will scure visa card of 2500$ will help my score

Anonymous — Sun, 06 Feb 2011 03:44:11 GMT

if i have a change to take 2500$ secure card how much it will help me with my score ?

TU 663 EQ 632 EX 700

maybe i have a change to increase this to 10000$ ?

Thanks

Re: will secure visa card of 2500$ will help my score

Anonymous — Sun, 06 Feb 2011 11:47:49 GMT

A secured CC only has the possibility of helping your Fico score only if it reports monthly to the credit reporting agencies ( equifax, transunion, experian). Not all secured CC's do that, so check to make sure the one you are interested in, does.

Now, assuming the one you are interested in, does report to all 3 CRA's, you don't actually need to have a high credit limit on it in order for it to be helpful in boosting your Fico score, but rather just need to make sure your utilization ratio to your CL is kept under 10% ( this seems to be the general rule).

For instance: Last year (3/10) I applied for and received 2 CC's ( reg CC's not secured). They were the first CC's I was able to get in about 10 years or so. My only other tradeline was a car loan from 6/09.

My combined CL for both CC's is only $850.

At the time of my car loan in 6/09 my scores were in the mid 500's. ( I was able to get a car loan based on my income and not my Fico score). 9 months later when I got the 2 CC's my scores had risen to TU: 655 & EQ 632. This was not solely due to the car loan as I did have some baddies drop off my report by Jan 2010.

By using both CC's monthly for almost a year now, keeping my utilization % low, allowing a small balance to report every month, and paying my car loan on time, my scores have increased to TU: 707 EQ:678 in less than a year.

That's a 52 pt increase for TU and a 46 pt. Increase for EQ. in less than a year.

Peace,

Vik

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will scure visa card of 2500$ will help my score

Re: will secure visa card of 2500$ will help my score