Current Events > should I get my 2nd credit card?

(+) Yeah! (+)

My credit score right now is 703 and I have 2,500 credit debt on my first one

Lowkey wanna use it for Black Friday
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You're already doing it wrong if you're carrying a balance on the one card, so I would say no
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Pitlord_Special posted...

You're already doing it wrong if you're carrying a balance on the one card, so I would say no

Yeah, pay that down bro. Get your score up then get a better one
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Go for it. Sounds like you're aware of your situation and will try to manage this one without much debt.

Your credit score will likely rise as well, since your revolving credit will be increased.

Credit cards are fine if you have a plan to pay them off or are able and willing to pay at least the minimum payments and recognize that you're paying interest that can become costly over the years if you don't have means to pay off the card quickly.

Continuing to make credit card use a habit and opening new lines of credit without any others ever really being payed off is when people can get into big trouble---and fast.

So just be mindful.
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Houston posted...

Go for it. Sounds like you're aware of your situation and will try to manage this one without much debt.

Your credit score will likely rise as well, since your revolving credit will be increased.

Credit cards are fine if you have a plan to pay them off or are able and willing to pay at least the minimum payments and recognize that you're paying interest that can become costly over the years if you don't have means to pay off the card quickly.

Continuing to make credit card use a habit and opening new lines of credit without any others ever really being payed off is when people can get into big trouble---and fast.

So just be mindful.

But him being in 2500 on his existing card and then putting a balance on the new one isn't going to help either one. Better to pay off what is already outstanding and use that one to build off of. Then get another card based off the better rating, if he really wants another
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powerman1426 posted...

Houston posted...

Go for it. Sounds like you're aware of your situation and will try to manage this one without much debt.

Your credit score will likely rise as well, since your revolving credit will be increased.

Credit cards are fine if you have a plan to pay them off or are able and willing to pay at least the minimum payments and recognize that you're paying interest that can become costly over the years if you don't have means to pay off the card quickly.

Continuing to make credit card use a habit and opening new lines of credit without any others ever really being payed off is when people can get into big trouble---and fast.

So just be mindful.

But him being in 2500 on his existing card and then putting a balance on the new one isn't going to help either one. Better to pay off what is already outstanding and use that one to build off of. Then get another card based off the better rating, if he really wants another

But he wants money for Black Friday and apparently doesn't have it. With his credit rating he should be able to get a decent card with an average to higher credit line. If he only wants to make a few purchases without maxing out his new one, then it won't be so bad. He should cease all spending on his current card and start paying it off, while ideally ceasing spending on his new card after Black Friday.

It's OK to be a few grand in debt if you are able to manage it. However, if you are relying on credit cards to live and constantly using them for daily expenses it can become a problem if your disposable income is less than you are spending.
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Houston posted...

powerman1426 posted...

Houston posted...

Go for it. Sounds like you're aware of your situation and will try to manage this one without much debt.

Your credit score will likely rise as well, since your revolving credit will be increased.

Credit cards are fine if you have a plan to pay them off or are able and willing to pay at least the minimum payments and recognize that you're paying interest that can become costly over the years if you don't have means to pay off the card quickly.

Continuing to make credit card use a habit and opening new lines of credit without any others ever really being payed off is when people can get into big trouble---and fast.

So just be mindful.

But him being in 2500 on his existing card and then putting a balance on the new one isn't going to help either one. Better to pay off what is already outstanding and use that one to build off of. Then get another card based off the better rating, if he really wants another

But he wants money for Black Friday and apparently doesn't have it. With his credit rating he should be able to get a decent card with an average to higher credit line. If he only wants to make a few purchases without maxing out his new one, then it won't be so bad. He should cease all spending on his current card and start paying it off, while ideally ceasing spending on his new card after Black Friday.

It's OK to be a few grand in debt if you are able to manage it. However, if you are relying on credit cards to live and constantly using them for daily expenses it can become a problem if your disposable income is less than you are spending.

But if he's already in debt on one, why go into debt on 2? Opening a new line of credit also will ding his score, this has all the signs of "I can't afford it on this card, so I'll get another and pretend more money I don't have." Not a good idea
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why would you ever need a second credit card
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