Is getting 3 secured credit cards a good idea to rebuild my credit?
Here is my situation. I just recently paid off all of my credit card debt and the only debt I have is a student loan I’m paying off, which I have never been late on.
I already have 1 Orchard Secured Mastercard and my credit score is already improving (it went up by 14 points this month). I’m thinking about expediting this by getting 2 more of the same card and using all 3 once a month to buy small things like car gas and chapstick and then pay it off.
Will getting all these cards in such a short time frame hurt my score, or will my idea of trying to rebuild credit quicker work?
I make enough to pay off the minimum, even If I had 3 cards. Only reason I was in the hole was because I was 17 years old and could not get a long-lasting job. I’m in the military now, so that is no longer an issue.
And why would I need a brokerage account? That sounds completely useless for what I’m trying to do.