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Question By
Tenbarrett31

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Is it better to have one secured card or 2? And when applying for them, does your score drop?
I have a secured card from my bank already, will applying for another one else where hurt my score or should I just work with the one I have? My score is 616, is that score good enough to get an unsecured card?

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One is enough

Helpful to 2 out of 2 people

If you are using secured cards, it means you are either establishing youe credit or getting back on track. In this period, all you do is use the card you have got wisely and stay on track. For this purpose, one card is enough.

Getting another secured card means paying annual fee for one more card (all of them have annual fees) and also locking up more money in security deposit. Instead, you can ask the current card issuer if they can increase your credit limit on the present card. This will help a bit. Of course you have to pay deposit, but thats okay.

If you use your secured card well for a year or so, the bank generally converts it to an unsecured/regular card and there you will have it. Just be patient for a while. A 616 score is low indeed for a regular card, but try applying for an AMEX charge card instead. They have no security deposits, not pre-set credit limit and generally are easier to get than the regular credit cards.

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Thank you

I am brand new to this whole credit thing, thanks for responding, I will work with what I have for now and build up my scores appreciate it

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Reply by
AADeo

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You are welcome! Glad I was helpful, and welcome aboard the credit field!

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Confused about why mine isnt increasing

I pay my credit cards on time and my mortgage for the last 2 years, why isn't my credit increasing? What am I doing wrong to help increase my credit. Should you pay off collections or negotiate pay offs and if you negotiate, will they affect your credit the same way if you do not pay it?..Can I request to have them removed from my credit report if I pay them off?

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