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Is it a good idea to have more than one secured card?

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Anonymous
Not applicable

Is it a good idea to have more than one secured card?

To make a long story short, I had applied for a capital one secured card and it gave me a message saying they would send me a letter in 7-10 days, which I assumed meant that I was denied. So I went ahead and got an opensky secured card (already paid deposit, just waiting on the card). Well today I checked the mail and to my surprise, I got an approval letter for capital one. So my question is, should I pay the deposit to also get the capital one card, or will the opensky be sufficient?
Message 1 of 12
11 REPLIES 11
rmduhon
Valued Contributor

Re: Is it a good idea to have more than one secured card?

Do you have any other cards? You'll want 3 eventually to optimize your scores.
Message 2 of 12
Adkins
Legendary Contributor

Re: Is it a good idea to have more than one secured card?

If you're on a rebuild, secured cards might be all that is available to you - and that's ok. There's nothing wrong with having two or three, just know they are stepping stones and not forever cards. I would pay the deposit and get the capital one card also. As rmduhon asked, do you have other cards yet?

Last HP 08-07-2023



Message 3 of 12
Anonymous
Not applicable

Re: Is it a good idea to have more than one secured card?

I don't have any other cards as of yet. The sct doesn't seem to like me very much.
Message 4 of 12
Sandman771
Valued Contributor

Re: Is it a good idea to have more than one secured card?

Those two cards will do you well and also look into the SSL Techniqu (there is a long thread on it basically you put in $500 and take out $495 and it reports for 60 months) so you get an installment loan reporting also to give you a maximum FICO boost. If you already have a student loan or car loan then disregard lol. good luck! 

Starting Score: EQ497/TU496/EX 499
Currently: EQ 620 TU 654 EX 627
in the garden since 6/16/2021
Message 5 of 12
Anonymous
Not applicable

Re: Is it a good idea to have more than one secured card?

I do have an auto loan, but it's only reporting to transunion for some reason. I also just signed up for selflender.
Message 6 of 12
Adkins
Legendary Contributor

Re: Is it a good idea to have more than one secured card?

Try apping for the discover secure card. If you can get that also, that's three cards and two loans. I'd ask the auto loan company what's up with only reporting to TU. Use your cards wisely, and make sure to follow the AZEO method - all reporting zero balances except one, which should report at no higher than 9%.

Last HP 08-07-2023



Message 7 of 12
Anonymous
Not applicable

Re: Is it a good idea to have more than one secured card?

I started with 3 secured cards. Capital one, US Bank, and discover it. They have all graduated and served me well. Dv
Message 8 of 12
Anonymous
Not applicable

Re: Is it a good idea to have more than one secured card?

My car is through a buy here, pay here cause well they were the only ones who would finance me. So I thought maybe that was why they only reported to transunion, cause they only hit transunion with a hard pull. My goal is, when I pay off this car, to be able to go to an actual dealer and trade my card in and get a more reasonable payment.
Message 9 of 12
Adkins
Legendary Contributor

Re: Is it a good idea to have more than one secured card?

Sounds like you know where you're headed! Try joining a credit union. If your scores improve fast enough, you might be able to refinance the car loan - just talk to them about it. At the very least, you'll be in a better position to get financing for your next car from your credit union versus the dealership.

Last HP 08-07-2023



Message 10 of 12
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