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Discussion in 'Credit Talk' started by staces5, Oct 22, 2001.
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I can't comment on Sterling, but other good secured cards (in order of benefit) are FCNB secured, and Capital One secured. Also, you'd be surprised to find that you may qualify for an unsecured account from Cap One, or Orchard/Household. Just avoid Cross Country at all costs,and wait to see what happens with Providian. Providian used to be a good place to start, but there's some trouble there that needs to get sorted out.
As far as how many cards you need to rebuild, I'd start with two, using them regularly and work my way up to 5 or more as your credit improves. With a BK7, it may take a while. You could also become a authorized user on a card of someone you trust (and who trusts you).
Using cards regularly doesn't mean that you *have* to carry a balance all the time. I like your attitude about not buying on credit again; that will save you a lot of pain. I'm trying desperately to live by that motto myself. What you should do is either:
1. carry a balance for a few months out of each year on each card.
2. pay in full each month but get your due date to fall two weeks after the card reports your monthly balance to the CRAs . This way you get the benefit of looking as if you always carry a balance and pay it on time, but you avoid the trap of owing more than you can comfortably pay back.
Hope this helps,
I used Sterling Bank & Trust when i first started out,..They were good for me now i have every multiple cards with good limits..