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I was watching Suze Orman a few weeks ago and she suggested to a woman with really bad credit to get 5 secured cards with 10% or less interest rates. (1) Is there a benefit to having multiple secured cards? (2) I have been researching secured cards and have never seen one with a less than 10% interest rate......know of any?
NFCU advertises "rates as low as 8.99%" for their secured nRewards Visa. I think the benefit to having mutlitple secured cards would just be more positive TLs maybe to balance out or exceed the number of negative TLs? That would be my guess.
I don't see where the rates have anything to do with your scores. Rates are not listed on your CR so there's no way to factor them into a score. And 5 secured cards is way too many.
@ctaylor09 wrote:I was watching Suze Orman a few weeks ago and she suggested to a woman with really bad credit to get 5 secured cards with 10% or less interest rates. (1) Is there a benefit to having multiple secured cards? (2) I have been researching secured cards and have never seen one with a less than 10% interest rate......know of any?
Orman's about as trustworthy as a politician. It wouldn't suprise me if she gets a kick back from the companies that offer secured cards. Just my $.02.
John,
Couldn't you say that for just about ANYONE?