Only 1 card or Multiple?

[Tink1o5]

So my husband and myself have NO credit cards right now and our FICO scored are 559 and 558. We are rebuilding our credit. So we are gettin our first secured card from Wells Fargo since we already have checking/savings account with them. Should we just start with that 1 card ( it will be a joint card with both our names) or should we open more cards at the same time??

Thanks for your input.

[_jb_]

I'd personally just hold onto that card and let it report for 6 months, and then pick up 1-2 more cards at that point.

[dodfire]

Agree!!!

[Anonymous]

Id recommend open a secured card with boa instead of wf. They have a higher rate of graduation. Also you can add the 123 cash reward plan down the road.

Do you have any baddies? If so pfd those meanwhile. No need to open more trade line until after 6 months.

[Anonymous]

4 cards each seperate, imo

[snowkitty]

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@_jb_ wrote:

I'd personally just hold onto that card and let it report for 6 months, and then pick up 1-2 more cards at that point.

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+1  and maybe then try for one of the GE backed cards (Wal-mart, Amazon, etc.)

[dddewdrop]

if you can get more than one card now. I would highly recommend it. If you have 1000 dollars than 2 secured cards for 500 would be better than 1 card for 1000. The reason is that you want to establish tradelines and have them ageing. The sooner that you can have 3 tradelines ageing the better. Even if you arent using the cards at all and they are sitting in your sock drawer, get them going. The reason is that you want to increase your average age. Optimal fico has 3 cards active and your average age of account is going to rise much faster with 2 cards than one and the effect of getting an additional card on your average age is going to be way less if you have 2 cards. So if you can get 2 that would be better. BofA is easier to graduate to an unsecured card so unless you are already banking with wells fargo which might give you a slight edge then try bofA. Also, your scores might be good enough to get a walmart card. That gives you a free fico score and counts as another tradeline. Get time on your side instead of working against you by opening more than one card now. Im not advocating going into debt, just having more than one card. I think most on here would agree with me. good luck.

[Johnny_Favorite]

I'm going to go against the grain and say get 5 cards going. The reason being is that you will grow faster. I know people will say slow growth is best and that's one opinion.

5 months ago I started with 2 secured cards and 3 Comenity Bank Store Cards (Victorias Secret, Express, OneStopPlus). I graduated from that to my Discover, Chase Freedom and USAA Amex in 5 months. Food for thought and your mileage may vary. Oh, I also opened a fingerhut and daniels during that time, ordered stuff, paid every month. Some people say low limit trades won't help but in my case it took me from a down in the dumps low limit guy to a guy who could basically get any card he wanted.

[Tink1o5]

Now i should also throw this out there. I do have a LOT of bad debt. Mostly medical bills, and I have 3 BIG debts that are near the 7 year drop off mark in about 2-3 years ( so i wont be trying to pay those off until that mark so that way maybe they will more then likely do a setllement with me ) All in all its around 25-30k debt. Which im starting to pay down after learning a few things from this site. So knowing that .. do you still recommend the same thing?

And Yes Myself and My husband have been banking with the Wells Fargo since 2010.

And the reason we are trying to do joint CC's is because I am a SAHM (Stay at home mom) and he is the only one working, but he makes good money around 60k/year