topic Opening up multiple shared secured accounts? Will it help or hurt? in Credit Cards

Opening up multiple shared secured accounts? Will it help or hurt?

Anonymous — Thu, 25 Jul 2013 23:05:04 GMT

I already have an shared secured account with my local credit union and it has been helping my credit little by little. Its been about 2 years since I've opened the account.

I was wondering If I was able to open up maybe 1 or 2 more shared securred accounts would that boost my credit score a lot? Or would it end up hurting my credit because I have multiple accounts open?

Re: Opening up multiple shared secured accounts? Will it help or hurt?

Anonymous — Thu, 25 Jul 2013 23:07:07 GMT

It will hurt your scores temporarily because of new accounts being reported, which lowers your AAoA in return. However in the long run having more accounts reporting positive history is going to be more beneficial.

What are your scores like currently? If your scores has improved by quite a bit, you can start considering partially secured cards, or unsecured cards as well.

Re: Opening up multiple shared secured accounts? Will it help or hurt?

Anonymous — Thu, 25 Jul 2013 23:10:13 GMT

My scores are 664, 663, and 647. WIth a history of 90 days late payment.

Re: Opening up multiple shared secured accounts? Will it help or hurt?

09Lexie — Thu, 25 Jul 2013 23:19:48 GMT

And your util?

Re: Opening up multiple shared secured accounts? Will it help or hurt?

Anonymous — Thu, 25 Jul 2013 23:27:36 GMT

whats a util?

Re: Opening up multiple shared secured accounts? Will it help or hurt?

09Lexie — Thu, 25 Jul 2013 23:29:12 GMT

Utilization

Re: Opening up multiple shared secured accounts? Will it help or hurt?

djc1puno — Fri, 26 Jul 2013 01:00:49 GMT

Percentage of what you owe on you cc over total credit limit