topic Maximizing the potential of a secured credit card in Credit Cards

Maximizing the potential of a secured credit card

criggs — Thu, 11 Feb 2010 23:05:19 GMT

I have a total of 3 unsecured cards with toy limits $300-$450; all were opened in Nov 09. In early Jan I opened a secured card with NFCU with a $1500 limit. I was debating on opening a second secured cc with another bank with $1500. Is it best to have 2 secured cc with a $1500 limit or should I continue adding funds to my secured card with NFCU?

I have liquid savings that I don’t have a need for in the immediate future. Would it be wise for me to put 10k on this one secured card, and continue adding savings to it?

Also if I have a secured card with a high limit, when I start applying for other cc's will this odd cc with an extremely high limit compared to my other cc throw up any type of red flags? Are they likely to match my secured cards limit, or the limits of my toy cards?

I would appreciate any and all tips.

Re: Maximizing the potential of a secured credit card

BungalowMo — Thu, 11 Feb 2010 23:23:37 GMT

Just out of curiosity...how old are the 3 unsecured?? Who are they with? Do they have yearly fees?

You made a wise move with NFCU. I'm guessing your scores are a little low right now, hence the secured card. If you have the funds, I'd add another $3500 to NFCU to give you a limit of 5k which is a great starting amount and put some of the other $$ in a savings acct with them. Building a baseline relationship with them will certainly benefit you in the long run. They're likely to unsecure that card in (guesstimate) a year.

edit typo

Message Edited by BungalowMo on 02-11-2010 06:23 PM

Re: Maximizing the potential of a secured credit card

criggs — Thu, 11 Feb 2010 23:25:24 GMT

The three unsecured cards are with Cap 1, HSBC, and RZMC all were opened in Nov 09... Got the idea that my credit score wasn't gonna get me any significant credit limits. So I went with the secured card.