On average how much does one secured credit card raise your credit score per month?
Does the amount of points double if I have 2 secured credit cards?
( assuming card has a $200 limit and is only charged $10 and paid off in full monthly)
I've read everything from 5 points to 30 per month!
Actually there isn't a good way to predict how many points it will add. The FICO scoring model favors you having a balance of credit, including: revolving, installment and mortgage credit.
Therefore if you have NO revolving credit at all, opening a secured card and using it responsibly (keeping the balance below 10% of your available credit and paying on time), then your score will likely see a large jump. However, having more than one card doesn't make the jump larger.
Opening new accounts decreases your "average age of accounts," which can temporarily lower your score. Therefore opening more than one credit account can actually harm your score.
Also, other things could be keeping your score down, such as recent lates or charge offs/collections.
I'd suggest getting one or two secured cards and using them responsibly. Check your score in 90 days, if the rest of your credit history is good, you will likely see a good increase.
I started my credit with a secured card too. It is a plus that you have two cards. But your credit points wont automatically double. I suggest so that you stay on top of your credit go ahead and sign up for bank of americas privacy assist premier, it gives you your credit scores from the three credit berueus. And it shows your credit activity in great detail. It cost $15 a month but the first month is free. I have it and it does help alot.
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-score.10001mb.com