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Is it pointless to get a secured card (from my bank) if I have 3 unsecured cards I can use?

Frequent Contributor

Is it pointless to get a secured card (from my bank) if I have 3 unsecured cards I can use?

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:

 

  • a Capital One card ($500 limit, opened 2007) but it's currently not "positive" because I have one 30 day late. **I have sent a GW asking to remove the late payment**
  • an Orchard Bank card ($300 limit, opened 2009) also currently not "positive" because of a few lates.
  • a Best Buy store card ($1,305 limit, opened 2007) which IS positive with no lates.

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?

Message 1 of 6
5 REPLIES
Epic Contributor

Re: Is it pointless to get a secured card (from my bank) if I have 3 unsecured cards I can use?

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.

Message 2 of 6
Frequent Contributor

Re: Is it pointless to get a secured card (from my bank) if I have 3 unsecured cards I can use?


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 Smiley Mad

 

I'm just trying to decide if it's worth it to "spend" $300 on a secured card.

Message 3 of 6
Epic Contributor

Re: Is it pointless to get a secured card (from my bank) if I have 3 unsecured cards I can use?

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. 

Message 4 of 6
Frequent Contributor

Re: Is it pointless to get a secured card (from my bank) if I have 3 unsecured cards I can use?


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.

Message 5 of 6
Epic Contributor

Re: Is it pointless to get a secured card (from my bank) if I have 3 unsecured cards I can use?

I understand that.  So to have another positive reporting TL.  You probably already said thatSmiley Embarassed

Message 6 of 6