dw4life@rocketmail.com asked:
Ive been paying debt with a credit consolidation company for 2 years,and its almost 100 % paid.I have no active credit cards anymore.when its all paid would it be wise to apply for at least one credit card?for emergencies only.
http://1mortgagecalculator.info
Ive been paying debt with a credit consolidation company for 2 years,and its almost 100 % paid.I have no active credit cards anymore.when its all paid would it be wise to apply for at least one credit card?for emergencies only.
http://1mortgagecalculator.info
Yes. It is good to have a line of credit on your credit.
sure.
they help raise credit scores.
yes if youll use it right
get an AMEX where the entire balance is due each month… otherwise, you may start the whole cycle over again.
No – you’ll feel good about yourself with no credit card and no debts!
Yes. Keep it for emergencies only. If you want to be sure to keep it for emergencies, freeze it in a block of ice and keep it in the back of the freezer.
no.. u’ll get urself in more debt soon enough… but u kinda have a point.. (emergencues part) but i dono..
Having a credit card in good standing does improve your credit score, but only get another credit card if you know that it will only be used for emergencies.
Yes but only for emergencies and a low limit.
Yes, you should! I also paid off my debt through a credit consolidation company and it absolutely tore up my credit! I could not get approved for anything!!! Well Chase approved me for a credit card with a $200 limit last year, and I took it since I had to rebuild what little credit I had left. After 6 months of a good payment history, Capital One pre approved me for a CC with a $300 limit, still crappy. I used the cards for things like gas in my car, then paid it off every month. Well now my credit is good again apparantly because Chase just approved me for a CC with a 5k limit. Of course I only want it for emergencies, but still. That was a pretty dramatic increase
So I guess its uphill from here 
Good luck.
Tough choice, if you’ve had problems with acquiring debt in the past, it might be best to stray away from a credit card. Having just a bank card/check card will work as a line of credit, building your credit score.
YES!
I made the mistake of not getting a credit card after I paid off all my debts. I went to a credit counseling service to protect my credit rating. I had excellent credit and wanted to keep it that way. But, I followed their advice and stuck with Debit cards, afterwards. Now, I have NO credit, because I did not maintain an active credit history.
I wish I knew then what I know now!
Just buy and pay off one small item per Month, to maintain (and improve) your credit rating.
It sounds as though you’ve learned your lesson in regard to living within your means and avoiding frivolous spending. If you can stick with that, a credit card is fine. Good luck.
It depends on why you went into debt (medical emergency that you had no control over, or just irresponsible spending), and if the problems that caused you to go into debt have been resolved. Credit cards are good for people who are responsible and pay their bills in full and on time every month to avoid interest. If you aren’t certain you can do that, a debit card might be better. Unless there is an emergency involving life or health, and possibly a few other reasonable exceptions, you should not be borrowing money on credit cards if you can’t afford to pay it back on time and in full. So I think the answer to this question should be based on what constitutes an emergency?
It’s a good idea to have at least one credit card, for a couple of reasons.
First, it will help improve your credit score, provided you use it responsibly. Pay it off every month and make sure you always pay it on time. Your credit score has probably taken a hit from the credit consolidation so this will help get it back in shape.
If you haven’t checked it recently, you should request your credit report from all three reporting agencies through AnnualCreditReport.com. It won’t cost anything – this is the “official” site to receive your free report once a year.
Second, there are times when having a credit card is very helpful, if not necessary. For example, if your car breaks down in the middle of nowhere at 11:00pm, you’re going to find it easier to get a towing company if you have a credit card to pay them with. If there’s no ATM around and they don’t take debit cards or checks, where would that leave you?
If you do apply for a card, there are a couple of things to watch for.
First, if you get applications for any kind of “credit builder” cards (cards offered to people with low credit scores) check all the fees and fineprint. These cards can carry a lot of fees and service charges, sometimes to the point where you have almost no credit left when you receive the card in the first place.
Second, make sure you’re prepared to pay the card off every month. If overspending was what led to the debt you’re just paying off, you should get a card like an American Express that requires you to pay the balance in full every month. The last thing you want to do is charge a credit card back up and have to go through the whole thing all over again.
The answer very much depends on you and how disiplined you can be about the use of your card. Credit cards can be good things that you can use to your advantage, but only if you know the golden rules and stick to them.
If your previous problems were caused or contributed to by allowing credit card debts to grow too high, then you might be better sticking to debit cards. Above all, you need to avoid paying credit card interest, as it is often astonomical, and the best way to do that is to pay it off IN FULL every month without fail. As soon as you miss that once, you have the beginning of a problem that can grow into something unmanageable.
If you do decide to get one ‘for emergencies’ then it would be wise to decide before hand how you are going to define an emergency. And even then – how are you going to pay back what you spend in an emergency.