Someone I work with has okay credit, even though he really does not use it. He went to Express in the mall (think that was the name of the store) and got talked into applying for a store card to get a discount, was immediately approved for $2500 CL. Well after talking to me and learning about the cards I have been getting recently he decided to apply for a Cap1 plat card and was approved for 3k at 19.9%, with no AF. Pretty amazing for Cap1, but I shook my head and told him if Cap1 was willing to give him that, he could have done so much better. He did not want to learn the graphic details of credit ins and outs, so I simply told him to apply for only one thing every 6 months and he would be fine.
I only hope that next time he talks to me before he goes after another card, he could have done much better. 4 years of ontime payments on a new truck, and 6 years of ontime payments on student loans, plus a few cards already in his wallet. Funny thing he was happy with the 3k Cap1 gave him and the rate...
So do you think I gave him good advise since he does not want to learn about the graphic details on how credit works? I think one app every six months (or year is better actually) is a good basic logic to expand and keep good credit.
