Should I Add an FD-Backed Credit Card to Improve My Credit Score?

[mohitkamboj007]

I currently have 10 unsecured credit cards and 1 personal loan, and my credit score has been in the range of 775-782 for the past year. Since all my existing credit accounts are unsecured, I was wondering if adding a secured credit card (FD-backed) to my portfolio would help improve my credit score.

Would having a mix of both secured and unsecured credit accounts have a positive impact on my credit profile?

 

[kunal05]

The first question you should ask yourself is - what benefit would it provide?

If you're going for some business loan or home loan in near future and this score boost would help in getting a lower rate of interest, then it makes sense.


Otherwise, don't get it just for another d*ck measuring brag right.

Most of the time, going beyond 780 score doesn't provide any extra benefit. You can negotiate best rates at that score even for home loans.

 

[kunal05]

Also, if you're simply asking that getting a FD card boost your score, you can check out "foresight" on CRED app. It should be similar to taking a secured loan like "Car loan".

Nobody knows if your score would improve and by how much on taking that. But these simulators may give you some idea.

 

[mohitkamboj007]

The first question you should ask yourself is - what benefit would it provide?

If you're going for some business loan or home loan in near future and this score boost would help in getting a lower rate of interest, then it makes sense.


Otherwise, don't get it just for another d*ck measuring brag right.

Most of the time, going beyond 780 score doesn't provide any extra benefit. You can negotiate best rates at that score even for home loans.

My current credit score is 776, and if this helps, I will be able to maintain it above 780 consistently. Also, I need to take a loan in the future.

 

[mohitkamboj007]

Also, if you're simply asking that getting a FD card boost your score, you can check out "foresight" on CRED app. It should be similar to taking a secured loan like "Car loan".

Nobody knows if your score would improve and by how much on taking that. But these simulators may give you some idea.

It only shows a minimum credit limit of ₹5L, with no option to select a secured credit card.