Opening multiple secured cards and not using them

[Anonymous]

34yo male with 532 score and 200k/yr salary. Just paid off all past debts in full and I'm thinking of opening 2 to 4 secured cards with a $2500 deposit each. I'm not going to be using these cards for any purchases only to build my credit back up. Will not using the cards be a positive or negative on my score. Thanks for any advice.

[Anonymous]

It can work both ways. Getting the cards will help your score start to climb, but if you never use them then you run the risk of the issuer eventually closing them for non-use. Use them, but be sure to pay them off before statement cuts. That is the best way to improve your score. Look up the AZEO method... GL!

[calyx]

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@Anonymous wrote:

It can work both ways. Getting the cards will help your score start to climb, but if you never use them then you run the risk of the issuer eventually closing them for non-use. Use them, but be sure to pay them off before statement cuts. That is the best way to improve your score. Look up the AZEO method... GL!

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I would think since they're secured, they'd just sit on your money as long as you let them.

I have 2 secured cards - I just put two automatic bills on them (one for my legal insurance, the other is a monthly donation) and auto pay it off so that they see some use, but not enough to be a bother.

[Anonymous]

Right, I was looking at it as a small investment just as a way to build my score up. I don't have any loans, or open accounts and my house is paid off. I need something reporting and I'd like to keep my credit utilization to a bare minimum.

[calyx]

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@Anonymous wrote:
Right, I was looking at it as a small investment just as a way to build my score up. I don't have any loans, or open accounts and my house is paid off. I need something reporting and I'd like to keep my credit utilization to a bare minimum.

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I think the key is "positive payment" history.   So if you don't use them, there will be nothing to ever report.
And it's admirable that you're willing to tie up some money with it.   If you have any relatively small recurring charge (streaming, supplies, merchandise orders, donations, etc.), I would recommend automating that.    You keep your usage small enough for your utilization, and then get some positive payment history.

[FireMedic1]

For now go with 3 cards. Practice AZEO and get the self lender loan so you'll have the FICO bonus credit mix. Try going with cards that will graduate. Disco, Citi, or someone that wasnt in your pay off spree.

[Remedios]

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@Anonymous wrote:
34yo male with 532 score and 200k/yr salary. Just paid off all past debts in full and I'm thinking of opening 2 to 4 secured cards with a $2500 deposit each. I'm not going to be using these cards for any purchases only to build my credit back up. Will not using the cards be a positive or negative on my score. Thanks for any advice.

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Hi and welcome to the forums 

If you already have revolving accounts (credit/store) cards, you may not need to open additional ones. 

If you do not have any revolving credit accounts, then yes, you need those if you're trying to rebuild your credit 

Three would be good, but you do not need to get all three at once. 

It would be a lot easier to suggest cards for you if you list the ones you had charged off and/or in collections.