Would it be a bad idea to take out three secured credit cards? $2K-Bank of America, $2K-Chase, and $2K-Citibank? the reason I would be doing this is to raise my scores, increase my credit limits, and to create a relationship with a prime credit issuer. My scores are 667 equifax, 621 experian, 626 TransUnion. Or is this a bad idea????
My advice would be to try getting a Household bank card, unsecured. They have been know to approve the Household Bank card, GM card, and Best Buy card on Equifax FICOs as low as 655. But it depends on what negative credit and how recent you have on your report. You would also want to make sure that in your state they pull Equifax. Also, Capital 1 would most likely approve you for starter limits of between 250 and 1000 depending again on your derogs and recency. Target will give you a guest card down to 620 or so. But it all depends on the derogs, and what report is pulled for that card in your state. Good luck!
Re: Re: Would this be a bad idea? Avoid Crap One unless you want a hit on all three CRs (and will take whatever toy limit/APR they throw at you)
Re: Re: Re: Would this be a bad idea? I would agree. But compared to secured cards, it's still a better credit account to have. APR shouldn't matter if you only carry small balances, and you can PFB after 6 months to double your credit limits like I did. I started with Cap 1 when I didn't have anything else. 8 months later I had 3 Household cards, 2 Citibank cards, Amex Platinum, and some other smaller limit cards. Because I managed my credit with Cap 1 well for those 8 months, my total credit lines jumped from $1300 to $30k.
