Apply for cards when I have bad score?

[Anonymous]

So here on myFico, it lets you search for cards that would be good for you based on your score and stuff. And I searched and got 5. My score is very poor at 556. In the past I have not been approved for these similar cards. Do you think it would be wise to try because it hinted that I might be able to get them? Or not risk it and just not apply so it doesn't ding on my credit inquiries? Thanks for the help in advance.

[VLGaffEsq]

Unless you are desperate for another credit card, please HOLD OFF applying for any credit cards with your present FICO score...any cards you get approved for at this time will have outrageous interest rates (like 29% - 35%) and high fees, plus your available credit limit will be very low (like $300).  You will also be dinged with inquiries, which always hurts your FICO score.  Wait several months and try to get your credit score up to at least 620 before you apply at all.  If you apply for credit from a position of strengh, and not weakness, you won't be taken advantage of by credit card companies.  Good luck!

[Anonymous]

Awesome thanks for the help. I was just trying to find something where I could maybe transfer all my credit cards stuff to 1 card, but I suppose there really is no point if my rate will be about the same.  I only have 2 cards, 300 and 500 limit. And I'm finally in the position to start being a little better with my money and actually raising my score. Will having just those 2 cards with those limits help me raise my score in any decent amount of time? Is there something else I can do to get a faster result?

[Anonymous]

Are the cards you have maxd out?  Do they show late payment history? If the problem is that hte balances are maxed out, do you have the ability to get them at least 50% below the limits?  Down to 30% over all?  The maxed out cards, if that is the case, is probably whats hurting your score overall.  If you could lower balances just before your statement date and have them report the lower balance, you may just see enough improvement to apply for a better card.  Maxed out cards hurt you as much as a collection.

Just a word of advice, if you obtain new credit please be careful about your limits.  If these cards are hurting you enough where you need to BT with the limits you posted here, you probably have all the credit you need for the time being.  Just friendly advie because although we want everyone here to have the best reports possible given the circumstances, we also don't want to open the door to future credit problems.