Should I get another secured card?

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BLUVSU2
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Should I get another secured card?

Postby BLUVSU2 » Tue Mar 05, 2013 3:21 pm

New here and starting out with rebuilding/repairing credit.

I have a secured VISA from my bank with a $500.00 limit.

I have been approved with a $49 deposit by Cap. 1

All 3 credit reports have been pulled. Most negatives are medical bills. I do have a few disputes to work on.

Should I do another secured card?

All 3 scores are low 567-606.


s.jessica
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Postby s.jessica » Wed Mar 06, 2013 12:02 pm

Cap1 is good for starting out and they are the cheapest secured card you can get and also fairly easy to get without going to a subprime lender. What you can expect is a 200CL for your $49 deposit, then if you do everything perfect, no late payments or over the limits, you will get a one time increase to $300 in about 6 months, but don't expect anything else. One positive thing, it's easy to add funds to your account and you can bring your limit up to $3,000. Don't expect to be able to graduate to an unsecured card, ever. You will have to cancel this card and apply for another when your credit improves.

Should you? You've already taken the pulls to your credit reports and it's cheap to get started so I would say go ahead, proceed with caution, get the Cap1 card and let both accounts report as this will look good later. Just be careful with your spending, start out by only charging $10 or so, let it report then PIF. Never carry a balance, pay late or go over your limit when you are in credit building mode. I wouldn't put more than $49 on the card to start with as a 200CL that's well taken care of will do more for you than being careless with a 2,000CL, plus the higher limits only help when you are ready to apply for better cards.

Remember, first priority is to get your bills and disputes taken care of. You want all accounts up to date and no open collections. With two cards and taking care of you negatives, you should see your score go up considerably in a year or so.

BLUVSU2
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Postby BLUVSU2 » Thu Mar 07, 2013 9:02 am

Thank you for taking the time to answer my question. I appreciate your help.

DavidNY
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Postby DavidNY » Thu Mar 07, 2013 12:38 pm

If you need another secured card, I recommend the one from Bank of America, which should become unsecured after a good payment history.

You also may want to check with your local credit union.



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