cancel
Showing results for 
Search instead for 
Did you mean: 

Best Strategy

tag
mrmagic9799
Regular Contributor

Best Strategy

Ok, so I'm rebuilding my credit and a fairly decent pace.  I'm currently at 552 Ex(fico)11-2-10.  I have a Cap One Secured card with the $200 limit. 

 

My question is would it be more beneficial to apply for a WF or Citi secured card with maybe $500 CL or just add $$ to my Cap One.  im also an AU on DW BBRZ Gold with a whopping $100 limit but it hadn't reported yet.  thx

Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: Best Strategy

For long term improvement, you need to have multiple revolving lines of credit.  It moves you out of a "thin" scoring bucket.

Adding CL to an existing card is not as beneficial.  FICO scores % util of CL, and not CL.  Increasing your CL wont help, if you still maintain the same % util on the card.

The period of credit rebuilding is the time to take the hits for new inquiriies, and lowering of your average age of accounts, for their potential future benefit.

Message 2 of 3
Anonymous
Not applicable

Re: Best Strategy

Also check into a BoA secured as another option...

 

Good luck!

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.