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My best friend is a personal banker at 5th 3rd and keeps encouraging me to apply for a secured credit card. I've read how great they help you... but would it be more beneficial to me to use my cards I already have?
I have:
Also, I was just approved today for a Victorias Secret card with a CL of $350.
Do you think opening a secure card and getting another positive TL would be the best thing to do right now or to continue using the current cards I have?
Positive or not they still count toward you utilization and are factored into your score. The 30 lates will be removed 7 years from their occurence and the account will become in good standing again.
@guiness56 wrote:Positive or not they still count toward you utilization and are factored into your score. The 30 lates will be removed 7 years from their occurence and the account will become in good standing again.
Yeah, I think on one of my reports it said Capital One will be in good standing in 6/18
I'm just trying to decide if it's worth it to "spend" $300 on a secured card.
It really isn't what your overall CL is but, rather, how you use it. You can have one CC and get the same results as 2 or 3.
I have read that FICO likes to see a minimum of 3 and no more than 30 (lol) but I don't how true it is.
@guiness56 wrote:It really isn't what your overall CL is but, rather, how you use it. You can have one CC and get the same results as 2 or 3.
My reasoning for considering it was to have another account in good standing since of my current 3 cards only 1 is in good standing.
I understand that. So to have another positive reporting TL. You probably already said that