how many secured CC needed to re-build credit??

[mt2va]

So I'm almost ready to open my 2nd secured CC.  Someone else had mentioned getting the USAA secured MC but is it better to get my 2nd card with a different lender??  USAA seems to have very reasonable AF and interest rates so it is tempting to open a 2nd card with them but didn't know if maybe a different creditor would somehow look better.  I'm also continuing to increase my CL on my USAA AmEx card each month as well.  Also for rebuilding my credit would a 3rd secured card be recommended or is two enough to just garden for awhile as I clean up my other credit issues and some of my late payments age on my credit report?

[mt2va]

So I'm almost ready to open my 2nd secured CC.  Someone else had mentioned getting the USAA secured MC but is it better to get my 2nd card with a different lender??  USAA seems to have very reasonable AF and interest rates so it is tempting to open a 2nd card with them but didn't know if maybe a different creditor would somehow look better.  I'm also continuing to increase my CL on my USAA AmEx card each month as well.  Also for rebuilding my credit would a 3rd secured card be recommended or is two enough to just garden for awhile as I clean up my other credit issues and some of my late payments age on my credit report?

[Duncanrr]

Two is a good number. That's what I got.

[Anonymous]

Having two different creditors is not going to look any better and its not going to look any worse.

It will show as two different TL on your reports either way.

As far as getting another secured card, I wouldn't recommend doing so if you can get a decent unsecured card.  Unsecured is always better than secured.

[HiLine]

1 is the perfect number, unless your second would be with a bank that issues a card that you want to apply for eventually. Banking relationships can only help. 

[Anonymous]

I'm very satisfied with the boost Cap One secured has given me.

[Shogun]

Yes, 2 is better, and actually 3 revolving accounts will give you maximum benefit to your score.  But 2 is a good number.

[luckelle]

+1 3 cards the best. would not get a rebuilder with an annual fee for a third card. your first card its understandable for the fee. when you get better cards later your not going to want the rebuilder cards and will loose AAoA when you cancel them.

[beb86]

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@Anonymous wrote:

Having two different creditors is not going to look any better and its not going to look any worse.

It will show as two different TL on your reports either way.

As far as getting another secured card, I wouldn't recommend doing so if you can get a decent unsecured card.  Unsecured is always better than secured.

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I will have to disagree with this statement.... Lets say you have a score around 580-600 and you had a choice between CAP1, US bank, CITI, etc for secured cards, you can put whatever limit on them to an extent and even with a CAP 1 secured it can be partially unsecured( I put $49 down to receive a $200 limit) AND the have reasonable terms for APR, AF, etc.... ORRRRR you can get a FP, FP #2( first progress), Matrix Discover, Credit one, ______ (fill in the blank for a crappy unsecured credit card) that will give you crazy fees (acct set-up, CLI fee, lost card, no grace period, 25%+ Interest rates, etc). In the eyes of the CRA a SECURED card is still a line of credit that reports positively (if you take care of it) and does its job until you move up the ladder.......where as these predatory unsecured cards can be a slippery slope.

Just my .02

[Anonymous]

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@beb86 wrote:

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@Anonymous wrote:

Having two different creditors is not going to look any better and its not going to look any worse.

It will show as two different TL on your reports either way.

As far as getting another secured card, I wouldn't recommend doing so if you can get a decent unsecured card.  Unsecured is always better than secured.

---

I will have to disagree with this statement.... Lets say you have a score around 580-600 and you had a choice between CAP1, US bank, CITI, etc for secured cards, you can put whatever limit on them to an extent and even with a CAP 1 secured it can be partially unsecured( I put $49 down to receive a $200 limit) AND the have reasonable terms for APR, AF, etc.... ORRRRR you can get a FP, FP #2( first progress), Matrix Discover, Credit one, ______ (fill in the blank for a crappy unsecured credit card) that will give you crazy fees (acct set-up, CLI fee, lost card, no grace period, 25%+ Interest rates, etc). In the eyes of the CRA a SECURED card is still a line of credit that reports positively (if you take care of it) and does its job until you move up the ladder.......where as these predatory unsecured cards can be a slippery slope.

Just my .02

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I am actually unsure of what you are trying to say here.

EDIT:  I think i figured out what you are trying to say.  But now confused on what you disagree with.  You disagree with trying to get an unsecured card for fear of only getting a "crappy" one?

Notice in my original comment I stated "...if you can get a decent unsecured card"  

Or do you not agree with my statement that Unsecured Cards > secured cards?

Well, Unsecured Cards > secured cards point of fact.

[Anonymous]

If the only card you have is the usaa amex then I would add another mc/visa to the mix. There are a lot of places that don't accept amex. For a third card go for cap one. I know you have been having issues getting in with a cu so I can't recommend that