New Here! Question about getting another secured card

[Anonymous]

Hi!

I've been lurking here for the past month or so, and because of this site, I was urged to apply for secured credit cards. I have too many inquiries on my report and because I only turned 18, the reason for my numerous past student credit card denials would be the short amount of time my accounts were opened (if any). I got accepted for a capital one partially secured credit card with a 200 dollar limit, a walmart credit card/$200, and a Bank of America Secured Credit card/$300. Now, I'm thinking of applying for a Citibank or U.S. Bank secured credit card with a 300 dollar deposit - would an additional secured card help me in building credit, or would the 300 dollar deposit be better served if I gave it to Bank of America to increase my credit line?

Thanks!

[Anonymous]

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@Anonymous wrote:

Hi!

I've been lurking here for the past month or so, and because of this site, I was urged to apply for secured credit cards. I have too many inquiries on my report and because I only turned 18, the reason for my numerous past student credit card denials would be the short amount of time my accounts were opened (if any). I got accepted for a capital one partially secured credit card with a 200 dollar limit, a walmart credit card/$200, and a Bank of America Secured Credit card/$300. Now, I'm thinking of applying for a Citibank or U.S. Bank secured credit card with a 300 dollar deposit - would an additional secured card help me in building credit, or would the 300 dollar deposit be better served if I gave it to Bank of America to increase my credit line?

Thanks!

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Put the $300 toward BofA or Capital One.   Two secured cards is plenty, but I suggest you build up both deposits to CL that you would like to have in the future.

[Anonymous]

Thanks for the info! I guess I'll give it to BOA since the card can unsecure. 

[pat0812]

I wouldn't apply for any cards in the next 4-5 months

The best card you have is walmart store card, this card will give you the best CLI over time

Just use it every month and always PIF. 

After the 4th statement give them a call and ask for a CLI, tell them you want to buy some electronics with the 18 months no interest, but the current limit isn't enough to make a purchase

In the meantime if you have some spare money, increase your secured card with BOFA, and don't open a new secured card.

Increasing the limit on your secured might help you getting higher CL in the future with new applications

[Anonymous]

You have the builder card you need in order to have a healthy score in the future, having an extra secured won't make a difference.

Try to increase the limit of your secured boa instead and it will unsecure with good history

Btw, if the secured option with us bank is guaranteed, i would try to make good history with them early on since they will appreciate your previous history if you ever decide to get the Cash + from them.

[HiLine]

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@Anonymous wrote:

Hi!

I've been lurking here for the past month or so, and because of this site, I was urged to apply for secured credit cards. I have too many inquiries on my report and because I only turned 18, the reason for my numerous past student credit card denials would be the short amount of time my accounts were opened (if any). I got accepted for a capital one partially secured credit card with a 200 dollar limit, a walmart credit card/$200, and a Bank of America Secured Credit card/$300. Now, I'm thinking of applying for a Citibank or U.S. Bank secured credit card with a 300 dollar deposit - would an additional secured card help me in building credit, or would the 300 dollar deposit be better served if I gave it to Bank of America to increase my credit line?

Thanks!

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You already have a good portfolio for someone building credit. The next step should be to wait for your accounts to age a little bit, then apply for regular credit card. Adding a secured card will not help your score by more than a few points, if at all. Instead, try raising the credit line on your BoA card; if it's a BankAmericard you would want to use it for everyday purchases anyway. 

[Revelate]

Call and ask to get the 1-2-3 Cash Rewards on your BOFA secured card if you haven't already.  

You're fine as others have said, you have more than the minimum number of tradelines as far as FICO goes, and the BOFA secured is a most excellent everyday card for those of us either starting out or rebuilding once the rewards package is tacked on.  Congrats on getting the tradelines established, that's really the most important first step for anyone, and welcome to the forums!