Will getting a Bad credit credit card lower my score?
by Felixx on Wednesday, July 28th, 2010 | 3 Comments
I have a low score but its been rising steadily... I know available credit will help but will receiving a credit card for ppl with bad credit lower my score?
No, your credit score is based on getting credit and being able to meet your monthly repayments etc.
That's why the likes of Capital One are always sending out junk mail etc - they will often lend to poor credit scorers with high rates.
If used sensibly, they can actually help rebuild your credit rating.
Yes, it doesn't matter what company you get the card from, only that you pay it and they report that you pay it. As for that previous answer mentioning to go to your bank and see if they can give you a credit card, normally I'd say that's a good idea, however, if you're bank is like Wachovia or WaMu, I'd think twice about that...
No it wont hurt your credit, it will actually help. You just want to make sure you have a card that doesn'tt charge you outrageous fees and the first question to ask is if the card reports to all three bureaus. If you have a bank account, usually your bank can get you a pretty good deal