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I'd take it, that BOFA partially secured card will graduate and you can keep it forever. Truly no downside, and you can add a rewards package to it immediately and people have been able to get any AF removed too post graduation.
@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?
^^^^^^^
Focus on paying the debt you owe.
If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt.
@youdontkillmoney wrote:
@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?^^^^^^^
Focus on paying the debt you owe.
If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt.
Biggest mistake people make when building credit is opening too few tradelines in my opinion; I'd argue even the mass SCT trickage which I personally think is a bad path is less problematic than that. Really I'd advocate 3-4 right off the bat and an absolute minumum of 2, why delay future credit goodness any longer than necessary? Only constants are time passes and payment history is king, and it's a suboptimal use of time not to establish better payment history as soon as you decide you want to get better credit.
@Revelate wrote:
@youdontkillmoney wrote:
@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?^^^^^^^
Focus on paying the debt you owe.
If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt.
Biggest mistake people make when building credit is opening too few tradelines in my opinion; I'd argue even the mass SCT trickage which I personally think is a bad path is less problematic than that. Really I'd advocate 3-4 right off the bat and an absolute minumum of 2, why delay future credit goodness any longer than necessary? Only constants are time passes and payment history is king, and it's a suboptimal use of time not to establish better payment history as soon as you decide you want to get better credit.
^^^^
That is one valid perspective if one can be responsbile with multiple tradelines. The OP is consolidating already, which may be a sign of too much debt. If this is the case and if more tradelines exacerbate the debt problem then, the advice:
Biggest mistake people make when building credit is opening too few tradelines in my opinion
Can be rewritten:
Biggest mistake people make when building credit is opening too MANY tradelines in my opinion....if one is not disciplined enough to not take on too much debt than can be handled and get deeper into financial problems.
@youdontkillmoney wrote:
@Revelate wrote:
@youdontkillmoney wrote:
@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?^^^^^^^
Focus on paying the debt you owe.
If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt.
Biggest mistake people make when building credit is opening too few tradelines in my opinion; I'd argue even the mass SCT trickage which I personally think is a bad path is less problematic than that. Really I'd advocate 3-4 right off the bat and an absolute minumum of 2, why delay future credit goodness any longer than necessary? Only constants are time passes and payment history is king, and it's a suboptimal use of time not to establish better payment history as soon as you decide you want to get better credit.
^^^^
That is one valid perspective if one can be responsbile with multiple tradelines. The OP is consolidating already, which may be a sign of too much debt. If this is the case and if more tradelines exacerbate the debt problem then, the advice:
Biggest mistake people make when building credit is opening too few tradelines in my opinion
Can be rewritten:
Biggest mistake people make when building credit is opening too MANY tradelines in my opinion....if one is not disciplined enough to not take on too much debt than can be handled and get deeper into financial problems.
The Goldilocks theory of creditbuilding?
@youdontkillmoney wrote:
@Revelate wrote:
@youdontkillmoney wrote:
@Anonymous wrote:
I have recently paid off all my debt through a consolidation loan. Since then I've raised my score up to 659. I gained a discover card ( 120 limit) I just got an offer for a Bank of America card. Secure with 99$ and a 500$ credit line. Should I pass?^^^^^^^
Focus on paying the debt you owe.
If you do not need the additional cc, hold off, focus on paying off what you owe. Having another card may result in you being in even more debt.
Biggest mistake people make when building credit is opening too few tradelines in my opinion; I'd argue even the mass SCT trickage which I personally think is a bad path is less problematic than that. Really I'd advocate 3-4 right off the bat and an absolute minumum of 2, why delay future credit goodness any longer than necessary? Only constants are time passes and payment history is king, and it's a suboptimal use of time not to establish better payment history as soon as you decide you want to get better credit.
^^^^
That is one valid perspective if one can be responsbile with multiple tradelines. The OP is consolidating already, which may be a sign of too much debt. If this is the case and if more tradelines exacerbate the debt problem then, the advice:
Biggest mistake people make when building credit is opening too few tradelines in my opinion
Can be rewritten:
Biggest mistake people make when building credit is opening too MANY tradelines in my opinion....if one is not disciplined enough to not take on too much debt than can be handled and get deeper into financial problems.
I agree with both of you. Now that I'm older and wiser, my mindset is so different. I have 10x the credit I had before and half the debt. If someone is immature/irresponsible and/or materialistic, just a few cc will go a long way.