Opening a card and not using it?

[Anonymous]

I know this question has probably been asked many times but I have a very limited credit history and I just got approved for another card. This will be the second card. i plan on paying the first one down and not using the second unless an emergency (I really mean that) is that a bad idea?

[myjourney]

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@Anonymous wrote:

I know this question has probably been asked many times but I have a very limited credit history and I just got approved for another card. This will be the second card. i plan on paying the first one down and not using the second unless an emergency (I really mean that) is that a bad idea?

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Welcome to the forum 

Why apply for a card you'll never use?

It won't build history! At some point the lender will close!

I suggest you use it one month PIF and the next month use the other and PIF always letting a balance report on one card 1-9% 

This will be build history on both cards and increase scores 

[Longroad]

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@myjourney wrote:

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@Anonymous wrote:

I know this question has probably been asked many times but I have a very limited credit history and I just got approved for another card. This will be the second card. i plan on paying the first one down and not using the second unless an emergency (I really mean that) is that a bad idea?

---

Welcome to the forum 

Why apply for a card you'll never use?

It won't build history! At some point the lender will close!

I suggest you use it one month PIF and the next month use the other and PIF always letting a balance report on one card 1-9% 

This will be build history on both cards and increase scores 

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+1  Don't get anything you don't need or use

[newUser0]

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@Longroad wrote:

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@myjourney wrote:

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@Anonymous wrote:

I know this question has probably been asked many times but I have a very limited credit history and I just got approved for another card. This will be the second card. i plan on paying the first one down and not using the second unless an emergency (I really mean that) is that a bad idea?

---

Welcome to the forum 

Why apply for a card you'll never use?

It won't build history! At some point the lender will close!

I suggest you use it one month PIF and the next month use the other and PIF always letting a balance report on one card 1-9% 

This will be build history on both cards and increase scores 

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+1  Don't get anything you don't need or use

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+1

Charge some thing atleast on the Other card. Even if it is a small amount that will be OK

[Anonymous]

Some people actually do need a credit card for emergency situations when they don't have enough cash to cover something.

Not all of us have access to lots of cash like most of you on this forum.

[coldnmn]

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@Anonymous wrote:

Some people actually do need a credit card for emergency situations when they don't have enough cash to cover something.

Not all of us have access to lots of cash like most of you on this forum.

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they still will just every other month it will be card one or two.

[myjourney]

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@coldnmn wrote:

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@Anonymous wrote:

Some people actually do need a credit card for emergency situations when they don't have enough cash to cover something.

Not all of us have access to lots of cash like most of you on this forum.

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they still will just every other month it will be card one or two.

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+1 correct 

[Anonymous]

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@Anonymous wrote:

Some people actually do need a credit card for emergency situations when they don't have enough cash to cover something.

Not all of us have access to lots of cash like most of you on this forum.

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What they really need is to start an emergency fund at some bank, credit union, etc. Sure, it's nice to have a credit card to use in emergencies; the problem is one emergency has a way of snowballing- when it rains it pours. And once that one emergency begats a few more emergencies, you end up with a handful of maxed out cards, more bills, and you still have an emergency to deal with. 

This forum has two sections entitled "Rebulding Your Credit"  and "Bankruptcy". If you were to ask the people who regularly post there who are in that situation, many (if not most) would tell you they got in their current situation because of emergencies which got out of hand- they had excellent credit and good cards. They just had no way of dealing with the hand life dealt them other than paying with credit. 

I'm not trying to sound condescending... because I've been in the "rebuilding mode" several times in my life(I'm twice as old as most of the college students here). You may have an 800 FICO across the boards, 100k in available credit, and a 2% utilization... if the rest of your financial picture sucks, you're potentially a year away from financial ruin if things go really bad. 

[Pupeitmeister]

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@Anonymous wrote:

Some people actually do need a credit card for emergency situations when they don't have enough cash to cover something.

Not all of us have access to lots of cash like most of you on this forum.

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That's a wee bit stereotypical.  Some of us have little to no cash, but we manage what we have.  That is the purpose of this board... To help those that ask it, not to judge, or to feel slighted due to one having more or less then another...

I am one that NEEDS a credit card for emergencies.  Not because I do not have access to the cash, but because it is EASIER to not mess with the cash I have in savings if I can get a short term loan, especially at 0%.  The savings still earns interest, and if I am not paying interest, win win...

When I had NO cash in the bank, the credit cards were there for use to cover unforeseen expenses.  The goal is to get to a point in your life where that is no longer the case.

I wish everyone here luck as you grow in your financial well being and fiscal management, The end game is to one day be at the point where if we have the cards, its not because we NEED the cards, but because we PREFER to use them due to added benefits. (i.e.. Not carrying large amounts of cash, additional warranty, percentage off purchases, airmiles for traveling, reimbursements of cash back just to say "Thank you for letting us make the swipe fees off of your purchases, its not much, but here ya go!"

Ultimately, At the end of the  year, if you make more in benefits then you pay in interest, you win.  Period.  Even if its only $1.00

If you haven't done so  yet, (not the poster specifically, but anyone reading, Have not started a "liquid cash" account.. Be it savings, money market, something you can lay hands on almost instantly, I recommend an envelope, put 10% of your paycheck in the envelope and keep it in a location only you know.  As the envelope grows to a point where you can go open an account without paying a service fee, do so. 

CC are to assist with cash flow, not to be the fully relied upon "extra money" that you need but don't have.

Just my 2c

[myjourney]

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@Pupeitmeister wrote:

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@Anonymous wrote:

Some people actually do need a credit card for emergency situations when they don't have enough cash to cover something.

Not all of us have access to lots of cash like most of you on this forum.

---

That's a wee bit stereotypical.  Some of us have little to no cash, but we manage what we have.  That is the purpose of this board... To help those that ask it, not to judge, or to feel slighted due to one having more or less then another...

I am one that NEEDS a credit card for emergencies.  Not because I do not have access to the cash, but because it is EASIER to not mess with the cash I have in savings if I can get a short term loan, especially at 0%.  The savings still earns interest, and if I am not paying interest, win win...

When I had NO cash in the bank, the credit cards were there for use to cover unforeseen expenses.  The goal is to get to a point in your life where that is no longer the case.

I wish everyone here luck as you grow in your financial well being and fiscal management, The end game is to one day be at the point where if we have the cards, its not because we NEED the cards, but because we PREFER to use them due to added benefits. (i.e.. Not carrying large amounts of cash, additional warranty, percentage off purchases, airmiles for traveling, reimbursements of cash back just to say "Thank you for letting us make the swipe fees off of your purchases, its not much, but here ya go!"

Ultimately, At the end of the  year, if you make more in benefits then you pay in interest, you win.  Period.  Even if its only $1.00

If you haven't done so  yet, (not the poster specifically, but anyone reading, Have not started a "liquid cash" account.. Be it savings, money market, something you can lay hands on almost instantly, I recommend an envelope, put 10% of your paycheck in the envelope and keep it in a location only you know.  As the envelope grows to a point where you can go open an account without paying a service fee, do so. 

CC are to assist with cash flow, not to be the fully relied upon "extra money" that you need but don't have.

Just my 2c

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This is what it's all about and can be one of the best short term loan at $0% for emergencies

edit ...can't type today