Scared of Credit Cards

[llauren321]

My relationship with credit cards has been... not great. When I was young and foolishI had 3 that I didn't pay for a few months and it ruined my credit. I'm STILL working on fixing the damage that time of my life caused.

I've paid of all my cards while rebuilding, and they've been sitting with a $0 Balance for over a year (I think you call this gardening??).

My cards are:

Capital One: $1050 Limit, $0 Balance

Chase: $800 Limit, $0 Balance

Chase (Authorized User): $5000, $1500 Balance (to be paid off end of this month).

My credit scores on myfico JUST hit the 700 mark (yayyy), but their simulator actually suggested that opening a new card could HELP my credit. 

So, it seems like maybe opening a new line could actually help me in the long run to creat my financial goals.

I guess I'm just nervous- can I do this an not mess it up? Where do I start? I'm planning on getting a small auto loan in about 7 months- does that mean I should not apply for credit until after that period?

Any help for someone who hasn't opened a card in 5-10 years is VERY helpful!

[RobertEG]

At this point, your score is not base on only your own credit history, so it is not possible to say what it would be once your remove the AU.

If you apply for credit where the lendor does a manual review, they may choose to give less credence to your score.

I would suggest an additional revolving bank card, and then dropping of the AU.

[Anonymous]

Sounds like you have a great start on your new credit life. You do need a card or two of your own. Try the Cap One and Chase pre approvals. Good luck.