Recommendation

[peaceaz95]

I'm new here...so, just a few questions. My score here on MyFico shows 686...would that be considered a Fair/Good rating, Excellent or where with respect to the credit card recommendations listed? I'm also considering a 2nd unsecured card to add to, or even replace, the $2100 (secured line card) with Capital One I've had now for almost 17 months. Should I cancel the secured? Any thoughts or ideas? Thanks in advance...

[Revelate]

Welcome to the forums!

You want more than one card, 3 seems to be optimal for a lot of reasons now when we're talking minimum numbers.

I wouldn't close the account unless you need the cash or the AF is becoming onerous until you have a few other credit cards established.  You're likely qualified for a bunch of the entry level rewards credit cards from Cap One, Amex, Chase, Discover: I'd suggest seeing what your spending pattern is and then going and applying for a few that make sense.  Check over in the credit cards forum for more information, especially if you post your spending patterns and what is in your credit report (sounds like just the one card, if you have a balance on it pay it early to some small amount though non-zero before application time) the folks there can provide you with better tailored recommendations than I can.

[takeshi74]

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@peaceaz95 wrote:
IMy score here on MyFico shows 686...would that be considered a Fair/Good rating, Excellent or where

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The score range is 300 to 850 so that should give you a rough idea.

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@peaceaz95 wrote:
Should I cancel the secured?

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+1 to the 3 cards comment above.  Cancel it when you've been approved for its replacement (when you get your fourth card) if you don't want to keep it.

[peaceaz95]

Thanks!