topic Re: Secured Cards to build relationships in Rebuilding Your Credit

Secured Cards to build relationships

Larrypatty — Sun, 22 Nov 2020 19:55:47 GMT

Have a very thin file. 0.7 AOAA, 1 year old oldest account for 3 Credit Cards and self loan, and 3 Credit Cards I opened last month for a total of 6 now. Since now I will be gardening for over a year. Any point in opening up a couple secured cards with banks like Us Bank, Bank of America, Citi, etc now to build up relationships so in 1-2 years down the line I can actually get decent cards with high limits?

Re: Secured Cards to build relationships

gdale6 — Sun, 22 Nov 2020 22:35:58 GMT

I dont see any gain by doing that, just use the ones you now have and build them up with positive payment history.

Re: Secured Cards to build relationships

Slabenstein — Mon, 23 Nov 2020 00:00:41 GMT

6 revolvers + 1 installment is more than enough for where you're at. You have so much new credit that any more is going to make you look very risky. If you want to get prime cards from those lenders in the future, the best thing will be to nurture and grow your profile and scores until they support those apps. Whether you've had a secured card with them won't really matter.