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

[mt2va]

Weird because it has.  My initial CL was $250 and it is now showing $400.  I made an additional deposit of $50 & then $100. In fact when I go to the page that has my AmEx info it has an option to increase credit line and when I click it I can increase it by money from my USAA savings account or my Suntrust checking account (which I have linked to them). 

[Anonymous]

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@mt2va wrote:

Funny because it has.  My initial CL was $250 and it is now showing $400.  I made an additional deposit of $50 & then $100. 

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Hmm, thats interesting  Wonder if that's suppose to happen?

Here is the full paragraph from USAA:

"Save for your future the safe and easy way

Your CD will earn interest at a variable rate (currently 0.64%APY) which will change periodically throughout your two-year term. Plus, our variable rate CD allows you to make additional deposits to your CD at any time — in case you want to build up your savings. Additional deposits will not change the credit limit on your secured credit card."

[mt2va]

I agree it is strange.  But as I said they do have a specific option when I go to the AmEx part of my accounts that says increase credit limit.  Maybe their website is out of date?? My CD is showing the additional deposits as well as my CL on my AmEx.

[mt2va]

So I'm wondering should I apply for a 3rd secured card or just stick with what I have and let things age/drop off??  I'm kind of regretting getting my 2nd secured card with a smallish local bank because their CC are handled by Elan Financial Services rather than the bank themselves.  I wish I had just taken the plunge and tried a BofA secured card instead.  If they denied me I could have always app the local bank after. 

[Mryucky]

mt2va,

8 months later are you glad you got a 3rd secure card? The reason I ask is I just started rebuilding my credit a month ago and I got a $300 Cap 1 secure and a $300 BofA secure card but I'm really wanting to get my credit as high as possible in the next year to be elgible for the best mortgage as possible.

I'm looking at a credit union secure card (which I just joined) but not sure whether to get a 3rd card or throw $300 on the BofA card which will graduate??

As I build the relationship with this credit union does having the secure card with them help me at all when I start shopping for a mortgage?

Al

[Phaseshift]

if getting a secured card how much should one put in each card in terms of credit limit?

[Shogun]

It's basically what you can afford.  1-2K is a good number.