needed.  I do not need to purchase anything from them anymore.

With Capital one I started off with $200 secured which is now $500 without an additional secured deposit. I also have a Quicksilver One with them which started at $300 in December, but now it is $800. I have a few other store cards as well.

I am grateful to Fingerhut. I have spent less than $200 with them. I have great products that I use. My money is not tied up in accounts. I still have a long way to go, but my credit score has improved. I personally have no regrets.

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Yes, it's better to spend $200 than to have $200 "tied up" in a savings account that can later be invested and used as part of your 6 months minimum of cash reserves for a rainy day.

Not picking on you, but this isn't good financial logic.

Truth is $200 in crap won't hurt anything.  You probably spend that a month on lunch out.  I think it's just that people should learn to save and invest when building or rebuilding credit.  Spending to get a credit rating is not good.  Necessary spending is necessary.

Again, not picking on you.  Just making a point for people to consider.

I have spent $200 for dinner before and a lot of $200 on unnecessary plane tickets.

I just don't think people should mix up spending with credit.  That is the root of all problems and leads to problems.

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I do not think you are picking on me, but understand everyone's financial situation is different. When I first started rebuilding I did not have $200 + to tie into an account. It was easier for me to spend $200 little by little over a few months versus a secured deposit all at once. So while I understand the logic of putting money into a secured account and earning interest, this may not work for everyone. Especially since most banks require the entire deposit at the time of the account opening. I think Capital One is the only one that gave you a few months to complete the deposit. Now fast forward a few months later, my financial situation is quite different, and if I were rebuilding now, I may look at things a little different. I may go with Fingerhut and I may not. They are not perfect, but they are an option for people that do not have many options.

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Basically.. I agree. 

[Anonymous]

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@Anonymous wrote:
RIGHT!!!! That's what I REALLY want to know it seems like there are 2,3,4 or 10 different ways to do it and nobody can agree on the best path to take. I don't want to hurt myself more....But right now I'm in no position to be choosy.

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IMO, there is not such thing as 'one best path'. There are mutiple paths because everyones situation is different. What works for one person may not be as effective for another, and vice versa. The key is to describe your own situation as best you can, and people who have been is similar situations can respond.

FWIW, Fingerhut is on my reports since December, though I've not used them, and probably won't.

[Anonymous]

Sorry to hijack the tread with my own rebuilding question but since this one was already going I figured I would just ask here.

I have only 1 card right, quicksilver with 4500 limit. If I am added as an authorized user on a couple of my wifes cards, these cards are new so it will not help my AAoA, just give me more opened account, will this be sufficient for the 3 cards that most people seem to recommend or do I need to open a couple new ones in my name in addition to being added as an AU on my wifes?

Thanks

[gdale6]

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@Anonymous wrote:

Sorry to hijack the tread with my own rebuilding question but since this one was already going I figured I would just ask here.

I have only 1 card right, quicksilver with 4500 limit. If I am added as an authorized user on a couple of my wifes cards, these cards are new so it will not help my AAoA, just give me more opened account, will this be sufficient for the 3 cards that most people seem to recommend or do I need to open a couple new ones in my name in addition to being added as an AU on my wifes?

Thanks

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We do not hijack threads on My FIco, I have requested you own be opened for this.

[Anonymous]

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Sorry to hijack the tread with my own rebuilding question but since this one was already going I figured I would just ask here.

I have only 1 card right, quicksilver with 4500 limit. If I am added as an authorized user on a couple of my wifes cards, these cards are new so it will not help my AAoA, just give me more opened account, will this be sufficient for the 3 cards that most people seem to recommend or do I need to open a couple new ones in my name in addition to being added as an AU on my wifes?

Thanks

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In short - No. Establish your own separate accounts.