@Anonymous wrote:
I am puzzled, what would be the point of getting secured card, he already has a card. Also why take on additional debt just to increase your score does not seem wise to me, plus there is no guarantee this will bring a score increase.
If a higher FICO score is the goal, then having 2-3 revolving accounts reporting would be very beneficial per your FICO. A good mix of credit is important per scoring and I'd guess a gain if a 2nd reports for the OP. After coming off a 7-yr credit hiatus I saw gains when I added my first 3 CCs due to the improved mix but losses on subsequent CCs. OP can certainly hit well into the 700s with the one, but First Premier should be replaced inside a year or two max. IMO, they are a bad CC to be in company with.
It's also not additional debt. IMO for OP, I recommend he/she use it for a cup of coffee every 3 months and certainly pay in full to avoid any debt or interest and shelve it for the remaining time. Adding debt to that card will only lower the score.
