I need some credit card advice

I recently got a secured card from my bank because i have bad credit and want to add to it/rebuild it. After having the card for 1 Month they offered me a better unsecure card. If i close the secure card will it have a bad effect on my credit? Oh and by the way they already charged me
My annual fee for the secure card. So should I just keep both cards for 9 or 10 months then cancel the secured card or cancel it now?

 

Keep it. The average age of your open lines of credit have an effect on your score. While rebuilding credit, keeping a line open longer only helps. Just don't get to a point where you have too much open credit against your income. Debt to income ratios get messy if they are skewed too much toward the credit side.

Occasionally buy a tank of gas on it and just pay it off immediately.

Then maybe a year from now, prior to the annual fee coming due again, call and ask them to keep the account the same but convert it to an unsecured line and waive annual fees.

Had to rebuild twice thanks to a pile of crap (AKA an ex-wife) so I've been there. Keep on it. My credit is now better than ever a short 5 years after my divorce was finalized.

 

Oh.....and......get the Credit Karma app. Its free and you can monitor your score. They show what items are having positive effects vs negative effects on your credit as well. Killer free app.

 

If you can afford both cards (like the above poster said) and your open line of credit doesn't far exceed your income I'd open both.

I've had a credit card since I was 18 (now 25) and I use it just like a debit card. I use it for BS like gas, dinner, drink from the store, truck parts, then when I get paid, I pay the whole thing off. My credit is great, APR through my bank for truck is 2.4%, credit card APR is a fixed 6.8%.

 

www.daveramsey.com

 

don't close any cards, keep adding cards to raise your average score..... keep the balances below 50% or at 0 and make sure to keep them current....
You need 4-5 lines of positive credit....
Pay all past dues and collections, challenge all negative credit on your report and try to get them removed....
Don't do payment plans..... Just pay the full amount..... You will be marked late until you get current again.....