I have a credit question too... | TigerDroppings.com

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WG_Dawg
Georgia Fan
Atlanta
Member since Jun 2004
41893 posts
 Online 

I have a credit question too...



this is going to be such a simple, silly question to yall but I'm not really up on this stuff. I'm 26 but I don't really have much established credit. Every bill or rent payment I've ever had has been paid on time, I just don't have a lot of big things to pay off. No car note, no student loans, no debt.

About a year ago I got my first credit card. I put about $150-200 per month on it and pay it off in full before the due date. I'm sure this helps but is it really helping my credit score go up? People have told me to get a car note and pay it off, but it sounds stupid to buy a car simply so I'll have a car payment.

Anyways, my bank sent me a letter saying I'm approved for a credit card with them and it has rewards, which my current one does not. Would it be wise to get a second credit card? That kind of scares me knowing how much trouble many people have with paying off like 8 credit cards, but based on my history I really don't think I'll have a problem with overspending or making payments. Would paying on 2 credit cards help improve my credit?



This post was edited on 2/18 at 4:06 pm



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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30154 posts

re: I have a credit question too...


Having more available credit is usually a good idea provided you are always able to pay the bills. As you've heard, people get into trouble running up bills they can't pay at 20% interest. If you don't do that, you can have as many cards as you want.

But there's nothing inherently wrong with getting a second card, particularly if it has features you like (i.e. rewards). If you do this, be sure you keep the other account open. You don't have to use it, just stick the card in a drawer or something. But keep the account open b/c the length of time you've had credit boosts your score whether you use it or not.






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WG_Dawg
Georgia Fan
Atlanta
Member since Jun 2004
41893 posts
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re: I have a credit question too...


Awesome, thanks. I'll likely get the 2nd card, use it primarily to get rewards, and just keep the other one in case of some dire emergency or something.

So when my current one expires, should I renew it or just forget about it?






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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: I have a credit question too...


Renew if it doesn't have an annual fee or pay it if u will use it. Good to have a backup





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LSUIEGRAD13
Member since Jan 2011
3939 posts

re: I have a credit question too...


I got a USAA credit card when I was 20. It has helped my credit a great deal. Only problem is I don't have a line of credit(I think thats what it's called)





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Will Cover
Washington Fan
Whiskey Dick Mountain, WA
Member since Mar 2007
25053 posts
 Online 

re: I have a credit question too...


quote:

my bank sent me a letter saying I'm approved for a credit card with them and it has rewards, which my current one does not. Would it be wise to get a second credit card?


The offers that you receive unsolicited are usually not the best offers out there.

Shop around.







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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30154 posts

re: I have a credit question too...


quote:

So when my current one expires, should I renew it or just forget about it?


They will send you a new one automatically, you won't have to do a thing.

If they are charging you a fee to keep the account open then I suggest you call their customer service line and ask for the fee to be waived. If they won't do that, then I would consider closing the account.






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756
LSU Fan
Member since Sep 2004
9750 posts

re: I have a credit question too...


never close the first credit card part of your score is based on your longest standing credit

If you don't want the card cut it up






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