Should I apply for a second credit card to build my credit score?
I’ve had my first credit card for 1 year and 3 months and the credit limit is currently 0. I pay on time each month and in full. It is never late. I read that applying for a second card will help my score. I read my credit reports and it says I do not have enough accounts and it recommends that i open another card. My score is currently in the high 600s to low 700s range (this varies slightly depending on where I check the score, but it is in that range).
So should I go ahead and try to apply for a second card or am I going to be rejected?
Any recommendations on a good second card I qualify for? I currently only have a bank of america card. thanks!
PLEASE no spam, ads, or irrelevant answers. It’s so annoying how lame some people are with this.
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September 10th, 2010 at 9:21 pm
A second credit card is a must, as an emergency.
If anything happens on that first one – such as fraud or a dispute, you will need to pick up your second one and use it temporarily.
Today, more than ever is it harder and harder to get a credit card.
But, since you are paying in full, (which is excellent for your score), you should have no problems.
Get one, if you can, with cash back rewards.
Go to bankrate.com or credit.com and click on credit cards – cash back.
Or just google 1% cash back cards.
Your local bank, may also offer 1% cash back cards.
My suggestion, use the secondary card for something like gas.
That way it keeps it active, and helps you realize how much your are spending on that item.
(I have one for gas, and one for food).
And thank you for using credit reponsibly – few people know the tricks to real happiness.
And yes, a second card will improve your score – but only if you don’t carry balances and pay interest. It will show you can be trusted with high balances.
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September 10th, 2010 at 9:21 pm
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-free.totalh.com
September 10th, 2010 at 9:21 pm
The current recommendation for credit cards is to have a mixture. If you are going to apply for a new card to help build your credit report, then go to say Target and apply for theirs, at the same time you get a discount on your purchase, so maybe do your xmas shopping, apply for the card, get the discount and then pay it off. They recommend having a Visa or Mastercard, a merchant card (Target, Kohls, etc) and a gas card. Even though when you look at your credit report it all looks the same to you, all 3 of those cards actually report differently to credit bureaus and have a slightly different impact on your score. And as long as you pay on time and keep balances under 20% of your credit limit they will all be positive impacts and boost your score!
September 10th, 2010 at 9:21 pm
yes.
also, installment loans are a plus, as well as a gas card.
the two websites i have listed below,
will list all credit cards suitable to match your particular need.
GOOD LUCK.
you really shouldn’t have a problem.
Pay in Full and Pay on Time.
EVERYTIME !!!!!!!!!!!!!!!
p.s.
Brett’s advice is excellent as well !!
"mix"
September 10th, 2010 at 9:21 pm
Yes, it will help to increase your credit scores. The more credit lines (car loans, credit cards, mortgages, etc) that you have where you can demonstrate a pattern of on-time payment, the higher your credit score will be. If you are responsible with your card and more importantly, the payments, you would be smart to open another account and use along with the other card.
September 10th, 2010 at 9:21 pm
Sure. If this is going to help your credit score but it can also hurt it because it will show that you have two open lines of credit that are unsecured.