Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
Re: What is the time frame for a secured credit card to boost a credit score?

The initial report of the card may help or hurt you, depending on the inquires and the average age of your accounts as well as your overall utilization including any debts. In my case, paying 2 secured credit cards on time for 6 months gave me almost 120 points..but I was completely in the dumps at 388 FICO so the 2 cards along with the aging of negative items and the fact that those were the only 2 things reporting positively definitely caused a major increase.

 

The real question is, how many accounts do you currently have reporting in good standing? How many revolving credit accounts do you have? Three is apparently the magic number, I personally have 4 secured cards and will let them grow in the garden while I focus on removing some baddies on my reports. I am no professional, but I think people like Shogun are going to need a little more information to give you an accurate answer, and even then it really is just a guess. So in a nutshell, what is your TOTAL utility, how many revolving accounts do you have and any other pertinent information should give us the ability to give you some better information.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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