possible credit card crisis and credit advice!

[Anonymous]

i've been hearing that with the economy going down hill, that a credit card crisis may follow. i've heard that banks will be giving out less offers, and lowering the amount of credit available to customers. so my question is....

i just received an offer for a card that has 0% interest til 1October09 on purchases and balance transfers- do you think it would be smart to get it while the offer is still on the table and keep it as an emergency card?

i paid my last card off today, and use another just for earning miles. my fico score is 747. i'm just not sure whether or not my score would go down from opening this card. I have 6 cards open currently with no balances. i'm not sure if another would push my credit down for having too many. my boyfriend seems to think that offers like this may be slim to none in the future. is he correct?

any advice would be awesome!

Message Edited by kmarie0611 on 09-30-2008 11:48 AM

[Miner]

If you have 6 cards with the balances paid off, I fail to see why you need another card as a backup. And you shouldn't just take any card that comes along unless you have bad enough credit where you can't be choosey.  If you want another card, make sure its a card that you actually want and need (has the low APR you want, offers high rewards, or is back by a strong bank that won't CLD you). 

The economy shouldn't be what determines how many cards you have and choices made out of fear are usually the wrong ones. 

And from personal experience, using a CC to get through a tough economic time rarely pays and will often destroy your credit.  I'm still paying for that mistake years latter.

Message Edited by Miner on 09-30-2008 02:05 PM

[Anonymous]

The reason I would have this one as a backup is because it will carry no interest incase a large unexpected purchase arises from now until Oct. 3 cards are for specific retailers. The other 3 charge interest, which I will incur if I carry a balance for a few months.

As for tough economic times- I am not now, nor do I fear that I will be in tough economic times in the near future. The card would be used for items such as major car repair, medical bills- items that can be large, that I may not beable to pay off within one month's time. 

Does this explain the situation anymore or do you still feel the same?

Message Edited by kmarie0611 on 09-30-2008 11:16 AM

[Anonymous]

I agree, don't take something extra if you don't need it. Besides, eventually when we have a new President this economy will turn around. Right now too many people are trying to distance themselves from Bush before the election so anything he endorses gets the evil eye at the moment. A bailout will get pushed through and the economy will become positive again 

[Anonymous]

It sounds like a decent enough card. I personally would take it, unless I really didn't need it at all. It's nice to have a no APR card available in case of needing to make a major and/or emergency purchase. I like to have a lot of cards though, even if I don't use them all that much, as long as they have some value to me in some way.

[Anonymous]

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@Anonymous wrote:

i've been hearing that with the economy going down hill, that a credit card crisis may follow. i've heard that banks will be giving out less offers, and lowering the amount of credit available to customers. so my question is....

i just received an offer for a card that has 0% interest til 1October08 on purchases and balance transfers- do you think it would be smart to get it while the offer is still on the table and keep it as an emergency card?

i paid my last card off today, and use another just for earning miles. my fico score is 747. i'm just not sure whether or not my score would go down from opening this card. I have 6 cards open currently with no balances. i'm not sure if another would push my credit down for having too many. my boyfriend seems to think that offers like this may be slim to none in the future. is he correct?

any advice would be awesome!

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Maybe the date above was typo, but if not this is an offer for 0% until Oct 2008, that is Wednesday. Why would you need or want this offer?

[Anonymous]

definitely a typo

[Cleanmachine]

This may be contrary to popular belief, but, I would most defiantly apply for this card.

0% until October 2009 for purchases and balance transfers is a good deal especially at this stage of the credit crises.

You may receive a small hit on your score for the hard inquiry but this would be made up in a short period of time with the increase in your overall utilization.

Go for it.

[Anonymous]

sounds like a good deal. please just look at the bigger picture though.

what are the terms after the intro period?

you said your score was XXX, but will they pull that report?

who is the isser? do you want a long term relationship w/them?

as for not getting it because you have 6 cards now, well for me that's not a good reason to decline the offer.

in fico terms the greater available cushion you have the better, if you ever do revolve a balance.

me personaly, i want 500k of available unsecured credit. in the year that's past since i set that goal i've gone to just under 20 percent there on my own. add in my spouses accounts and i'm over 20.

[Anonymous]

I most definitely intend to look into the facts a little more closely. So far i haven't gotten past the envelope and was looking for opinions before I even consider it.

Thanks!