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Trying to rebuild credit, how many secured cards should I start with?

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Anonymous
Not applicable

Trying to rebuild credit, how many secured cards should I start with?

We are trying to rebuild my husband's credit, he's been approved for Capital One secured, and have deposited $500 on it, we were also thinking about the Opensky card since it's not a hard inquiry and it looks like it has okay reviews, also. Would it be beneficial to try to get my husband's credit scores pulled up to have a THIRD secured card? We have all MEDICAL derogs on his CR, only positive TL is a truck loan. Any suggestions would be appreciated. Thanks!

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BrianKill
Valued Member

Re: Trying to rebuild credit, how many secured cards should I start with?

I would stop with two secured cards.  Let them report for three months and then apply for a couple of unsecured cards -- Capital 1, Barclay, etc.

 

Ideally you want three revolvers, so if you want to get three now, just apply for one easy store card.  

 

There is nothing wrong with having more secured cards, it's just that they can't grow, and once they can be replaced with unsecured, you will want to dump them.  It's nice to start relationships that can be ongoing and grow with you over time.

Message 2 of 4
gdale6
Moderator Emeritus

Re: Trying to rebuild credit, how many secured cards should I start with?


@Anonymous wrote:

We are trying to rebuild my husband's credit, he's been approved for Capital One secured, and have deposited $500 on it, we were also thinking about the Opensky card since it's not a hard inquiry and it looks like it has okay reviews, also. Would it be beneficial to try to get my husband's credit scores pulled up to have a THIRD secured card? We have all MEDICAL derogs on his CR, only positive TL is a truck loan. Any suggestions would be appreciated. Thanks!


You need 3 open revolvers to drive your Fico, I would get the second secured and then let these 2 report for at least 3 months than try the Cap-1 prequal and see if he prequals for the Platinum or QS1 unsecured cards. Dont get sucked into the Comenity SCT and end up with a bunch of store cards. You eventually should have at least 1 for mix of credit and it should be one you will use but there is no rush to get it today. Good luck in the rebuild Smiley Happy

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Secured-Cards-Database/td-p/3846302

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Anonymous
Not applicable

Re: Trying to rebuild credit, how many secured cards should I start with?

I tried to apply for Kohls back in December and they denied me. Thanks for your reply this is very helpful!

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