xpressentry said:
Secured cards build a credit score minimally. Try for another unsecured card in 2-3 months once you have a good flow of income
I disagree. No matter whether the card is secured or not, it does build credit history at the same pace as any credit card.
The reason why credit cards are effective for building credit history is because credit card companies report to credit bureaus every month. That means secured or not, it works well if you manage it properly.
The question of a second card. There are ups and downs to having a second. The biggest up is that some stores in Canada do not accept Visa, and some do not accept Master. Good to have one of each just for practicality.
I also use one card (higher limit) for my regular purchases on one low limit card for internet and high risk purchases. Reduces the risks and headaches of someone messing with that.
The issue of credit score, is less dictated however by the number of cards that you have and more by you debt to credit ratio (usage). It is better to have higher limits available than you use. If you are able, it is better to never exceed 25%-30% of your available limit, then pay it down, and so on. Strange system, but if you maintain that your credit history will increase quickly. Seems that the credit rating guys think that if you do not use all your credit then you are a better risk, because apparently you do not need it.
If you need a second card to help you maintain that ratio. Good idea to get it.
Good luck
