new secured card or cli existing?

Anonymous · ‎02-02-2019

I will have an extra $300 coming up and trying to figure out the best thing to do with it. Right now I just have two CC's, Discover secured $200 and a Credit One $300. I would like to add a third card, probably secured with NFCU. Should I go ahead and open that with my $300? Or would it be better to increase the limit of my Discover up to $500? Would like to do whichever one would help my score the most. I only have 6 inqs and 3 of those were in 2017.

Thanks!

Anonymous · ‎02-02-2019

Are you an NFCU member?
Do you have any other credit?

Anonymous · ‎02-02-2019

Yes Im a member I have a checking and savings with them. The 2 CC's are my only credit except for student loans.

Anonymous · ‎02-02-2019

If you can manage the third card I'd get the NFCU.

Anonymous · ‎02-02-2019

I'd go for the NFCU secured card. Keep in mind it's a $500 minimum.

But I'd do this because it's likely you'll get the moeny back and get an unsecured card in 6-12 months. If Discover graduates (not sure if they do), then potentially you'd have two unsecured cards with (potentially) higher limits, as opposed to just the Discover and the Credit One.

Anonymous · ‎02-02-2019

Minimum secured deposit for NFCU is now $300.
Discover starts evaluating for graduation at 7 months.

Anonymous · ‎02-02-2019

@Anonymous wrote:
I will have an extra $300 coming up and trying to figure out the best thing to do with it. Right now I just have two CC's, Discover secured $200 and a Credit One $300. I would like to add a third card, probably secured with NFCU. Should I go ahead and open that with my $300? Or would it be better to increase the limit of my Discover up to $500? Would like to do whichever one would help my score the most. I only have 6 inqs and 3 of those were in 2017.

Thanks!

I am in the same shoe exactly. $200 secured Discover and $300 CreditOne. Six months after discharge. I was hoping that CreditOne would give me a small line increase by now, but they did not. I would like to have a third card but getting one more secured may not benefit me much for higher scores. I've tried Cap 1 but because I burned them it will probably take over a year before they would consider me again. I'm hoping that Discover will graduate from secure to unsecure status in about 2 months, as they always review the cards after 8 months. Of course you have to be paid in full every month. Try not to charge more than 8% of your limit in the first place. Ask NFCU if they graduate a secured card, otherwise it isn't going to do much to improve your scores.