cancel
Showing results for 
Search instead for 
Did you mean: 

how many secured credit card do i need?

hoang817
Contributor

how many secured credit card do i need?

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

June 2020: 500+ across the boards
May 2012: WF Home Mortgage
April 2015: Bankruptcy
June 2020: Premier Bank $300 | OpenSky Card $500
Message 1 of 16
15 REPLIES 15
FiresOut
Super Contributor

Re: how many secured credit card do i need?

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!

Message 2 of 16
hoang817
Contributor

Re: how many secured credit card do i need?

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..

June 2020: 500+ across the boards
May 2012: WF Home Mortgage
April 2015: Bankruptcy
June 2020: Premier Bank $300 | OpenSky Card $500
Message 3 of 16
LaHossBoss
Valued Contributor

Re: how many secured credit card do i need?


@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..


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 @FiresOut 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.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 638] [F9 600] [EQ5 668] [VS3 651] | TU [F8 610] [F9 569] [TU4 605] [VS3 605] | EX [F8 612] [F9 553] [EX2 627] [VS3 589]
Goal Score: 670


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 659] [F9 620] [EQ5 645] [VS3 655] | TU [F8 673] [F9 613] [TU4 608] [VS3 674] [VS4 658] | EX [F8 659] [F9 628] [EX2 634] [VS3 680]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge



Message 4 of 16
Rebuild2022
Super Contributor

Re: how many secured credit card do i need?

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 ?

Gardening since 08/2020
Message 5 of 16
LaHossBoss
Valued Contributor

Re: how many secured credit card do i need?


@Rebuild2022 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 ?


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.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 638] [F9 600] [EQ5 668] [VS3 651] | TU [F8 610] [F9 569] [TU4 605] [VS3 605] | EX [F8 612] [F9 553] [EX2 627] [VS3 589]
Goal Score: 670


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 659] [F9 620] [EQ5 645] [VS3 655] | TU [F8 673] [F9 613] [TU4 608] [VS3 674] [VS4 658] | EX [F8 659] [F9 628] [EX2 634] [VS3 680]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge



Message 6 of 16
Jannelo
Frequent Contributor

Re: how many secured credit card do i need?


@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..


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.

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC'd to Quicksilver (9/19) - $800 CL
Capital One QuicksilverOne (3/19) - $1800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $1300 CL
Amazon Prime Store Card (4/20) - $5000 CL
NFCU cashRewards (4/20) - $1500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL

Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2020 - 672
Equifax FICO 8 score 9/2020 - 674
TransUnion FICO 8 score 10/2020 - 658
Message 7 of 16
FiresOut
Super Contributor

Re: how many secured credit card do i need?

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!

Message 8 of 16
dacv01
Contributor

Re: how many secured credit card do i need?

+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! 

 



FICO: 620 Exp, 5 Inquiries, AAoC 4 years, AoOA 6 years, 11 months as of August 2020
Message 9 of 16
hoang817
Contributor

Re: how many secured credit card do i need?

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

June 2020: 500+ across the boards
May 2012: WF Home Mortgage
April 2015: Bankruptcy
June 2020: Premier Bank $300 | OpenSky Card $500
Message 10 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.