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Established Member
ctaylor09
Posts: 48
Registered: ‎12-01-2008

Suze Orman/Secured Cards?

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?

Regular Contributor
LLMT
Posts: 109
Registered: ‎04-29-2013

Re: Suze Orman/Secured Cards?

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.

Moderator
Shogun
Posts: 10,947
Registered: ‎04-15-2011

Re: Suze Orman/Secured Cards?

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.


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New Contributor
_John_Doe
Posts: 68
Registered: ‎12-17-2012

Re: Suze Orman/Secured Cards?


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.


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New Contributor
mripguru
Posts: 85
Registered: ‎04-20-2013

Re: Suze Orman/Secured Cards?

John,

 

Couldn't you say that for just about ANYONE?


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