Secured Cards

[boosie1979]

Can someone advise if I opened a secured card at a credit union for $500 and another one at another bank for $300 will that better my score and quicker if i make a very small purchase monthly on both and pif each month or should I  just obtain one card with 800 credit line? thanks

[Anonymous]

I would go with the one that offers the highest limit.  Lower limits show that others are afraid to extend very much credit to you.  Once you secure the highest card you can get and then pay on it a couple of times, it should be easier to get that second card with maybe even a higher limit yet.  Go for the Gold!

[llecs]

It would depend on how many cards you have now and how old your average credit history is. If you don't have any cards at all, then two are better. If you have several cards already, adding cards now could hurt your score. In any case, keep balances below 10%.

[RobertEG]

Also be aware that low limit cards are much harder to manage monthly with regard to FICO score maintenance.  For example,a charge of $200 on a $400CL card hits you for 50% util on that card, whereas the same $200 charge on a 4000CL card is only 5%util.  Sure, overall %util is the same, regardless, but each card also counts.  Additionaly, FICO frowns on having over half of cards with a balance.  More cards requires more maitenance.  You can manage it, and end up the same, but more time and trouble is required.