Secured Credit Cards - advice to rebuild

[Kenny1016]

Currently I have two secured CC to help rebuild my credit.

 

~BOA Visa with 5k limit and is about 17 months old.

 

~WF with 2k limit which is about 6 months old.

 

Do you think opening another secured card would help? If so how much of a limit should I use?

 

Thanks

[CTSoxFan]

I would add to the limits on the ones you have rather than opening up a new card. Also, have you inquired with BOA about unsecuring? Lastly, what do you reports look like?

[mendelssohn]

What are your scores?

 

You have 2 of the best secured cards. Both of them graduate. Are you eligible for NFCU?

[BDK]

^ What CT said. Depending on your answers to those two questions, you might be ready to app for unsecured..

[Kenny1016]

Just joined myfico today and subscribed to the new 3 score monitoring. My scores were:

 

TU- 596 EX- 571. EF - 570

[Kenny1016]

My reports have no judgments. Two paid collections due to fall off this Nov. and three CO showing a total balance of 14gs that will age off 7/2015. Two of the three CO are in a payment plan but they both still show the original balance.

[mendelssohn]

My reports have no judgments. Two paid collections due to fall off this Nov. and three CO showing a total balance of 14gs that will age off 7/2015. Two of the three CO are in a payment plan but they both still show the original balance.

I think you should hold off on more cards for now. Dispute those collections as obsolete now.

 

Once your scores get into the low 600s, try for a Walmart card (free TU FICO) or maybe a Barclays card.

 

In the meantime, work on building up the limits on your secured cards.

Edited September 8, 2014 by mendelssohn

[Kenny1016]

How much more should I build up each card to make a impact?

[GR8WhiTE]

How much more should I build up each card to make a impact?

I was given good advice a few months ago on how to go about closing my secured CC's. The best thing to do is right before you end up closing out the account(s), go put the max limit (or whatever high limit you can afford) into the card. Wait for the new limit to report to all (3) CRA's and then and only then.......go close out your secured card(s). You'll have that final limit report on your CRA's for the next 10 years. Big plus to show high limits.

Edited September 9, 2014 by GR8WhiTE

[Allisson0605]

Good advice Grwhite!

[CTSoxFan]

 

How much more should I build up each card to make a impact?

I was given good advice a few months ago on how to go about closing my secured CC's. The best thing to do is right before you end up closing out the account(s), go put the max limit (or whatever high limit you can afford) into the card. Wait for the new limit to report to all (3) CRA's and then and only then.......go close out your secured card(s). You'll have that final limit report on your CRA's for the next 10 years. Big plus to show high limits.

 

 

Also, generally speaking when they unsecure your card, they give you the same or higher limit as your secured card was, so raising the limit can also work in your favor in that respect as well.

[GR8WhiTE]

 

 

How much more should I build up each card to make a impact?

I was given good advice a few months ago on how to go about closing my secured CC's. The best thing to do is right before you end up closing out the account(s), go put the max limit (or whatever high limit you can afford) into the card. Wait for the new limit to report to all (3) CRA's and then and only then.......go close out your secured card(s). You'll have that final limit report on your CRA's for the next 10 years. Big plus to show high limits.

 

 

Also, generally speaking when they unsecure your card, they give you the same or higher limit as your secured card was, so raising the limit can also work in your favor in that respect as well.

 

true too