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Dai3

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Will having two or more secure credit cards hurt when rebuilding your credit?
I am currently rebuilding my credit and i got approved for two secured credit cards. I only secured one of them. I was informed that two will drop my score,is this true?

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Any time you open a new account

your score will drop. After making the fiorst few payments you will see your score go up.  Thats what these secured cards are meant to do.  

Your score drops untill you show that you can manage the new credit.  Scores are based on the long term.  Your credit behavior over a period of the last 84 months is what is considered on credit scores. the more ontime payments you have the highrer you score goes. 30% of your score is based on payments. so it is viatl that you make them. Its very important that youy take some time and educate yourself onm how credit works,  Your credit score effects everything from the amount of interest you pay on credit cards to weather you get to buy a house, how much you pay for auto insurance to weather you get a job with many comapnies.  Its the most important number in your financial life. Its important that you know how this all works.  start by reading a few of the articles here on CK, then google for more info on topics you want ot know more about.

Good luck 

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