Only have 1 secure credit card, will i have trouble taking loans?
Hi! First post ever! I am a new RE investor; I would appreciate your help.
I have had a Capital One secure credit card for many years now with a limit of $500 (I have try to convert it to a normal Credit Card but capital one doesn't do that). I have another Macy's credit card that i opened without thinking but will soon disappear since i only used it once and haven't use it in many months (for that reason, i don't usually count it). As of now, according to Credit Wise from Capital One page, my credit score is 720 and I owe $0 on both credit cards. Let's say I want to invest in a $500K home and will pay 20%, will I have trouble getting a loan and trying to do BRRRR in the home?
If yes, what would you recommend me do? Open 1 normal credit card (I know opening many credit cards at once will impact my credit score for a while) to increase my loan limit? Does the loan limit even matter in this case or just try to buy a much as i can with my secure credit card?