how many secured credit card do i need?

[hoang817]

how many should i apply for those high fees and anual fees credit cards? currently only have 1x premier bank card. and on my experian it said i need 2 more?? should i spent another $200 or more to get 2 more $300 credit cards to build up my credits? thanks

[FireMedic1]

You'll want 3 cards. But dont rush it. Spread it out a few months. You can get decent secured like Merrick Bank that doubles your CL. Or Disco secured that graduates and TD Bank or Citi. Stay away from the monthly/yearly combined fee cards. Or as we say the vulture cards. But this is a blanket statement w/o knowing your past. Good Luck!

[hoang817]

thank you.. just applied for disco it and got rejected due to BK status (filed 2015) on experian. will apply for Merrick in august or so..

[Anonymous]

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@hoang817 wrote:

thank you.. just applied for disco it and got rejected due to BK status (filed 2015) on experian. will apply for Merrick in august or so..

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I would try prequalifying before just cold apping.

Discover has a prequal and Cap One has a prequal site. Citi has a secured card, but they aren't doing prequals right now. They usually have a prequal site to check if you can get their secured CC.

I would wait to see if you are pre approved for something before just jumping in.

The BK may hold you back for a bit. Just work with what you have or try one of the secured cards @FireMedic1 mentioned. Open sky I believe requires no credit check.

And that thin file/thick file Experian app lists is just fluff. Build slowly. Don't worry about getting a bunch of credit products at once. It will not (re)build your credit any faster.

[Red1Blue]

I am curious. Every one says you need 3 revolvers for scores. Do they all have to be major cards like Visa / MC or can some of the store cards can be used in that list of 3 cards ?

[Anonymous]

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@Red1Blue wrote:

I am curious. Every one says you need 3 revolvers for scores. Do they all have to be major cards like Visa / MC or can some of the store cards can be used in that list of 3 cards ?

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I have 1 bankcard and 2 store cards for my 3 revolvers and kinda regret it.

I don't mind my VS store card, but my WS store card is worthless with a $250 limit that will likely never get increased because they claim to be unable to access my credit info (none of my reports are on ice, but sagestream - permanently). If it has at least been the Visa, it wouldn't have been so bad, but the store card is absolutely worthless with the price of everything there, but too new to close it. Just basically SD'd.

I still wish I had done all bankcards overall. I am building my SO's profile that way.

[Jannelo]

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@hoang817 wrote:

thank you.. just applied for disco it and got rejected due to BK status (filed 2015) on experian. will apply for Merrick in august or so..

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It's a shame they took the Merrick prequalify feature away.   For a rebuilder, that feature is essential.    Believe me, I know.   It's nerve-racking enough applying for a credit card with low scores, even if you prequalify for it.   You have to wait for an invitation for their unsecured card, which is like prequalifying.  But, I guess, the secured card you just cold-app.

[FireMedic1]

There must be something in the past haunting you we dont know. I got Disco 15 months out of BK. You dont have to wait till August. HP's arent a death trap. Grab the Open Sky. There is no HP.  HP's fall off FICO in a year. Like i said. HP's will happen if you want get going. Just dont do app sprees.

The big companies are tight right now. Call Disco, tell them you were denied, and see if they will let you have the secured. Cant hurt. Its only a phone call. Good Luck!

[dacv01]

+1 for the 3 cards. I have had great success with my CIti Secured. 1000 limit, and I spend about 2X that per month, and always pay it in full. Last time I spoke to rep she said with usage I could graduate early ( doubtful, but fingers crossed) Its all about timing, and your file. I spend hours researching secured cards, and as others have mentioned you want to stay away from the baddies that have the potential to do more harm than good. Good Luck! 

[hoang817]

just applied for open sky and direct deposit $1000 and is under review now..

waiting for the Merrick card +$500 and Open Sky +$1000

Will update this thread whenever i get any anwsers from both.

thanks guys and wish me luck