2 cards or 1?

lostdawg · 03-21-2007, 12:11 PM

I am trying to get a second secured card with a $500 credit limit. If that does not go thru, I will add $500 to the one card I currently have ($300). 2 card wih $800 CL and avilable or 1 card with CL of $800. Which will be best for my FICO? Low .05% utilization. How much should this help?

jlynn · 03-21-2007, 01:07 PM

Does the original card report as secured? Do you know if the possible second card will report as secured? How old is the first secured card?

roybean · 03-21-2007, 04:15 PM

Why do you want two? Good trade lines or what?

Qtip · 03-21-2007, 06:01 PM

Quote:

Originally Posted by roybean

Why do you want two? Good trade lines or what?

lostdqwg is trying to figure out whether he is better off with one trade line or if two will improve his scores. I would think that as long as the cards report as regular card "not secured" then two over the long run will help your scores more than one card, provided you keep the low ultilization on the two.

roybean · 03-21-2007, 06:04 PM

Utilization is important...DO NOT MAX YOUR CARDS!

Hedwig · 03-21-2007, 08:48 PM

I agree with Qtip. The number of accounts is part of the score, so unless you really have a lot, go for the two, but try to get them reporting as unsecured.

lostdawg · 03-22-2007, 07:27 AM

OK. One card does indicate secured. The other I do not know if it will or not. CU could not tell me. Utilization is not an issue. This is a rebuilding tool. $13.00 balance on the card on a $300 limit. Two TL are better than one if they are positive, but If there is only one TL a higher credit limit is better?

Hedwig · 03-22-2007, 09:13 AM

Probably, but your utilization is so low that I don't know how much difference it will make. I think I'd get the second card and then work them to be unsecured and get limit increases.