Sunday, November 21, 2010

Would getting a third credit card and using it properly (not carrying a balance over to each month, no......?

late payments, etc) inprove my credit score? I have two credit cards, both with about 1800 dollars on them. I don't know my credit score but I know its not good by how little of a credit limit credit cards companies are willing to offer me. I've been late twice and I've been carrying that kind of balance for about 2 years now. I'm finally starting to pay them off, which should happen in approx. 2 1/2 to 3 years. If I get another credit card and only put 25 dollars a month on it, and ALWAYS pay the full balance off at the end of month and have no late payments etc. will that, and paying off my debt improve my credit score or just counter-act my other debt? HELP!!! Thank you!Would getting a third credit card and using it properly (not carrying a balance over to each month, no......?
No that will not help.

You need to build up a credit score on all your cards not just one.

Its the worst one that will count.

Pay them ALL off every month.

Dont be late.

Dont go over your limit and your score will improve but it will take a couple of years to get better.Would getting a third credit card and using it properly (not carrying a balance over to each month, no......?
No don't do that...having your credit ran and having another card will lower your score...just work on paying off those balances. If possible, consolidate the two cards into one loan, it will raise your score. Stop using credit cards, they are a tricky game. Good luck.
You may not even qualify to get a third credit card. And adding another line of credit could result in your existing credit card companies raising your interest rates -- deem you a higher credit risk.

A much better idea is to work on paying off those existing credit card balances completely. Take every penny you can squeeze out of your budget and put it on the highest interest rate card, while making minimum payments on the other. When the highest rate card is paid off, move to the other one.

If you really work at it, you could pay off that $3600 in 18 months.
i do not know if it will help your credit score but what you should do is go to and get a 0% balance transfer rate card . there are alot of them that have 0% interest for 12 months or more. That will save you alot of money in interest and all the money you pay will go towards the total ballance. If you cut out alot of the little things like going to the bar or eating fast food or starbucks and put that money towards the credit you will be amazed how quick you will have that paid off.. but do your self a favor and when you have the ballance transfered cut up the other credit cards
No - but, if you do that - look for the best rate here - what I got was - a discover card - 0% interest for a year. this save us ALOT of money since my fiancee had bad credit and a high interest rate - You would have a balance transfer of say - $50 (research this site for the best all the way around) - but, we saved that in 2 months of not paying interest because we had $4000 on it.

So - No, it does not help your credit score - but, if you decide to do it - research for the best credit card deal.

NOTE: If you do a balance transfer on a card - do NOT use that card until everything is completely paid off - because what the cc company does is - the thing that is paid off first is the no interest stuff- and the thing that is paid off LAST is the thing you charged with a higher interest rate - so, for those that do a balance transfer and use that same card for purchases- there is no point to even doing it.

No comments:

Post a Comment