Improving Score with a secured Credit Card(s)

[Anonymous]

We have been working hard to improve our credit. All debts are current, we have 2 mortgages, and one auto loan. I would like to improve my score even more and have thought about opening a few secured credid accounts to add that depth and variation to my credit history. Would there be any benefit to opening 3 verse just 1. My scores are in the mid 550's.

The truecredit FACO score simulator forecast a 10-40 point increase for one new card. Would three provide a 30-120 pt increase.

Any information would be appreaciated.

[fused]

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rakuhn wrote:

We have been working hard to improve our credit. All debts are current, we have 2 mortgages, and one auto loan. I would like to improve my score even more and have thought about opening a few secured credid accounts to add that depth and variation to my credit history. Would there be any benefit to opening 3 verse just 1. My scores are in the mid 550's.

The truecredit FACO score simulator forecast a 10-40 point increase for one new card. Would three provide a 30-120 pt increase.

Any information would be appreaciated.

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Are these TC FAKO scores? Do you know your FICO scores?

[Anonymous]

I would try for non secured first. Hooters approved me when I had a 596 TU score. I believe Target pulls EQ and approved my sister when she was at or just over 590. If you can't get either of those then apply for a BoA card and when you are declined they should offer you the 99/500 partially secured card.

You can also try things like GW letters to remove late payments and collection accounts. Also make sure your utilization is in the 1-9% range. Good luck.

[Anonymous]

Yes these are my FICO scores.

[Anonymous]

I noticed that you said, "30-120" assuming that 1 new revolving credit line equals a 10-40 point shift it doesn't mean that multiple cards increase your score by that factor so be cautious. Opening too many new account might actually impact your score negatively so open one, let it age then opening another won't hurt as bad.

Remember FICO snapshots your credit worthiness. Being on the search for multiple lines of credit throws up flags of financial difficulties.

- AZQ

[CreditBob]

When you open new accounts it will lower your fico score. As a individual consumer you do not need more than three revolving accounts which include credit acrds, dept. store cards, & gas stattion cards. Even one or two credit cards will get you a higher score. The amount on the line of credit does not matter. On your auto loan pay on it for at least 4 years because 35% of your ficos core is your payment hsitory. On the secured card thta you have you can increase the line of credit by adding additional cash funds. It sounds like you have everything that you need as far as a vehicle, mortagge, & and a credit card. Do not apply for any more credit because you want to keep the inquiries off your credit reprots. On a lst note before I forget if the sceured card is not reproting to all three then open a second one that reporst to all three bureaus. High fico score achievers will have had their credit cards for over 10 years. be patient you will egt there one day.

[Anonymous]

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@CreditBob wrote:

When you open new accounts it will lower your fico score. As a individual consumer you do not need more than three revolving accounts which include credit acrds, dept. store cards, & gas stattion cards. Even one or two credit cards will get you a higher score. The amount on the line of credit does not matter. On your auto loan pay on it for at least 4 years because 35% of your ficos core is your payment hsitory. On the secured card thta you have you can increase the line of credit by adding additional cash funds. It sounds like you have everything that you need as far as a vehicle, mortagge, & and a credit card. Do not apply for any more credit because you want to keep the inquiries off your credit reprots. On a lst note before I forget if the sceured card is not reproting to all three then open a second one that reporst to all three bureaus. High fico score achievers will have had their credit cards for over 10 years. be patient you will egt there one day.

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For somebody with a more established score and report this is true....not in this case. It wasn't until my score was in the mid 600s and I was on my 6th new account that the new credit didn't help my score anymore. Believe the FICO simulator, it was pretty darn accurate for me.....