To secure or not to secure... that is the question

[discombob1]

Hoping some of the credit gurus can answer this. I was discharged in Feb., and have been working on cleaning up credit reports. I have an unsecured Cap 1 card with 500 CL, no annual fee. I really do not want another subprime card. I can't bring myself to pay an annual fee for a 300 CL, it annoys me. My question is, am I better off waiting and time will do it's job, or should I get a secured card? I found a credit union that has no annual fee secured cards, and I can deposit money I have in another savings account and get one with a 4K limit. Which is my better long term bet? I have a student loan and some retail cards that survived to also help rebuild. Thanks a ton!

[HHM]

Give time its chance to work its magic.

Use your existing CC, i.e. charge $50, and pay it off each month. In another 4-8 months, you will probably start receiving more mainline offers.

[discombob1]

Thanks HHM! I prefer to do that anyway but I've been reading so much on rebuilding credit it's making my head spin. I have two more cleanup things to complete and then I'm done. I like the idea of just moving on, living my life and waiting for time and positive payment histories to work. Thanks so much!

[iswmle]

The only reason I got a secured card is because I wanted at least two tradelines (other than my dept store card) and everyone kept slamming the door in my face for an unsecured card. Since secured was my only option I decided I would much rather get a secured with a credit union than a secured with something like HSBC or Cap1. My plan is to keep my credit union secured for about a year and then apply for unsecured (which is actually what the credit union people suggested, anyway). I'm content with my decision, and feel more and more that this will work out very well for me.