topic Re: Which Is First: Secured Card or Clean Report in Rebuilding Your Credit

Which Is First: Secured Card or Clean Report

GameMaster1564 — Fri, 18 Dec 2015 23:47:15 GMT

I was wondering what would be the better rebuilding option. Is it better to get a secured card first, while I pay off collections/other debts, or to simply pay off all debt first, then go secured.

I have an extra $200 ready and I would like to begin by getting a secured card to speed up the recovery, but I do not want to waste another inquiry and possibly get declined. All my debts remain unpaid at the moment. If I were to apply for a secured card, would the unpaid collections hurt my chances?

Would simply cleaning up my report first, have a bigger impact?

Re: Which Is First: Secured Card or Clean Report

Anonymous — Mon, 21 Dec 2015 23:04:13 GMT

I started with the US Bank secured card while paying off and removing all my negative history. You can do both at the same time.

Re: Which Is First: Secured Card or Clean Report

Anonymous — Mon, 21 Dec 2015 23:07:02 GMT

OpenSky is a good option. They don't run a credit check so you wouldn't have to worry about the inquiry

Re: Which Is First: Secured Card or Clean Report

crrredit — Tue, 22 Dec 2015 00:05:02 GMT

Get the secured card. You can build positive credit history as you pay off and eliminate your baddies. The sooner you get started the better. Get three cards when you can.

Re: Which Is First: Secured Card or Clean Report

Imperfectfuture — Tue, 22 Dec 2015 02:10:27 GMT

Got secured credit union card,, eventually graduated. Went with the premise that damage already done, so build while clean up. Then later, can get cap one rebuilder, and even later a regular cap one card.

Re: Which Is First: Secured Card or Clean Report

Anonymous — Wed, 30 Dec 2015 14:02:02 GMT

@GameMaster1564 wrote:
I was wondering what would be the better rebuilding option. Is it better to get a secured card first, while I pay off collections/other debts, or to simply pay off all debt first, then go secured.

I have an extra $200 ready and I would like to begin by getting a secured card to speed up the recovery, but I do not want to waste another inquiry and possibly get declined. All my debts remain unpaid at the moment. If I were to apply for a secured card, would the unpaid collections hurt my chances?

Would simply cleaning up my report first, have a bigger impact?

Hi GameMaster1564,

I see that several folks gave some recommendations. Which route did you end up going with? Or, is there anything else that you need to assist with making a decsion?

Re: Which Is First: Secured Card or Clean Report

Anonymous — Wed, 30 Dec 2015 15:32:04 GMT

Go ahead and get the secured card. You can start rebuilding positive credit history while working on the baddies and getting a clean report. Might as well do both at the same time!

Re: Which Is First: Secured Card or Clean Report

GameMaster1564 — Wed, 30 Dec 2015 22:18:19 GMT

Thanks for the replies

I decied to go with the OpenSky card because of no credit checks. With OpenSky can you increase the credit limit via additional deposits?

Re: Which Is First: Secured Card or Clean Report

Anonymous — Wed, 30 Dec 2015 22:42:16 GMT

@GameMaster1564 wrote:
Thanks for the replies

I decied to go with the OpenSky card because of no credit checks. With OpenSky can you increase the credit limit via additional deposits?

Increasing you credit limit on a secure card does not help your scores anyway, its much better to open a second secured card with another lender.