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Suze Orman/Secured Cards?

Valued Member

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?

Message 1 of 5
4 REPLIES
Regular Contributor

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.

Message 2 of 5
Moderator Emeritus

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.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 5
Contributor

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.


Starting Score: 580
Current Score: EQ 709 EXP 702 TU 700
Goal Score: 750


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Message 4 of 5
New Contributor

Re: Suze Orman/Secured Cards?

John,

 

Couldn't you say that for just about ANYONE?

Message 5 of 5