Should I Get A Secured Card?

[Anonymous]

I am working on rebuilding my credit and wondering if a secured card would be helpful for me right now.  I currently have a Capital One credit rebuilding, unsecured card with a $500 limit and 7 month perfect history.  I am also listed as an AU on my wife's card (same type, same limit) with a 15 month perfect payment history.

I have read some places that having 2-3 credit cards is ideal.  I am thinking that it is best for me to wait a year or so until my credit is a little better and get another unsecured card, but I wanted to see if anyone thought I should instead get a secured card, to have at least 2 of my own credit cards.

Thanks!

[Anonymous]

I would join a credit union and get their card. Not only are their rates usually better, but they also tend to be a little more lenient wish approvals.

[Anonymous]

I will probably be joining PSECU in the coming months with a savings account.  My wife has to join first (she is a student at a University in PA they cover) and then I can join as her spouse.  I'm not sure if they would approve me though.  My TU score is decent, but my others both suck.  Think I should just join the CU now with a savings account and wait as my score gets a little better for their CC?

[Anonymous]

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@Anonymous wrote:

I would join a credit union and get their card. Not only are their rates usually better, but they also tend to be a little more lenient wish approvals.

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This is our plan, we are going to join a local CU and talk to someone about getting a CC (even with a low balance) to help us rebuild our credit.  I currently have an unsecured card with a $300 limit and we are waiting to hear back about a CC app for DH.

[Anonymous]

Join up and speak to a rep and get their opinion. Maybe you will qualify for an unsecured card, if not, they will eventually graduate you to one after doing well with a secured card for a while.