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Hello,
My Experian reports keeps suggesting that I have FIVE open accounts.
At the moment I have four -- I have a Shared Secure Loan from Navy Federal
Then I have three secured credit cards -- Cap One, Discover, First Premier.
Will getting a fifth open account -- it would simply be another secured credit card -- actually help.
Obviously I want to raise my FICO score.
Thanks everyone for your comments.
Phillip
You don’t need five cards to begin optimizing your score- three plus an installment loan is what is considered optimal. Are you seeing this on the Experian app or website? Keep in mind that they get paid, just like Credit Karma and all the others, for referrals to cards.
yes -- i saw that "five is best" claim on the experian -- free credit -- website.
@Anonymous wrote:Hello,
My Experian reports keeps suggesting that I have FIVE open accounts.
At the moment I have four -- I have a Shared Secure Loan from Navy Federal
Then I have three secured credit cards -- Cap One, Discover, First Premier.
Will getting a fifth open account -- it would simply be another secured credit card -- actually help.
Obviously I want to raise my FICO score.
Thanks everyone for your comments.
Phillip
I would however consider adding an NFCU nRewards Secured Card... The minimum is now only $200 and that will grow into a beast. I would get that ASAP to build Navy history.
The standard revolving accounts needed for that section of your credit file is 3. It doesn't hurt to have more, but it doesn't help either unless it will lower your utilization. Albeit approvals are fun
IMO, I wouldn't get another secured card, when you'll surely be eligible for a sub-prime card soon, the cap one platinum is a good card in this case. Again, 3 cards is the optimal amount needed for that scoring section.
However, do what you feel is best for you, best of luck!
Hi Spiritcraft1
thank you so much for your comments.
i am really (REALLY) a newbie on this. so could you explain (in a very elementary way) to me how the NFCU nRewards Secured Card will help me.
i just want to raise my FICO score.
thanks
Thanks ScoreJunkie,
I have one more collection notice that goes off next year -- will trying to get early elimination.
I have two FICO 8 scores in the low 700's now.
Since you are a member of NFCU, it makes perfect sense to have their card. They look at prior history with them. The card will unsecure at some point and at that time, they are usually ready to give you a second card as well. I had mine graduate last month and then they gave me a $8k unsecured card. My scores are still below 600.
There are many here that started with a secured (or low limit unsecured card) with Navy and now have big credit lines with one or more cards. They look at you history with them as much as anything. Most have no option to get into NFCU and you are obviously in. Whether it boosts your score or not short term, building NFCU history is HUGE.