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Is this credit card a bad idea?
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Is this credit card a bad idea?
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| 19/12 2013 15:08
Take it from me (and many others who've been there) credit cards are VERY tempting. They draw you in, but they won't let you out. Take it from one who knows.....stick with cash! :D
| 19/12 2013 15:19
You need to have discipline and realize that those $300 is NOT free. Remember credit card companies are in the business of making money and they prefer that you pay the minimum balance every time because they make money on charging you the interest. I don't know what my credit score is but i know i have perfect credit because i never missed a payment and i don't do minimum payments. You can get whatever card you want, i have a few 1 of them i haven't used in a long time mainly because it doesn't give me any incentive like cash back rewards or anything like that but my American Express card gives me cash back. It's only 2% but 2% is better than my other 0% card that i stopped using. So yes, you can change cards even if you have another one now that you just signed up for.
| 19/12 2013 15:18
That's a pretty standard limit for a first time credit card. Just use it when you need to, pay ON TIME every single time, and pretty soon you'll have a larger limit. ALWAYS pay on time or early, and pay more than the minimum payment if you can. That way you'll stay out of trouble. NEVER use the card for "perishable" items such as groceries if you can avoid it. But do use it--even if all you do is buy gas for the car once a month with it. Just keep paying on time and keep your unpaid balance low. This card is fine for a first card.
| 19/12 2013 15:29
A $300 limit is pretty normal for a starter credit card. Don't bother applying else where. You will likely be turned down due to multiple inquries within a short period -- looks like you are trying to take on too many new lines of credit. Also, you won't be getting a bigger limit. Just having the card will not build your credit. You have to use the card on a regular basis. Don't worry about using a certain percentage. While utilization is a factor in your FICO score, it is a very small part and really is not worth worrying about. Carrying balances of more than 30% of your limit will hurt your score, but pay off the balance and your score immediately rebounds . In fact, if you want to increase your limit faster, use 80% of your limit and pay the statement balance in full every month for about 9 months. The card will automatically increase your limit. The best way to handle any credit card is to use it for regular purchases, like gas or groceries, and pay the statement balance in full every month. That will build credit and avoid interest.
| 19/12 2013 16:10
You should spend $0 so that your credit used - to - credit available ratio remains as low as possible.
| 21/12 2013 08:19
I teach a course in credit, and credit cards. Here are some tips and cautions for your account. You applied for this card, which actually already cost you a 10 point deduction on your credit score. This is because this is considered a hard post. Go ahead and finish the process, because you are already vested with the loss of points. This card can help you establish credit and improve your credit.Your score is not the worst, but is also not the best. Applying for another card will cost you another 10 point deduction on your credit score. Wait and research cards in a year, once you have established a good credit history, debt to income ratios are good, and watching your reports for accuracies. One thing that can help you improve your credit score that is not shared is that you can improve your score by reporting directly to the credit reporting companies your rental history, utility bills, or other types of bills that are paid regularly and timely. The credit reporting bureaus will post this and boost your credit score. I hope this helps. Building your credit requires: - make your payments before the due date -pay off your balance each month or double the minimum. -maintain maximum balance of 0-30% of the credit available (more will impact your credit score) -make wise choices as to how you will use your card Remember that spending to the limit is not advisable, especially if you cannot pay it off within 30 - 90 days. Credit limits should be used as a loan resource, with a conscious thought of the interest rate that is attached to this loan. Your credit score will affect your interest rate on this account. As your score improved, request a better rate. When you have developed responsible use of your credit limit, you can request credit line increases. Your credit score affects 4 important purchasing decisions, your credit card rate, your auto insurance rates, your home loan rates and auto purchase rates.
| 19/12 2013 20:13
What will make you look bad is that you applied for this one. Whether you turn it down or accept it, either way you will look bad, because you applied. Applying always looks bad. You should not try to get a different. Either take this one or don't get any. If you apply for another, then it will probably be even lower, or totally deny you, because you will have applied for another card, and applying twice can make you look so bad that you can't get any cards.
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