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victoriaSdawn

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I just got my 1st credit card,how soon can I apply for another one with fair-poor credit?
I just received my first credit card with a $300 limit. How soon can I apply for another credit card? I have master card, but would also like to have visa. I have Fair-Poor credit.

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To be honest I wouldn't apply for a new card for atleast 6 months, preferable wait a full year!  Right now your interest rates will be extremely high due to poor/fair credit history.  I would use your new card and pay it off in full each month for the next 6 months, this way you show you are responsible w/paying your debt(s) and it will give another creditor something to go by.  Also do not charge more than 30% of that $300. each month for the next few months, that is your utilization history.  After 6 months of using and paying off the amount owed in full each month ask your current card issuer for a increase on the $300. if they don't give it to you, continue using this card each month and again paying it in full each month for another 6 months and then again ask for a limit increase. The reason I say pay your balance in full each month is for the mere fact you dont want to pay the banks the APR/interest to them, thats a waste of your hard earned money!  And you dont need to carry a balance to build your credit! After one full year your mastercard company should increase your credit amount.  There is no reason to open up a visa card also seeing all stores, etc accept both mastercard & visa.  I would wait a full year before applying for that Visa.  Build your credit w/your current card first then in a year your credit should be good (if you have paid all loans, etc as agreed in that year) AND WHEN U APPLY FOR THE VISA YOU SHOULD GET A HIGHER LIMIT THAN $300 and get a lower APR (sorry for the caps, didn't realize hit the caps button!!) 

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