topic Re: Get a 2nd secure card (from NFCU) or wait until scores improve? in Rebuilding Your Credit

Get a 2nd secure card (from NFCU) or wait until scores improve?

HereHaveSomeCredit — Thu, 24 Oct 2024 20:58:40 GMT

Hi all! I'm newish to the forum. I am trying to decide if I should get a 2nd secured card or wait until my scores improve (see signature). I just got a Plat Secured w/ Cap1 ($400) that hasn't hit my credit report yet. I was just approved for a checking/savings with Navy Federal Credit Union and am trying to decide if I should apply for their secured card (I'm pre-approved). I've received mixed advice. I've been told I should have at least 2 open cards and I've also been told I should wait until my scores are 575+ to get the 2nd card. My signature has my credit details. I also have 5 lates (most recent is 2.5 years old), so a 2nd card would help me add more on time payments quicker.

1) Won't getting a 2nd card build my credit faster with on time payments reporting more often?

2) What would be the disadvantage of getting a 2nd card?

Re: Get a 2nd secure card (from NFCU) or wait until scores improve?

JoeRockhead — Thu, 24 Oct 2024 22:25:14 GMT

I already gave my opinion on this, in this thread. Hopefully these two threads will be merged.

Re: Get a 2nd secure card (from NFCU) or wait until scores improve?

GZG — Thu, 24 Oct 2024 22:33:32 GMT

@HereHaveSomeCredit wrote:
Hi all! I'm newish to the forum. I am trying to decide if I should get a 2nd secured card or wait until my scores improve (see signature). I just got a Plat Secured w/ Cap1 ($400) that hasn't hit my credit report yet. I was just approved for a checking/savings with Navy Federal Credit Union and am trying to decide if I should apply for their secured card (I'm pre-approved). I've received mixed advice. I've been told I should have at least 2 open cards and I've also been told I should wait until my scores are 575+ to get the 2nd card. My signature has my credit details. I also have 5 lates (most recent is 2.5 years old), so a 2nd card would help me add more on time payments quicker.

1) Won't getting a 2nd card build my credit faster with on time payments reporting more often?
2) What would be the disadvantage of getting a 2nd card?

are you in a position to pay off your bad debt?

if not, how close are you to paying/settling it off?

Re: Get a 2nd secure card (from NFCU) or wait until scores improve?

HereHaveSomeCredit — Thu, 24 Oct 2024 23:53:53 GMT

@GZG wrote:
@HereHaveSomeCredit wrote:
Hi all! I'm newish to the forum. I am trying to decide if I should get a 2nd secured card or wait until my scores improve (see signature). I just got a Plat Secured w/ Cap1 ($400) that hasn't hit my credit report yet. I was just approved for a checking/savings with Navy Federal Credit Union and am trying to decide if I should apply for their secured card (I'm pre-approved). I've received mixed advice. I've been told I should have at least 2 open cards and I've also been told I should wait until my scores are 575+ to get the 2nd card. My signature has my credit details. I also have 5 lates (most recent is 2.5 years old), so a 2nd card would help me add more on time payments quicker.

1) Won't getting a 2nd card build my credit faster with on time payments reporting more often?
2) What would be the disadvantage of getting a 2nd card?
are you in a position to pay off your bad debt?

if not, how close are you to paying/settling it off?

Yes, I will be paying all of the collections & 2x charge-offs this December, as I'll have a large influx of cash.

Re: Get a 2nd secure card (from NFCU) or wait until scores improve?

HereHaveSomeCredit — Thu, 24 Oct 2024 23:56:23 GMT

@JoeRockhead wrote:
I already gave my opinion on this, in this thread. Hopefully these two threads will be merged.

Hi Joe! I appreciate your input very much. I'm hoping to get more opinions if possible. I created this thread since my previous one was about scoring, but I'm asking about the next rebuilding step here.