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Is it worth getting a credit One credit card? I was approved but have not accepted yet. I would not use it, just have it to show a higher amount of credit available and thought it may help with credit score.
@crystal0920 wrote:Is it worth getting a credit One credit card? I was approved but have not accepted yet. I would not use it, just have it to show a higher amount of credit available and thought it may help with credit score.
My initial response to that is NO.
The high fees and charges do not justify getting credit one solely for having extra credit limit that you won't use.
If that is the only reason you want to have that card, I'm sure your scores and credit profile can justify another card without such fees.
Could you give some more details about yourself, current scores, other credit cards and limits?
Capitol One Secured $200 Capitol Unsecured $750 Kay Jewlers $300 A furniture store account $1,200 scores are TU 625 EQ 602 Ex 618 no baddies to many inquiries trying to build credit. 6 months credit history
@crystal0920 wrote:Capitol One Secured $200 Capitol Unsecured $750 Kay Jewlers $300 A furniture store account $1,200 scores are TU 625 EQ 602 Ex 618 no baddies to many inquiries trying to build credit. 6 months credit history
Do not apply for Credit One; you are trying to build, not re-build.
Use however much you want your cards, but follow this: Let only one card have balance on it (say Cap One which has $750 limit). The balance ideally shouldn't be higher than 10% of the limit but I'd personally say don't go above $150.
Let the others report zero balance (i.e. pay them off before the statement is generated).
Do this for 6 months and you'll have good enough scores to get fantastic cards.
Other members of the forum please chime in with good beginners' cards and other ideas.
@Ghoshida wrote:
@crystal0920 wrote:Capitol One Secured $200 Capitol Unsecured $750 Kay Jewlers $300 A furniture store account $1,200 scores are TU 625 EQ 602 Ex 618 no baddies to many inquiries trying to build credit. 6 months credit history
Do not apply for Credit One; you are trying to build, not re-build.
Use however much you want your cards, but follow this: Let only one card have balance on it (say Cap One which has $750 limit). The balance ideally shouldn't be higher than 10% of the limit but I'd personally say don't go above $150.
Let the others report zero balance (i.e. pay them off before the statement is generated).
Do this for 6 months and you'll have good enough scores to get fantastic cards.
Other members of the forum please chime in with good beginners' cards and other ideas.
Also since you have "too many inquiries", wait for 6 months before applying for any other cards.
@crystal0920 wrote:Capitol One Secured $200 Capitol Unsecured $750 Kay Jewlers $300 A furniture store account $1,200 scores are TU 625 EQ 602 Ex 618 no baddies to many inquiries trying to build credit. 6 months credit history
Do you possibly qualify for a student card? I think there are probably some better options out there.
No I am not a student. All except 2 inquiries are back in November
@crystal0920 wrote:Is it worth getting a credit One credit card? I was approved but have not accepted yet. I would not use it, just have it to show a higher amount of credit available and thought it may help with credit score.
CreditOne is useful if no one else will give you credit. But if you have other options available, I'd take other options.
As far as available credit and FICO, it's the UTIL percentage that counts. UTIL at 10% on a $500 CL is scored the same as 10% would on a $10000 CL.
@crystal0920 wrote:No I am not a student. All except 2 inquiries are back in November
Another suggestion is to open an account with a local credit union. They will generally give a good credit limit with no fees.
I'd suggest talking to a local CU branch. My first credit card was from a CU.
I dont know how they prove if you are or are not a student. : ) I think if you apply you might qualify if you pick the right student card. Thats just my 2 1/2 cents thrown in