Wondering if I should get a secured card

Anonymous · ‎08-28-2015

Hello all - new to the myfico forums. I've been reading through these forums for some time now, and finally here to post a question.

I currently have 3 credit cards:

Capital One QS $500 limit

Capital One Plat $300 limit

My Best Buy MC $300 limit

Should I get a secured card and put up a $1000-1500 deposit to both show I have a higher credit line out there, and to keep my utilization low?

I've strived to keep my percentage under 30% for the past few months, and always pay in full every month.

I'm leaning on the advice of this board, as I've seen you guys give out great advice before. Also, any recommendations on a secured card?

heyarrnold · ‎08-28-2015

I don't think so. I only got a secured CC because I had no credit and I would not qualify for anything lol.

Anonymous · ‎08-28-2015

@Anonymous wrote:
Hello all - new to the myfico forums. I've been reading through these forums for some time now, and finally here to post a question.

I currently have 3 credit cards:
Capital One QS $500 limit
Capital One Plat $300 limit
My Best Buy MC $300 limit

Should I get a secured card and put up a $1000-1500 deposit to both show I have a higher credit line out there, and to keep my utilization low?

I've strived to keep my percentage under 30% for the past few months, and always pay in full every month.

I'm leaning on the advice of this board, as I've seen you guys give out great advice before. Also, any recommendations on a secured card?

Welcome to MyFico

I don't think that you need to add a secured card. As long as you're PIF each month you're utilization is fine and those Cap One limits will grow. How old are the current cards you have and what are your credit scores? Before long you should be able to apply and be approved for a good non secured card with higher limits.

Anonymous · ‎08-28-2015

I remember now how I was back than and I kind of shudder.

I was 16 when my mom graced me with a cc as an AU on her accounts so I don't know how much that affects my situation versus urs plus it was before 2007/2008 crash--

So that when I turned 18 I applied for citi and amex and citi approved me at 600, amex was 1-2k around there, I can't remember.

I do remember neither were student cards and that I was only making 8/9 dollars with one job part time and took on another 25$ a hour.

But I placed household income because even though I made my own money she effectively gave me money to spend while making me save $$ for a few months after I turned 18 and than I put my foot down.

So I did have part of her income while I was applying.

Anyways I was at a restaurant with my younger sister when my card was declined because it was near the limit when my statement cut and even though I paid in full, back then it was via checks and electronic was introduced but still hella slow

So I didn't realize that it would take a few days to process my payment and that was why.

I didn't call citi, I just paid with my amex and was embarrassed to hell.

Soon after they raised my limit to 3k without my prompt or a hard inquiry (although I wouldn't have known what an inquiry, hard or soft, was or how it affects my credit or heck what my credit was)

So my advice is you can be like me, and show them rather recklessly that the limits they gave you isn't enough or,

You can call in and explain that you'd like to build your credit and unfortunately with the limits you're given you are often forced to use cash to keep it low or you're at a high utilization (whichever rings true to your scenRio) and would like to have it increased so that you can continue to use their card responsibly while raising your credit score.

TiggerDat · ‎08-28-2015

Nope, just let them build. Give it a little time and keep paying if full each month or a few times a month. Use the CapOne with the 1.5% cash back as much as you can, focus on that card. Build up those rewards. Cash them in or let them build, depending on your goals. Pay the account often, but always only let about 30% report to the credit reports each month. Use the CapOne platinum a little and after you have had it for 6 months or a year upgrade it to the QS card, not QS1. Then split the spending between the two, to make it easier to spend and pay. Always PIF (Pay In Full) each month after the statement cycles, before the due date. Don't let more than 30% report. If the current CapOne card is a QS1 card, upgrade it when you can to the QS card.

Never spend more than you can afford and always PIF each month.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.

Anonymous · ‎08-28-2015

Thank you for the warm welcome!

All three credit scores are right around the 600 mark. Drastically improved from about 2 years ago. I've had the Best Buy card since 08 I believe.. The capital one platinum since 07, and the quicksilver 1 since January '14. One credit line increase (the bump to $500 after making 6 on time payments).

Still trying to figure out how to put current scores, goals, and current cards on my profile like most of you have...