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how many secured credit card do i need?

FiresOut
Super Contributor

Re: how many secured credit card do i need?


@hoang817 wrote:

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


Cool. You'll be fine. Let us know how it goes. Let the rebuild begin. You got whats needed soon to get the ball rolling. Next will be an installment loan. But hold off until all these age a tad.

Message 11 of 16
hoang817
Contributor

Re: how many secured credit card do i need?

oh la la

Welcome and congratulations! You’ve been approved for the OpenSky Secured Visa® Credit Card.

  • YOUR CREDIT LINE: $1000

1 down 1 to go.

 

thanks guys

June 2020: 500+ across the boards
May 2012: WF Home Mortgage
April 2015: Bankruptcy
June 2020: Premier Bank $300 | OpenSky Card $500
Message 12 of 16
gdale6
Moderator

Re: how many secured credit card do i need?


@hoang817 wrote:

oh la la

Welcome and congratulations! You’ve been approved for the OpenSky Secured Visa® Credit Card.

  • YOUR CREDIT LINE: $1000

1 down 1 to go.

 

thanks guys



@hoang817 wrote:

oh la la

Welcome and congratulations! You’ve been approved for the OpenSky Secured Visa® Credit Card.

  • YOUR CREDIT LINE: $1000

1 down 1 to go.

 

thanks guys


Grats to your success Smiley Happy

Message 13 of 16
tehdrizzle
New Contributor

Re: how many secured credit card do i need?

If you have a mortgage wouldn't that add to your credit?  You don't absolutely have to obtain more credit cards to rebuild do you?  That's insane if so.

Message 14 of 16
hoang817
Contributor

Re: how many secured credit card do i need?

 


@tehdrizzle wrote:

If you have a mortgage wouldn't that add to your credit?  You don't absolutely have to obtain more credit cards to rebuild do you?  That's insane if so.

 

Hi,

This is what it tells me:

"Having less than 5 open accounts can make you look somewhat riskier. Some lenders would consider you a "thin file"." 


 

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

Re: how many secured credit card do i need?

Super odd that they wouldn't take something into account like a mortgage though.  It seems a bit contradictive as well to say a good mix of credit cards and installments to rebuild credit when you can't get credit for 8-10 years post bankruptcy around here.  I think the standard of using cash and no credit is the best solution overall.  Credit is a trap.

Message 16 of 16
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