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Established Member
Posts: 48
Registered: ‎12-01-2008
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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
Posts: 110
Registered: ‎04-29-2013
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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.

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Posts: 13,758
Registered: ‎04-15-2011
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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
Posts: 71
Registered: ‎12-17-2012
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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
Posts: 86
Registered: ‎04-20-2013
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Re: Suze Orman/Secured Cards?

John,

 

Couldn't you say that for just about ANYONE?

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