Is it wise to apply for a credit card in today’s economy?
Flightwo99 asked:
I was young, dumb, and did not use credit wisely. Educated myself as much as I could and improved my score by 100 points. My score is now around 758.
I was young, dumb, and did not use credit wisely. Educated myself as much as I could and improved my score by 100 points. My score is now around 758.
My bank helped me with a credit rebuilding loan that I just paid off. But, I want to continue to improve my credit rating so I that I can buy a home in the next 2 years.
My question is should I apply for a credit card now? I have read where credit issuers are lowering credit limits, checking to see where you shop at and what you buy.
I want to make better choices with my credit now. I just want a few opinions.
Carlos
Douglas
ummmmmmmmmmmmmmmmmmmmmmmmmm……no
Agnes
ermmmmmmmmm not really !
Tommy
Absolutely. I am in the same position, but it is tempting to use them when you fall into hard times. My trick is transfer balances to zero percent interest card.
Adam
Nah, there’s a lot of creeps out there who are so desperate for money that they tap into those and steel thousands. Please do not get a credit card unless it is impossible for it to be broken into.
Jamie
Yes and no. Its wise to build credit yes, but if you cant control your spending no.
Get a card, only buy things you already have the money for. Pay them off in payments ON TIME.
You can get a good low rate with a 758, i suggest capitol one.
Hector
check this site for free credit card comparisons from different companies, you can see which you qualify for and what’s best for you
Pamela
There is never a good economy in which it is wise to go in debt with a high interest rate.
You don’t need credit.
Eileen
In this economy many businesses are going bust and closing down so a credit card for buying things is the best way as your items are covered if this happens. Just make sure you have the moeny in the bank to then pay your CC bill off then you don’t get into debt. I do this and you don’t have to pay interest on your bill if you pay in one go.
Nicholas
If you don’t have a credit card then you ought to have one. Having credit and paying it off responsibly will raise your credit score even more.
Reginald
Its not wise in ANY economy to apply for ANY credit card.
If you want to buy a house, then save up a down payment and make sure you can verify steady income. That is all a good loan broker needs to get you qualified for the best rates. Many loan brokers just use credit score because its easy, but if you actively seek out someone who is familiar with the underwriting process, and you prove to them that you have a significant down payment and sufficient income, they will get you the best loan around, without ever checking your credit score. Don’t worship at the alter of the FICO just because you want to buy a house in a few years.
Tammy
It is wise to be cautious about applying for credit cards in this economy. I would advise you to go with a secured credit card or a Capital One credit card. If you get one of those, lay low. Inquires do drop your score by a few points. Excessive inquires especially in a short period of time is very damaging because it shows that you are desperate for credit. After you get one, lay off the submit button when applying and never charge more than you can pay off in one month.
Kurt
Flightwo99, I recommend you try calling a local credit rebuilding company. They should offer you advice to help improve your credit.