Is there any advantage to having more than one secured card?

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forrestst
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Is there any advantage to having more than one secured card?

Postby forrestst » Mon Sep 05, 2016 5:23 pm

I currently have one secured credit card from the First National Bank of Omaha with a credit limit of $300. I've had the card for 7 to 8 months, I was told when I opened the account that I would be considered for a credit limit increase without an additional deposit after 7 months, but so far nothing. They also said I could get my deposit back in as little as 11 months. It's a small credit limit so I haven't been able to use the card for much, but I've managed to charge a little something each month and I've paid all the bills on time. I don't know if I need to request a CLI to find out or if I should just let it ride and see if they offer me something.

They give my my free FICO score updated once a month, I think it last updated on 8/10/16 and it shows my score as 620. I tried for a WalMart card because I was told those were the easiest to get and that was a lie. I was declined because they said not enough accounts paid as agreed and the utilization on all of my accounts is too high.

Would it help to try to get another secured card? I've also heard there are places like Finger Hut that help build credit but their prices seem really high. A friend told me to try Crown Jewelers, but they don't have anything I'd want and the trick is you have to charge something then pay it off in several payments.

At some point I've thought about trying for a Barclay card, they have a mastercard for fair credit, but I'm thinking maybe after the 1st of the year? WalMart really isn't my first choice and wouldn't get used much but I was hoping to get an unsecured line of credit reporting. I really don't want to tie up the money with another secured card unless it's necessary.


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CarefulBuilder14
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Re: Is there any advantage to having more than one secured card?

Postby CarefulBuilder14 » Mon Sep 05, 2016 8:53 pm

You might take a look at Discover's secured card. It offers a lot compared to other secured cards and store cards.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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Vattené
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Re: Is there any advantage to having more than one secured card?

Postby Vattené » Fri Sep 09, 2016 7:18 pm

A secured card will help just as much as any other tradeline. If that is all you can currently get, I think you should open another to help you build. Especially if your credit is in poor shape right now, more tradelines reporting positively on you will help you grow.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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