Should I obtain more secured cards or increase my current secured cards?

[Epic]

I currently have two secured cards, each with a $3K deposit. Am I better off to deposit more funds into my existing secured cards to raise the limits or should I obtain a couple more secured cards each with another $3K deposit?

I've kept my utilization below 10% on the two I have.

[LadyInTheRed]

I suggest you keep using the two cards you have until your credit is strong enough to get an unsecured card.

[TBA]

I agree with lady. Two cards is sufficient to build credit. Activity and good payment history should put you on your way to the side of right... I wouldnt bother increasing your limits either.

[msm859]

I agree with lady. Two cards is sufficient to build credit. Activity and good payment history should put you on your way to the side of right... I wouldnt bother increasing your limits either.

And for a third answer I would keep with just the 2 however, I would increase the limit to at least one of them to $5k or more.

[HHM]

I wouldn't change anything. You should start getting offers from main stream, unsecured cards. Once you do, get one of those.

I certainly wouldn't put MORE money on deposit to increase the limit. In reality, that is a poor use of funds, that money needs to be in an Mutual Fund, ETF, or a good stock. Not sitting in some back making little to no interest to help rebuild credit that will recover regardless if you got these useless secured cards.

[Amy26]

Shockingly, I agree with HHM!

I wouldn't put any more money into secure cards either. You're just tying up your funds that you could use for something productive. Personally, I did not get any secured cards while I was rebuilding... I was able to get all unsecured cards. And I think if you know where to go, you could too.

[msm859]

Shockingly, I agree with HHM!

I wouldn't put any more money into secure cards either. You're just tying up your funds that you could use for something productive. Personally, I did not get any secured cards while I was rebuilding... I was able to get all unsecured cards. And I think if you know where to go, you could too.

Well my disagreement has to do with how fast you want to build credit. I knew 2 years ago when I filed that my lease would be expiring on my car 12/1/12 and I would therefore need to replace it. It appears to me that the higher credit limits you have the easier it is to get more credit. So I was just approved for a new car loan for $40k @ 1.99% interest. I am showing credit lines of over $15k. Had I gone a more conservative route perhaps I would not have received the credit amount or interest rate. Without knowing for sure though it is not hard to see that it is quite possible I might save more on my car loan then had I would have made by putting $8k in a interest earning account. I have approached this from a business analysis standpoint and considered the cost vs benefit. Of course some of it is guessing as to how credit grantors work although my research from many sources lead me to my conclusion.