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Chris | Should I apply/get a second credit card? |
I'm 23 years old, graduated college and got a job at a bank. The bank has a credit card for employees that has a lower interest rate.
Currently I have a credit card with a limit of $3000. I pay it off every month in full. My credit scrore is 690/720/720 between the three credit bureau.
Would applying/getting this card through my employer hurt my credit score? I want to purchase a computer and I figured this would be a great option considering the lower rate and 0% for a year.
Any advice would be appreciated. My goal is to improve my credit score.
Additional Details
Judgeing from everyones comments I figured I'd expand...
I am good with bugeting. I have money in a local bank for immediate cash and money in an online savings account for the higher interst. Enough to buget myself for 6 months of unemployment like all the articles say you should do.
I can buy the computer outright without needing to charge it but I figured if I can split it into two payments with the 0% it can't hurt. |
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Soccerdude
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Even if you pay off your credit each month, the more credit cards that you have, the lower your credit score. For example, some people think that they can open a credit card with JcPenny for a one time 20% discount and then just cancel the card. People do this and think that after they cancel it their score will not be hurt. But the fact that you had the credit card stays on your record for a while and it will lower their score. My advice would be to either keep the card you have and not a new one, or drop the one you have, get it off your credit record so it will not hurt your score, and then get the better one from the bank that you work at. If your goal though it to improve your credit score, never have more than one card at a time. |
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shiftedreality
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No way! credit cards make you end up paying more than you have to. |
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Cat
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i wouldnt if you pay it off every month you arent paying any interest anyways. your better off not screwing with stuff if you have a good score now |
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XoxoxoxoX
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seems like you have been reading some personal financial articles and good with budgeting. So remember most financial advisors say - if you don't need credit cards (since you mentioned that you can buy it outright), DON'T APPLY for it?! You are so young, that is why your score is not as high (but it is an excellent score for someone your age, and I am very impressed). Be patience, remember having long credit history is also part of the FICO calculation?! So, in time your score will be even better, and as for now, I can tell you that you DON'T NEED that new 0% or low interest rate credit card. You don't need to improved your score, that is pretty good for someone who only had credit for about 5 years... (23 - 18 = 5 years).
It is very important for you to know the credit history means the length of the year....with good behaviors, not how many credit cards that you have. Do not listen to Holly R, because "liquidity" means cold hard cash that you have, or assets that you have that can convert into cash quickly, and it is NOT the available credit limit on your credit cards. |
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Jamie
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i would only have a few credit cards when you have a lot you loose track of them and you are giving ssome one more to steal i would stick with a debit and one credit card but thats my opinion
The only way to improve your credit score is to just pay them off on time |
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karatekidallen
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If I was You I woudl not Apply for no more Creadit cards. You can buld up your credit score up bye just paying your bill on time and not being late. If you get to many cards you well end up being late and you well want to buy more things on your cards befor you know it you well be bind on your bills.. The fast way to get your Score up is Buy some thing on your Card and Make on time Pay on it when it is time to get it pay off.. When Some one pulls up your Credit Score is they look at if you was on time and not late and did you get it pay off in time and that is what makes your Score go up.. With Good Credit Score you can buy any thing..
Good luck |
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Jack
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I have about 12 credit cards. One gives me 5% back on gas purchases, so I always use it for gas. Two more give me rebates, so I use them for various general charges. Discover is good for that kind of thing. Just got a free Amex with no interest for a year; so, I put my hearing aids ($4K) on that one. I frequently receive mail offers for more. Obviously, my credit ranking hasn't suffered. None of my cards charge yearly dues - all are free. |
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Shon
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DONT get a credit card. I dont care how good you are with paying them off on time and keeping track with your spending. DO you really need one? No keep the one you have and save yourself from future credit card debit and problems. Use a debit card or cash. |
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FRANK
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Yes. You definitely should get the credit card. The zero interest is good. But, by getting the second card, you are helping build up your credit history. It helps raise you credit scores. It is important to pay off monthly, as you wisely do now. If you are buying a big ticket item, with zero interest, then make sure you pay off before interest starts. The interest will accrue retroactively, and it will be a big amount. You may be able to get zero interest with the computer company. It is not uncommon for HP or Dell to offer such a program. You can then have the monthly payment paid from your credit card, and pay the credit card right away. That then gives you three favorable lines of credit, which helps if you apply for mortgage loan.
I am a mortgage broker, and deal with this frequently. |
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FamousFool
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if you have a good credit rating and pay off your balance on your other card each month I would say yes. credit scores usually go up when you have available credit that is not being used.
credit card horror stories usually come from people that have a reason to have a horror story involving a credit card, you never hear people who pay their balances off each month saying how horrible credit cards are. If you pay your balance a credit card is essentially a debit card because you are obviously budgeting your on hand cash to make those payments. |
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Holly R
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Actually, you should open the account. Each time you open an account successfully, your credit score will get a little boost. Having additional availability looks great. It is called "liquidity". On your credit report, when you are ready to buy a house, bankers will look for this liquidity - They will want to see what other sources of "cash" you will have at your disposal should something happen. You can have 50 cards for all the bureaus care - it is the balance that matters. Do not carry a balance and having the extra availability is a good thing. Again, each time you open a new account, your score gets a boost. (So long as you aren't applying for MANY credit sources in a short period of time) |
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Joshua F
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Yes, go ahead and apply for the second Credit Card. I have probably 4 credit cards and 4 department credit cards. My Median Credit rating is 757, and I also pay down my debt everytime I make a purchase. You are doing things the right way.
Just as a side note, remember that Credit cards are used to buy thing now that you can not afford. You could always save the money, and then purchase a new computer. IF you do want the new Computer now, using a lower interest card is your best bet, in fact you can thing of it as saving money because you will be paying less interest.
Ultimately, to raise your CREDIT RATING, you need to take on more debt and be able to handle it. It is a responsibility that you should be able to handle with the nice Credit rating you have already. |
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