Do I Need Another Secured CC?

[macuserftw]

Good afternoon everyone,

I have recently opened two new credit accounts. I opened a Fingerhut Fresh Start ($230CL) account (which will graduate into a revolving line of credit) and I've opened a secured card with OpenSky ($200 CL). I have a 36 month auto loan with no lates along with a Student Loan - also with no lates. As far as baddies go, I have an old settled CC from BoA showing 3 120-day lates from 2009 and a collection account for $1100.00 from when I had to break a lease back in 2009 as well. These baddies are due to age-off in 2016 and the lease is outside my states SOL. I don't have the funds to PIF/PFD the CA right now so, I'm letting them age-off.

Current score is 580 on EQ and 610 on TU. I don't know my EX score right now. I have a boat-load of hard inquiries from an auto dealership loan-shopping on me.

Should I try to get another secured CC? I'll currently have 2 credit lines open (Fingerhut & OpenSky) and I'm thinking of adding a third for good measure. Can anyone recommend another great secured CC (preferably one that reports as unsecured)? CapOne is out, they denied me for their secured card before. I received a pre-approval from First Premier in the mail, but I know to STAY AWAY from that one...

Thanks!

[Whitneyy]

I have the capital one secured. I've had it two months, and it hasn't started to report yet. 

I know you said that you don't have the funds, but you could send them the SMALLEST amount to probably settle and get your old baddies deleted! I have had success just sending like $30 biweekly. Sounds minimal but it's something! 

I can't wait until my fingerhut account upgrades into revolving!

[NYSuperdoodle]

I hear good things about Digital Federal CU, and I have two cards (MC and Amex) with USAA which I highly recommend if you're eligible for them. I think Navy Fed has secured cards too and everything they do is good. I've heard SDFCU is reporting secured cards as secured now, which may or may not matter to you. Good luck!

[macuserftw]

Unfortunately, I'm not eligible for the Navy Federal or USAA cards (no military affiliation). I've heard great reviews for the SDFCU card, but I'm not sure how the "secured" reporting would affect my score in the long run as I've heard mixed things. On their website it mentions no credit or income verification which is appealing as I really can't have another hard pull right now.

I was thinking of trying for the US Bank secured card next. I've heard this reports as secured as well, but at least they will graduate you into an unsecured card after showing a year of perfect payment history.

[elm84]

Discover it has a secured offer if you aren't approved for regular line of credit .. It graduates as well

[macuserftw]

I've heard about the Discover IT secured card, but it's not mentioned anywhere on their website. I tried applying for the unsecured version to try and receive the secured counter-offer, but I only saw the standard denial page. A secured card alternative was never offered...

[cgussio]

In my opinion having another card report positively, even if it says secured, each month is better for improving your credit score. When I first started my journey I read a lot of recommendations on these boards to have 2 - 3 bank revolving card (secured or unsecured) to best improve your history. I didn't take the advice and stuck with just 1. My rebuilding progress has definitely been slower than some folks.

On the flip side, having only 1 card was a good thing for me because it allowed me to really develop some good credit habits. I feel like the way I use this card is very sustainable and is how I will use cards regardless of if my score is 640 or 780. I don't know if I would have developed that same level of comfort if I started off with several cards simply to play the credit game. I hope that makes sense. I think you need to decide what works best for you, the goals you are attempting to accomplish and just how patient you may be.

[elm84]

I am not sure about how that works.. I applied for Discover it and was declined (collections) and was offered the secured card had 3 days to accept or loose the offer