2

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!

  • 2
    Drug dealers tend to market to addicts over the "clean" . – Pete B. Mar 7 '18 at 12:44
4

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.

  • 1
    Thank you, I'll employ this and report back down the line! – Kevin Mar 8 '18 at 3:00

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.