I'm thinking about apply for another credit card when I already have four

[Anonymous]

I have four credit cards and all with zero balances.The thing is, they all have high rates. I'm going to school and applied for student loans but those only cover my tuition and I need something for living expenses. I have money saved up and my boyfriend is helping me in the meantime but his work isn't stable. It only goes by projects. If there are no projects, there is no work. I wanted to apply for another credit card to hold onto incase of emergencies but want a low interest rate since income is very little. I was thinking of applying at navy federal becasue they have cards as low as 7.9 and if anything would vary up to 14.65. My credit cards now are still way over 14%. My score is 761. If I applied for another one, would it do some damage on my score???

Credit Limits:

boa 4700

chase 2000

firestone 600

target 500

 car loan: 11,600

[smallfry]

---

@Anonymous wrote:

I have four credit cards and all with zero balances.The thing is, they all have high rates. I'm going to school and applied for student loans but those only cover my tuition and I need something for living expenses. I have money saved up and my boyfriend is helping me in the meantime but his work isn't stable. It only goes by projects. If there are no projects, there is no work. I wanted to apply for another credit card to hold onto incase of emergencies but want a low interest rate since income is very little. I was thinking of applying at navy federal becasue they have cards as low as 7.9 and if anything would vary up to 14.65. My credit cards now are still way over 14%. My score is 761. If I applied for another one, would it do some damage on my score???

Credit Limits:

boa 4700

chase 2000

firestone 600

target 500

 car loan: 11,600

---

Yes but only temporarily. A new account will decrease your average age of accounts you'll take a new account and a new inquiry hit but in your case I would go for it. That will give you 5 revolving lines of credit which some peole think is optimal. Go for it.

[laz98]

you will get a little damage because of the new inquiry, the new account, & possibly the drop in AAoA.  but that should be minimal, & then you will have another positive account on your credit.

EDITED:  smallfry beat me to the punch!

Message Edited by laz98 on 03-05-2010 10:14 PM

[DI]

I say go for it.  I have total of 11 cards.  I recevied 9 of them in July and August '09.  At the time of app'ing my EQ FICO was 767.  All the new inquiries hit my EQ report and my score decreased to 730 which isn't bad.  I expect it to rebound when my accounts hit the one year mark.  I don't regret app'ing for the new cards.  I received all prime cards(AMEX, DISC, CITI, PenFed, Kroger 123, Sears and etc.)

[score_building]

go get your navy card! and treat it like gold 

[Anonymous]

thank you everyone!

[MarineVietVet]

May I add one other thing? Try to not look at any CC as an emergency fund. That is why cash in the bank is necessary. If something happens you can pay for it without using your card and thus avoid possible interest payments.

Good luck in your schooling.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

[DI]

---

@DI wrote:
I say go for it.  I have total of 11 cards.  I recevied 9 of them in July and August '09.  At the time of app'ing my EQ FICO was 767.  All the new inquiries hit my EQ report and my score decreased to 730 which isn't bad.  I expect it to rebound when my accounts hit the one year mark.  I don't regret app'ing for the new cards.  I received all prime cards(AMEX, DISC, CITI, PenFed, Kroger 123, Sears and etc.)

---

Correction to what I stated earlier.  All pulled my EQ report except for AMEX. They pulled EX. 

[Anonymous]

---

@Anonymous wrote:

I have four credit cards and all with zero balances.

---

Stick with your pay in full program. Don't look at credit cards as financing mechanisms. Acquire savings and cash flow from work while going to school. Establishing cc balances is a slippery slope. I've had cards since I was a struggling undergrad but have never carried a balance on them. JMHO.........

[Jazzzy]

---

@Anonymous wrote:

I have four credit cards and all with zero balances.The thing is, they all have high rates. I'm going to school and applied for student loans but those only cover my tuition and I need something for living expenses. I have money saved up and my boyfriend is helping me in the meantime but his work isn't stable. It only goes by projects. If there are no projects, there is no work. I wanted to apply for another credit card to hold onto incase of emergencies but want a low interest rate since income is very little. I was thinking of applying at navy federal becasue they have cards as low as 7.9 and if anything would vary up to 14.65. My credit cards now are still way over 14%. My score is 761. If I applied for another one, would it do some damage on my score???

Credit Limits:

boa 4700

chase 2000

firestone 600

target 500

 car loan: 11,600

---

You have a good score, and hopefully NFCU will work for you.

Keep in mind that under the new credit card act, credit card companies are supposed to determine your ability to repay. Do you have income right now? They may ask for proof in the form of paystubs, income tax forms, etc.

I agree with the advice not to live on credit cards. I'm in my last semester of grad school...can't take boards until July...so likely won't be earning a paycheck until August. Budget is tight right now....but we're doing it without carrying credit card balances. I'm hoping we can keep it that way.