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jennbails

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Would like a credit card. Is this wise right now?
I have poor credit, would like to get a credit card to help raise my score. Would this be wise right now?

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Yes, although your score will drop a bit at first, it will increase over next 4-6 months as you make on-time payments.  Visit www.creditcards.org or bankrate.com for best credit card comparisons for fees, interest rates, etc.

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Secured credit cards are a good choice for people with poor credit because approval odds are much greater and also secured credit cards have less fees than unsecured credit cards for poor credit. As with any credit card be sure to use it wisely and responsibly.

A few tips below can help raise your credit score and rebuild credit...

  • Pay all accounts on-time, all the time (don't ever miss a payment or be late on a payment)
  • Keep your credit card utilization under 30% (though 1%-20% is key)
  • Use credit to build credit (don't let the account(s) go inactive)
  • Apply for new credit in moderation (1 - 2 times a year or less, though only apply if you really need to)
  • Check your detailed credit reports for accuracy at least once a year (www.annualcreditreport.com) and dispute any inaccurate information that could be dragging down your score.

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