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I'm in a spot where my credit score has tanked over the last several years. I'm puzzled by the fact that I keep getting credit card offers. I am currently paying a credit card down. I have no open credit lines right now but, since my credit score is so weak, would I be better off:

1) Not applying for another line of credit because the application will be a soft hit to my score if I am not approved?

or...

2) Open another account in attempts to manage my credit wisely?

I'm fairly ignorant, and appreciate any input. Thanks!

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    Drug dealers tend to market to addicts over the "clean" .
    – Pete B.
    Mar 7, 2018 at 12:44

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In my opinion, you should not apply for another credit card at this time, but the reasons have nothing to do with your credit score.

First, while you are paying off old credit card debt you should not, in my opinion, be charging new purchases to a credit card. I wrote another answer about this recently. Use cash, checks, and a debit card to make purchases at this time and learn how to only spend money that you already have in the bank.

Second, despite the fact that you have been getting credit card offers in the mail, if your credit score is poor right now there is no guarantee that you would get approved for them. And the ones that you would get approved for might not be the best cards.

Third, your credit score will improve as you pay down your old debt and you continue to make on-time payments.

Once your debt has been paid off in full, you can evaluate your situation in a new light. You will have been functioning without using a credit card for some time and can make a better decision about whether or not you want to start using the credit card you have, get a new credit card, or just continue life without the use of a credit card for a while.

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    Thank you, I'll employ this and report back down the line!
    – Kevin
    Mar 8, 2018 at 3:00
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    Thanks for the advice. Since asking this question I got a little more responsible. Living beneath my means has been the key. I managed to pay off that credit card last year, as well as some student loans. My credit score jumped drastically (it was in the low 400s if I can remember correctly), and life is a little more manageable. Again, many thanks!
    – Kevin
    Mar 10, 2021 at 4:12
  • @Kevin I’m glad to hear that things are going better for you. Thanks for the update!
    – Ben Miller
    Mar 10, 2021 at 4:15

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