topic Re: should i get secured card? in General Credit Topics

should i get secured card?

Anonymous — Fri, 06 Oct 2017 04:32:27 GMT

my fico 8 score is
transunion 639
equifax 601
experian 623
i have
cap1 quicksilverone $500
cap1 platinum $500
credit one $550
merrick $700
milestone $300
usbank secured card $700
i want to apply prime credit card but nothing is preapproved
i just got pre approved from discover secured card up to $2500
should i apply this? i really wanna make relationship with amex
amex delta or everyday but i dont think i will be approved
my usage ratio is 30% had 2 charge off but paid in full
also have late paymeny history
should i merge two capitalone account which are my oldest
and try for CLI or apply discover secured card for $2500?

Re: should i get secured card?

Anonymous — Fri, 06 Oct 2017 04:37:21 GMT

should i try to use quicksilver one as much as possible
paying 3-4 times max and use a lot for CLI
or should i open discover secured card

Re: should i get secured card?

Anonymous — Fri, 06 Oct 2017 13:29:16 GMT

You already have plenty of credit cards. Getting more cards won't in itself help your score.

What would help is paying off almost all of your CC debt. You'd want to have all cards reporting zero except one (AZEO) with the remaining card reporting a small balance, like $10 or so.

If you don't have an open loan of any kind, the Share Secure Loan Technique would be a good fit for you. You only need to read the first 2-3 posts in that thread:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756

Working with the folks in the Rebuilding forum on getting all of your derogs removed would be a good idea.

Finally, you ask whether it would be a good idea to increase your spending a huge amount (specifically on your quicksilver card). I think that would be a bad idea. I think you should sharply reduce your spending so that you can pay off your debt, and then keep your CC debt extremely low while saving a lot of money. There are almost no situations I can imagine where a person should try to increase his spending in an attempt to improve credit: (a) it won't work and (b) it hurts you financially.