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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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You would be fine to have two secured cards, but you may be able to just get one, use it for a few months and then get qualified for an unsecured. With some scoring systems you may be penalized on opening the accounts, not because they are Secured, but because they are new accounts, however, most FICO scoring systems will actually boost your scores just for the act of gettiing a credit card when you don't have one, many people often experience another boost upon opening a second credit card (with FICO scoring). In general though, building good credit usually requires short term damage. It is really up to you on what you want to do, if you got the Secured card with Capital One, you might be able to get an unsecured with them as well in the coming months. Whatever cards you decide to apply for, make sure that the issuer reports to all three credit bureaus. Some small town banks might only report to one bureau or to no bureaus at all, so they wouldn't be the go-to places for building credit.

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