Thread: Multiple Secured Credit cards

I would think so, yes. But I'm interested in hearing what some of the true credit score gurus around here would have to say about this. I'd be shocked if anyone thought it wouldn't help build credit faster than a single secured card, and really shocked if anyone thought it might do more harm than good.

Secured cards report just like revolving cards so if you've never had cards as you said, they're are certainly going to help. The key is your utilization and this is the area most people don't understand. FICO looks at both your individual utilization as well as your cumulative utilization. So the best way to manage credit cards (or prepaid) is like this....

4 credit cards (doesn't have to be exactly. I've seen great credit with 2)

- two cards with no balances (used every other month for small purchase to keep active) this takes care of individual utilization
- two cards with very small balances; below 9% of their limits.

The best way to look at credit cards is not as something to gets you in debt, but as tools to maximize your credit profile