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mendinmecredit

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credit card a good idea for me?
trying Hard to rebuild. I have two recent loans open right now and wondered if it would be wise to try and get a cc also? VERY poor credit right now!

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okay since you said your score is around 569 I'd say you may have a chance to even open a secured card maybe your limit would be the minimum of 200.00... do you know how the capital one secured card works? basically its you putting the dollar amount that cap one approves you for example cap one approves you for a 200.00 credit limit on their secured card before even touching the card you'd have to deposit that 200.00 and then use it.. so basically your just barrowing your own money but also putting it back into the card when you make your payments.. it's best not to even use 35% of the card for it will drop your scores... it's called credit utilization.. the more you use even if its your money that your literally barrowing and paying back it'll effect your credit history as prospective loan officers/under writters will look at your credit utilization to determine your spending habits even if you use the whole 200.00 and still pay the whole 200.00 on or before the due date of your monthly bill.. if you have any other questions I may have an answer to, please feel free to reply back. 

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its not a good idea to add more debt into your report as you already stated you have 2 large amounts of loans out in your name... even if you send in an application for a cc your chances of having an approval is very unlikely specially that you not only have 2 loans out but you also stated that you stand in VERY POOR rating.. if I were you I wouldn't even think of attempting to open a cc and have any soft or hard inquiries on your report until you are in good standing of those two loans.. your best bet is to keep paying the loans back until it is paid in full. 

Reply by
mendinmecredit

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Thanks. I was'nt real specific, so I'll go a little farther. My loans are under 5000 dollars total and I was thinking of applying for a secured card. How 'bout that? I should have explained better lol. Thanks for your input!

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CK score? 

Reply by
mendinmecredit

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A very pathetic 569 I'm sad to say ferrell. I was thinking a secured  card. my loans are small, under 5000 bucks combined. Thanks!

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