Well, I've been lurking here for a little while, and I was hanging around credit mania forums for a while. I just began getting my credit back on track. In June I got a partially secured card from Marin. Since then I also got an unsecurred GetSmart. I was just approved for some other cards as well, and I'ld like to dump the Marin card. My question is, should I hold onto for a while? It's only got a $400 cl, and the interest rate is awful. However, I've had it the longest right now, and they report to all 3 CB's every month. Any thoughts? TIA.
Yes... you need to keep them for two reasons... For the first six months, new accounts hurt you slightly. You want to show a pattern of being able to maintain an account and be a good customer... two years seems to be the peak... Second reason... credit use ratios... the more credit you have that you don't use, the better it helps. Sounds weird, but that is how the scoring system works. Nice to have you come out of the shadows... Welcome!
OK, Thanks for the thoughts. I wasn't sure how long I should have it open, and what affect it would have on my credit score. I'll probably just use it exclusively for gas or something. Does anyone else have any experience with CL increases from Marin?
I understand you can send in more money for the savings account and they will up your credit limit by the amount you send in. They will send you a form if you ask them about it. Keep the account. Even if you only use it once a year. The older it gets the better your score. John
As in a secured account... many banks offer that... some match 50% of your deposit, some 100% of the deposit and some 150-200%. Several companies that support creditnet.com with advertising are available... just click the sub-prime links on the credit cards tab...
As for balance ratios, keep in mind that it isn't difficult to use 50-75% of your credit on the 400cl card....use it a little-or pay it off. Otherwise, it makes your ratios look bad.
It's partially secured. I put down 200, and they gave me a cl of 400. I've been able to get unsecurred cards since then, so I've been doing that. Since I've had it about six months, I guess I'll try to hold onto it for another year and a half. Is it true that credit cards that report as secured hurt your score too? Marin reports like any normal card (Huge annual fee, that they claim is used for reporting to all 3 CBA every month.
My other card right now has a 500 cl. I would be ok without the Marin card, but I want to do whatever is best for restoring my credit. I'm willing to pay the annual fee, if it will help my credit. My score with TrueCredit is a little over 550, so I obviously need to do whatever is possible to get it clean. I've disputed several things, and this weekend, I signed up with Lexington. Hopefully, things will start improving. Oh, I've also been paying my bills on time. Funny how that helps.
