Hey, just wanted to get some opinions on this. I have two secured cards, one with $200 limit and one with a $250 limit. I have been preapproved for another one with the limit to be determined when I send in the app (which will probably be in the $200-250 range) Should I just go with the two secured cards that I have (both opened in Nov) or would I be messing myself up credit wise in getting another one? Adding those two cards made my score jump about 7 points. Any thoughts?
If you NEED the credit go for it...if you don't then I would use the secured cards you have to work on getting unsecured credit. It will come soon enough and you will be stuck with 3 secured cards when it does...You say you got the cards in November so you have some time probably. I do not believe it will "help" you by getting the 3rd card unless you desperately need the $700 credit line (another $250 card added to your existing $450 limit). If you do, then perhaps paying off the balance on your existing cards 2 or 3 times a month may get you there faster than adding a 3rd card. I did that many times with my $500 CapOne card when I had it. Bottom line; If you establish a good payment history with the existing cards you will move to unsecured and then prime soon enough. You do not need to have 3 secured cards to do that and adding a third card to your existing 2 will not help you get there any faster. -Peace, Dave
Thanks for the reply, Dave. I was on the fence with this, leaning more toward not getting a third card. I appreciate it much!
