So I was just approved for a credit card.

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E

Eli

Super Moderator | Elite Member
Oct 9, 1999
50,419
8
81
:shocked:

And I thought one of my other cards at 21% was bad.

Methinks I'll just save this one for emergencies. ;)
 
SmoochyTX

SmoochyTX

Lifer
Apr 19, 2003
13,615
0
0
Why even have it? If the rate is that high, your credit must not be that great. I would stick with the card(s) you have already and build them up for a year or so by putting something on it/them and paying it off. Next year, apply and get a credit card with a lower rate and transfer any balance you have on the higher rate cards to that one.
 
M

MX2

Lifer
Apr 11, 2004
18,651
1
0
Yeah, I wouldnt have that one in my possession much less would I have agreed to take it in the first place. Cancel it and shred it. Thats just trouble.
 
Mo0o

Mo0o

Lifer
Jul 31, 2001
24,227
3
76
As long as you pay it off every month it shouldn't be a problem
 
E

Eli

Super Moderator | Elite Member
Oct 9, 1999
50,419
8
81
Originally posted by: SmoochyTX
Why even have it? If the rate is that high, your credit must not be that great. I would stick with the card(s) you have already and build them up for a year or so by putting something on it/them and paying it off. Next year, apply and get a credit card with a lower rate and transfer any balance you have on the higher rate cards to that one.
Click to expand...
It's not that great only because I have a high debt:limit ratio due to the recent hard times. And even then it's not overly terrible, my FICO score is around 650.

Once I get a job, I'm going to pay the balances down quickly and all should be good.
 
E

Eli

Super Moderator | Elite Member
Oct 9, 1999
50,419
8
81
Originally posted by: daveymark
Are you sure there's no monthly/annual "membership fees"?
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Yes, that's the only reason I accepted the offer.
 
SmoochyTX

SmoochyTX

Lifer
Apr 19, 2003
13,615
0
0
Originally posted by: Mo0o
As long as you pay it off every month it shouldn't be a problem
Click to expand...

A person wouldn't accept a credit card with a 29.9% rate if they could afford to pay off their monthly charges each month. That's why they're in this position.
 
SmoochyTX

SmoochyTX

Lifer
Apr 19, 2003
13,615
0
0
Originally posted by: Eli
Originally posted by: SmoochyTX
Why even have it? If the rate is that high, your credit must not be that great. I would stick with the card(s) you have already and build them up for a year or so by putting something on it/them and paying it off. Next year, apply and get a credit card with a lower rate and transfer any balance you have on the higher rate cards to that one.
Click to expand...
It's not that great only because I have a high debt:limit ratio due to the recent hard times. And even then it's not overly terrible, my FICO score is around 650.

Once I get a job, I'm going to pay the balances down quickly and all should be good.
Click to expand...

OK. Well all of what you just said is not very rational thinking.

I understand you want credit for a backup but you're already unemployed and even worse, there's Christmas coming up. At this point, if you can't pay for your purchase(s) with cash you shouldn't be buying anything. You already have at least one credit card (according to your original post) so if you're even thinking in the back of your mind as using this one as a backup you're already in over your head.

Once you get a job, pay down your debts that you currently have and apply for a credit card with a lower rate when you are in a better situation.

Good luck to you. I know how badly it sucks being in your position.
 
S

Syringer

Lifer
Aug 2, 2001
19,333
2
71
Does using a credit card built credit? Should one use a credit card for all purchases rather than a check card if he can pay it off in full every month?
 
E

Eli

Super Moderator | Elite Member
Oct 9, 1999
50,419
8
81
Originally posted by: SmoochyTX
Originally posted by: Eli
Originally posted by: SmoochyTX
Why even have it? If the rate is that high, your credit must not be that great. I would stick with the card(s) you have already and build them up for a year or so by putting something on it/them and paying it off. Next year, apply and get a credit card with a lower rate and transfer any balance you have on the higher rate cards to that one.
Click to expand...
It's not that great only because I have a high debt:limit ratio due to the recent hard times. And even then it's not overly terrible, my FICO score is around 650.

Once I get a job, I'm going to pay the balances down quickly and all should be good.
Click to expand...

OK. Well all of what you just said is not very rational thinking.

I understand you want credit for a backup but you're already unemployed and even worse, there's Christmas coming up. At this point, if you can't pay for your purchase(s) with cash you shouldn't be buying anything. You already have at least one credit card (according to your original post) so if you're even thinking in the back of your mind as using this one as a backup you're already in over your head.

Once you get a job, pay down your debts that you currently have and apply for a credit card with a lower rate when you are in a better situation.

Good luck to you. I know how badly it sucks being in your position.
Click to expand...
Indeed, but things are still looking up for me. Even though I lost my girlfriend, I'm clean.. I shouldn't have that much trouble finding a job.

If I don't find a job in the next couple of weeks, a credit card at 29.9% will be the least of my worries. :Q

I'm going to try and get a job at Intel. I have a few friends that work there, and they just lost like 6 people.. so they've been telling me to get in on it.

It's just menial work, but still... saying "I work at Intel" just sounds good. :D;)
 
E

Eli

Super Moderator | Elite Member
Oct 9, 1999
50,419
8
81
As for Christmas, bah.. I don't have anybody to buy presents for.
 
SmoochyTX

SmoochyTX

Lifer
Apr 19, 2003
13,615
0
0
Originally posted by: Eli
Originally posted by: SmoochyTX
Originally posted by: Eli
Originally posted by: SmoochyTX
Why even have it? If the rate is that high, your credit must not be that great. I would stick with the card(s) you have already and build them up for a year or so by putting something on it/them and paying it off. Next year, apply and get a credit card with a lower rate and transfer any balance you have on the higher rate cards to that one.
Click to expand...
It's not that great only because I have a high debt:limit ratio due to the recent hard times. And even then it's not overly terrible, my FICO score is around 650.

Once I get a job, I'm going to pay the balances down quickly and all should be good.
Click to expand...

OK. Well all of what you just said is not very rational thinking.

I understand you want credit for a backup but you're already unemployed and even worse, there's Christmas coming up. At this point, if you can't pay for your purchase(s) with cash you shouldn't be buying anything. You already have at least one credit card (according to your original post) so if you're even thinking in the back of your mind as using this one as a backup you're already in over your head.

Once you get a job, pay down your debts that you currently have and apply for a credit card with a lower rate when you are in a better situation.

Good luck to you. I know how badly it sucks being in your position.
Click to expand...
Indeed, but things are still looking up for me. Even though I lost my girlfriend, I'm clean.. I shouldn't have that much trouble finding a job.

If I don't find a job in the next couple of weeks, a credit card at 29.9% will be the least of my worries. :Q
Click to expand...

I hope you find a job very soon but understand that using that credit card is not worth damaging your credit for the next 7+ years if you are not able to make good on it for what will be a temporary situation. And as I said earlier, at this point if you can't pay for something with cash you shouldn't be buying.

We all go through 'lean' times and it sucks even more when it happens during the holidays or during other important time periods but those that love you and want to be there for you will understand what you're going through. If you are going to be using this 29.9% backup card for rent or other bills that means you can't afford to put those bills on your primary card(s) and you will get bitten by all of this.

It's time to get help from friends and family, if you already haven't, right now. And try not to stress out any more than what you're doing now. Good luck dude.
 
S

Syringer

Lifer
Aug 2, 2001
19,333
2
71
Originally posted by: Syringer
Does using a credit card built credit? Should one use a credit card for all purchases rather than a check card if he can pay it off in full every month?
Click to expand...

 
Bateluer

Bateluer

Lifer
Jun 23, 2001
27,730
8
0
29.9%? Yeesh, Dell gave me the same rate on their 'Preferred Customer Credit Line' If I was so Preferred, they'd have given me a better rate.
 
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