Personal Finance & Money Asked on July 11, 2021
I have a regular credit card from Bank of America, and I want to apply for another secured credit cards from capitol one and citi or US bank. What I want to know is:
1- Are there any differences between reports of secured and unsecured credit cards and their effect on my credit history/score?
2- If I upgrade my secured cards to unsecured, does it have any negative or positive effect on my history/score?
3- Is it better to have one regular credit card plus two secured credit cards with $500 credit limit on each card or one regular credit card plus one secured credit card with $1000 of credit limit?
Are there any differences between reports of secured and unsecured credit cards and their effect on my credit history/score?
No. The secured/unsecured status of your card is not reported to the bureaus.
If I upgrade my secured cards to unsecured, does it have any negative or positive effect on my history/score?
As the bureaus don't know if the card is secured, it cannot have an impact here. (Some lenders may up your limit when they unsecure the card, which will have a (positive) impact.)
Is it better to have one regular credit card plus two secured credit cards with $500 credit limit on each card or one regular credit card plus one secured credit card with $1000 of credit limit?
There are a number of factors here.
All this said, though, I'd generally advise not trying to micro-optimize like this. I'd pick cards based on lender reputation, rewards, and card features over the specific credit limit amounts you're looking at.
Answered by ceejayoz on July 11, 2021
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