Secured Cards?

[Anonymous]

What kind of bump did you see on your credit score when your SECOND credit card reported vs your first?

I didnt have ANY open credit cards, got a cap 1 secured which should report next month, Now I got a discover secured?

Will it be a similar bump or considerably less since its not the first?

Thanks!

[Anonymous]

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@Anonymous wrote:

What kind of bump did you see on your credit score when your SECOND credit card reported vs your first?

I didnt have ANY open credit cards, got a cap 1 secured which should report next month, Now I got a discover secured?

Will it be a similar bump or considerably less since its not the first?

Thanks!

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Thats sort of a trick question.   Everyones credit profile is different.  If you have baddies still on you CR, then it might go up but not as much as someone with a clean report. Depends on the deposit you put down on the card.  a higher limit might garner more fico points.   what you will gain will be somewhat different then everyone eise would.  My fico only went up 20 points when my discover was added, i still havent had my other 2 cards show up yet.   Hopefully its good, i know it wasnt much but that 20 points meant alot to me and my rebuild.  I hope you get a big bump up as well.

[doredeb]

I saw a drastic DROP, actually - not a bump.  Like the previous responder said, I suppose it depends on your profile.  I have thin credit, but no negatives on my reports.  I started by getting a Discover secured card and when it reported (almost immediately) I saw a very nice credit score (Vantage).   I got a second secured card around the same time I got the Discover, but Cap One didn't report it until three months later.  In the meantime, with my Discover card reporting monthly, my score kept increasing.  When the Cap One card finally reported, my score DROPPED 53 points.  I was devastated.  It's gonna take me at least 6-8 months to "recover" from that drop.  What everyone says about credit building/re-building being a marathon and not a sprint is very true.

[Brickbybrick]

Right now you have 2 secured cards, drop or increase doesn't matter what does is you keep you UTI low. If you can, have one report 0% and ones under 10%. Pay on time and that will help you build your credit, scores don't matter at that stage. You're in the rebuild part of the forum and that should be your main focus, proper usage and you do that you will see it better. Credit rebuild is all about patience, we are here for any questions you may have. If you would like to list your data points and baddies, lots of us can aid you on what to do. 

For now take those two secured cards and use them to build up your credit. Don't go for a Credit One Unsecured and instead wait for one your secured cards to mature. That was the mistake I made, I'm sure it helped but I could've avoided these horrendous fees. Any questions let me know! I'm no expert but have learned a lot from these geniuses on here. Went from a 580 to 650 now, I abused these forums with questions and it's so heartwarming with how much care people respond. You'll be golden in NO TIME.

Anyway ask away

[Anonymous]

Your real FICO score won't drop 53 points from a new tradeline reporting. 

Tell us the rest of the story.  What's your utilization reported on your first card this month?

Also, if you didn't get a real FICO score, the other scores are fake and don't mean anything.  No real lender uses Vantage for lending purposes, it's a made up imaginary score that is just used to give people more fake scores.

[Brickbybrick]

I wouldn't say Vantage is some random, made up number. It does certainly give you a ballpark of where you're at, Vantage I believe is what you have on CK, right? Yes, they're pretty close to my actual data points.

[Anonymous]

Vantage is a made up number that isn't guaranteed to be anything.

For example: my Vantage Scores said I had a 696 and a 677 when I really had a 579 and 590.  They were off by 100.  They're garbage, don't use them to assume creditworthiness. If they seem to be accurate for you, they're STILL garbage because they're NOT guaranteed to stay accurate by any means.

[Anonymous]

And, to reinforce what ABCD said, my Vantage scores were 75-100 points lower than my FICO scores. The pattern isn't consistent but varies from file to file. Which makes sense since it's a completely different system. 

[Brickbybrick]

Vantage are the scores on CreditKarma? 

[Anonymous]

Vantage scores are not "wrong". Vantage, just like Fico is an algorithm used to assess your credit profile. Neither is more or less correct; they are just different.
Also, the reason that your score dropped by adding a new account was the negative impact it had on your AoA.