I am new to the United States and am currently trying to figure out a way to establish a kick-ass credit score to enjoy the goodies that y'all take granted on your cards. My first move was to apply for a rewards card with American Express, and little did I know that they only accept the cream of the crop. Needless to say I was denied. I have just gotten a card designed specifically for newcomers offered by Capital One. The credit limit is ridiculously low ($300), but there are no annual fees and they offer a little cashback. Unfortunately I have not been able to found any other offers like that.
Now call me greedy, but I want to get my credit score in stratospheric levels as fast as possible. So I've been looking at secured cards. The cheapest I could find was a $25 annual fee Wells Fargo credit card, where I already happen to bank. I also tried to charm my local banker but their credit department was very adamant on only offering me a secured card because I am on a work visa and not a green card (which means I could flee the country and they'd never get their money back). The only other bill I can pay is my auto insurance and I was told that paying bills on time merely leaves your credit untouched.
I could just use my Capital One card and wait patiently until they up my limit or share my information with other CC firms.
So my question is: is the potential additional boost to my credit from having a second card enough to justify a $25 fee?
