Secured Card Question

[MzDandylion0527]

Anyone want to take a stab and giving me any information on how getting a secured card will affect your scores? I have one CC with Capital one for 300 that is unsecured. I keep that paid down to a 5.00 balance every month. I just applied for a secured card with Capital one for $250. With paying my bills on time for the next 60 days, what would be a realistic score gain? Right now i'm sitting at 639/597/560

Any information would be appreciated.

[MarineVietVet]

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@MzDandylion0527 wrote:

Anyone want to take a stab and giving me any information on how getting a secured card will affect your scores? I have one CC with Capital one for 300 that is unsecured. I keep that paid down to a 5.00 balance every month. I just applied for a secured card with Capital one for $250. With paying my bills on time for the next 60 days, what would be a realistic score gain? Right now i'm sitting at 639/597/560

Any information would be appreciated.

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It's the same possible results that an unsecured card would have. You have an application for new credit, a new inquiry, and possible lowering of your AAoA. The fact that it is secured isn't looked at any differently for scoring.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

I also have secured capital one card. I've had it for a year now.  I also have a capital one unsecured card.  They report the same to all 3 CRAs.

There's no real easy answer to your question that I know of.

Keeping the secured card at a low balance right before your monthly statement can definitely help your score out, may take 4-6 months. Keep doing the same with your unsecured card.

If possible try to get a CLI from Cap1 on your unsecured card and also try to deposit more into your secured card when you can.  $300 and $250 are looked at as low limits to CRAs.

My best score increases were from cards that I was added to as a joint account holder.  They were cards my fiance has had for a few years with high credit limits and no late payments.  It's called 'piggybacking' and it most likely give you the biggest score jump.  I didn't even get a hard inquiry with them either.  Obviously there's risk involved and as now I'm on the hook should things go a wrong in the relationship.