Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
kameishaayala

0 Contributions
0 People Helped
Credit Cards: Harmful or Helpful?
From using the simulator, opening a new credit card will harm my already poor credit score by 130 points. Although I have read many articles which stated credit cards can be very helpful to scores I am wondering how and how long? Mainly with very low utilization how long will it take me to gain the point I will lose back and some? If it is possible can someone provide, on average, how many points will be gained per month once I start the gaining process?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7346 Contributions
3805 People Helped
Most Helpful Response

Helpful to 3 out of 3 people

I joined this site in 2012 and had three high interest credit cards, and a low credit score.  I spent time reading the articles and following the advice given to improve my score.  After playing with the score simulator for a while, it finally said that doing a balance transfer would be a good idea, so I swallowed hard, then contacted my credit union, where I can actually speak to a real person.  I was granted the balance transfer, and the new card had a significantly higher credit limit thaan the total of the three cards and a much lower interest rate.  Consequently, my score rose.  I have added a couple more credit accounts which increases the available credit, anddid another balance transfer to a different card that has a lower limit than the credit union card.  Consequently, the credit score dropped a biyt due to increased usage but the interest saving was worth it.  Credit is a game that, played carefully, can benefit far more than I had realized before.  I was even able to buy a new car last summer, at a low interest rate.  I never learned these skills in college and I have degrees in business and accounting, plus I am on a fixed income and living moresecurely than when I was working.  Credit cards can help when all other factors are right.  Read the articles here. make changes and you WILL see your credit score improve.  Become credit smart.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.