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Aznmom

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Best credit cards for bad credit?
I currently have a 566 and am needing a new credit card. I currently have a capital one platinum card, but have used most of it. I plan on paying it off within the next couple of months. Will opening another credit card help my score? And what are good options that I'm guaranteed to be approved for. I've thought about credit one bank, but I've heard so many bad reviews. I also applied and received a car loan back in June.

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By reading many many posts here, people often times mix their credit needs and financial needs together... Wanting a new credit card(s) to boost your credit scores/profile is one thing, it's quite another, when wanting a credit card(s) to meet your financial obligations. Your credit score will benefit far more and quicker by paying down/off the balances you currently have than opening another credit card... However, if you need another/more credit cards just to get by? Then you need to do what you got to do, to get past this difficult period. Credit scores wouldn't be on top of my list of things to worry about, if I have no money for next month's rent/mortgage or need money to fix my car so I can continue to get a pay check, or many other life's curve balls. Of course, people would tell you (bit condescending at times) use credit/credit cards to meet your financial obligations aren't ideal and down right idiotic, but then aging, unfortunately I don't live in the world where unicorns roaming around in my back yard either.

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Opening a new credit card/account tend to drop your scores initially from inquiries/new account/age of credit and potentially taking on more debt. Your scores usually would recover in 3~4 months.

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Applying for new credit card while maxed/nearly maxed out, isn't good idea, as many lenders frown upon high utilizations, it's a sign to them that you have difficulties with your finances. The purpose of lowering one's credit scores for having high(er) utilizations is to restrict one's ability to obtain more credit. Better alternative would be wait until you pay the balance down/off and after it reflected on your credit reports, before applying for more credit card, you will stand much better chance of being approved than now ... No, there isn't such thing as "... guaranteed to be approved for..." in the Credit world... and Yes, stay away from Credit One, please.

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