My second secured card, use it or no?

[xosamandaxo]

I have two cap1 secured cards. Both have $550 limits. I've had the first one for a year and a half, and I've had the second one for  9 months. I've only been using the first card, as I was told to sock drawer the second. However, I'm not seeing a boost in my scores. A few points every other month or so. How can I get a bigger boost? 

I dont have any recent negatives. Majority if my derogs are falling off within six months to a year. 

Thanks

[crrredit]

I have three secured cards and try to use them all regularly. I think it you go too long without using it they might close it, and you want to keep that available credit reporting, so you might want to use it occassionally. As far as your score, if you let a small amount appear on your statement (less than 10%) on the card you use, and make sure the other card reports a zero balance, then that will give you the best score. You can pay it right after your statement cuts, so you don't ever carry a balance past your payment due date and avoid paying interest. If you're not doing that, you will see a bump the first month you do. You may consider a third card as well. Three seems to be the magic number for FICO scoring.

[xosamandaxo]

Thanks  

I'd love to apply for an unsecured but I don't think I'll be approved. Pretty sure they pull transunion and I'm only at 589 with Tu.

[Anonymous]

You can check CAP1, Chase and BOA, for just a few to see if you qualify for an unsecured card. It's not a HP unless you apply. Gives you an idea if you qualify yet or not. Just go to their websites and check to see if you have any offers, I think is says check for offers...something like that. Doesn't hurt your scores to at least check.

[Anonymous]

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@xosamandaxo wrote:

I have two cap1 secured cards. Both have $550 limits. I've had the first one for a year and a half, and I've had the second one for  9 months. I've only been using the first card, as I was told to sock drawer the second. However, I'm not seeing a boost in my scores. A few points every other month or so. How can I get a bigger boost? 

I dont have any recent negatives. Majority if my derogs are falling off within six months to a year. 

Thanks

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What derogs *do* you have currently, and when will each fall off?

[xosamandaxo]

two cc charge offs $900 each. cap1 should be gone by October. I also have portfolio recovery reporting it as well. The other is jc Penney cc which falls off early 2016.

i also have a few old trade lines from defaulted student loans (have now been in good standing for several years). That's due to fall off April 2016.

[Anonymous]

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@xosamandaxo wrote:

two cc charge offs $900 each. cap1 should be gone by October. I also have portfolio recovery reporting it as well. The other is jc Penney cc which falls off early 2016.

i also have a few old trade lines from defaulted student loans (have now been in good standing for several years). That's due to fall off April 2016.

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You should be able to get the Cap 1 charge off excluded early. TU will usually do that six months out, Ex 3 months and EQ 1 month.

What are your scores?

[jbsea]

Don't trust the BOA site.  But Cap 1 may have something for you.

[elim]

try to combine the limits online (not sure if secured cards are included in the new option but worth a try).