i know credit cards get alot of ppl in trouble financially. but....arent they good to have?

Question

i personally only have one w/ a 300 dollar spending limit, should i apply for more?> the more i have, the more i can pay on time and increase my spending limit and credit, right? any suggestions aprreciated!

Answer 1

good for convenience, but don't get too many or get in over your heaD. ASSUMING YOU JUst starting out, good credit rating not that hard to get, but if you carrying balances and/or missing payments, that will hurt greatly. Don't really need a lot of them, easier to just slowly increase limit on existing card once you can handle it

Answer 2

Let your credit history start to get established first. In about 6 - 12 months consider applying for a different type of card. If you're not spending more money than you earn you should be fine. There is no harm in having a high credit limit so long as your credit balances aren't the same. When you get to the point that you are satisfied with your credit foundation, when credit card companies give you a good rating for timely payments and low balances, start hitting them up for a decrease in the interest rate you pay instead of increases in your credit limit. More of your money will stay yours.

Answer 3

Credit cards are great to have if you know how the hell to manage money in the first place. WAY to many dipshits have cards and have no clue how to pay what they charged on them at the end of the month.

There is no need for you to apply for more if you are living fine as you are. I have friends that have no credit cards and are fine too. The vast majority who have cards are in debt and see a very dim light at the end of the financial tunnel.

Yes you could increase your credit by having more limit but if you pay your bills on time and keep your nose clean your score will be high anyway.

Answer 4

Like alcohol, drugs and food, use of them aren't detrimental to your health, but abuse is. Those who get in trouble with credit cards are those who spend beyond their means.

I'd find a card that offers a "grace period" meaning that if you pay the bill in full when you receive it, you don't have to pay any interest expense at all. That would require that you not charge anything on your credit card that you don't have the capacity to pay when that bill arrives.

There are several things that drive your credit score and increase your availability for more credit. The primary one is your paying your obligations on time but lenders also look at how much availability you have for credit too. If you had 5 unused credit cards in your pocket each with a $10,000 limit, lenders realize that your overall financial picture could change immediately on a spending whim. So my advice would be to gradually secure additional credit as you need it but remember that the goal is to retire that bill (or bills) as they come in.

The other factors lenders look at are your stability in employment and income level.

Answer 5

One credit card is good enough. If you want a better credit rating get a loan from a bank, then put every penny in a savings account, and pay back your loan from the savings account. You will lose some money this way but it will be a whole lot less then getting another plastic loan shark will.

That way you will eventually be able to get a good enough credit rating to get a low interest house loan. If you get started on the credit card route you may never be able to afford a house.

PLEASE DON"T GET ANOUTHER CREDIT CARD! YOU WILL HATE YOURSELF LATER!

Answer 6

I think they are stupid, i dont use them. if you and me went to the same store and bought the same tv(or whatever) that was lets say 100 dollars. I pay 100 dollars cash plus tax.
you use your card,the credit pay 100 dollars plus tax, then a month later the credit card comapny charges you for using the card to make the purchase and then charges you interest. I think I got the better deal.

Answer 7

depends how u use them. everything can be used negatively or positively, as long as u know HOW to use it.