topic secured card in General Credit Topics

secured card

Anonymous — Mon, 25 Jun 2007 21:48:02 GMT

I have some money to spend and want to get high limits on CC's but the only way that I can do that with low scores is with a secured card,,,I have a BOA secured with 2000 limit,,,,think I could apply for another card and give them 2k would this help my score? or would 2 much new credit hurt my scores? trying to buy a home in March 08

Re: secured card

Anonymous — Mon, 25 Jun 2007 21:55:03 GMT

I would just chill with this one card for now and let it work for you for a few months. I know we all want as many cards right out the gate but if you are coming out of bad credit and bad debt, sometimes it's just wise to take it a bit slowly and let time and frugal spending and paying on time every month do it's magic. If your baddies are all squared up and you use this card wisely, better offers for a non secured card are going to be on the horizon.

I would take that extra $1,000 or $2,000 or whatever extra you have and either get any past debts taken care of and if don't have anyof those than I would put into a high interest yielding savings account like ING or a GMAC or a money market fund like and MFS and just let that sit for a while and build and let a nice emergency fund build up.

Re: secured card

Anonymous — Mon, 25 Jun 2007 22:06:57 GMT

well everything is paid off, thank god nothing more to pay off,,,,,I just had some money to spend and since everything was paid off didnt know if I should put that on a secured card

Re: secured card

Anonymous — Mon, 25 Jun 2007 22:13:57 GMT

put it away and use it towards the downpayment