Should I get a secured credit card?

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Should I get a secured credit card?

Postby savir1180 » Thu Mar 08, 2012 1:56 pm

Greetings, this is my first post to the forum.

I was just approved for an Orchard Bank credit card and was wondering if I also should get a secured credit card to try and re-build my credit?

My original intention was to just get a secured card, but then I applied for the Orchard Bank card and was surprised to get approved for unsecured. So I'm wondering if by having both a CC and a secured card would benefit me more in re-building my credit. Or should I just keep the Orchard one to rebuild? Any feedback would be appreciated. Thanks.

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Postby Crashem » Fri Mar 09, 2012 9:37 am

If you can get two cards, that isn't a bad idea as it will be two credit cards building (hopefully) positive history. Some things to consider though:

1) The best thing to consider is that any credit cards you acquire, you should expect to keep the rest of your life. The length of time afffects your score positively. Why is this relevant? If the fees are horrible, you should expect to pay them for a while.

2) If you have the money for a deposit, the can get a secured card with higher limits than you could normally qualify for which will help you more in the long run. Orchard's secured card isn't a bad deal.
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Postby namvet » Fri Mar 09, 2012 10:36 am

Pay on time and don't overcharge your Orchard card for 6 months then apply for another card such as Cap One. 2 or 3 cards will help your score during the building process. How you handle your credit during the first year or two will help you obtain prime cards later.

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