topic Re: Secured Card Question in Rebuilding Your Credit

Secured Card Question

MzDandylion0527 — Thu, 06 Oct 2011 20:40:07 GMT

Anyone want to take a stab and giving me any information on how getting a secured card will affect your scores? I have one CC with Capital one for 300 that is unsecured. I keep that paid down to a 5.00 balance every month. I just applied for a secured card with Capital one for $250. With paying my bills on time for the next 60 days, what would be a realistic score gain? Right now i'm sitting at 639/597/560

Any information would be appreciated.

Re: Secured Card Question

MarineVietVet — Fri, 07 Oct 2011 13:01:05 GMT

@MzDandylion0527 wrote:
Anyone want to take a stab and giving me any information on how getting a secured card will affect your scores? I have one CC with Capital one for 300 that is unsecured. I keep that paid down to a 5.00 balance every month. I just applied for a secured card with Capital one for $250. With paying my bills on time for the next 60 days, what would be a realistic score gain? Right now i'm sitting at 639/597/560

Any information would be appreciated.

It's the same possible results that an unsecured card would have. You have an application for new credit, a new inquiry, and possible lowering of your AAoA. The fact that it is secured isn't looked at any differently for scoring.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Secured Card Question

Anonymous — Fri, 07 Oct 2011 14:02:16 GMT

I also have secured capital one card. I've had it for a year now. I also have a capital one unsecured card. They report the same to all 3 CRAs.

There's no real easy answer to your question that I know of.

Keeping the secured card at a low balance right before your monthly statement can definitely help your score out, may take 4-6 months. Keep doing the same with your unsecured card.

If possible try to get a CLI from Cap1 on your unsecured card and also try to deposit more into your secured card when you can. $300 and $250 are looked at as low limits to CRAs.

My best score increases were from cards that I was added to as a joint account holder. They were cards my fiance has had for a few years with high credit limits and no late payments. It's called 'piggybacking' and it most likely give you the biggest score jump. I didn't even get a hard inquiry with them either. Obviously there's risk involved and as now I'm on the hook should things go a wrong in the relationship.