Credit Card Or Not
I am trying to get a start in investing in real estate, and I know that having a credit card on hand will do me a lot of good. The thing is I currently have no credit cards in my name at all, and have never.
Currently I have no new credit accounts or anything in my name, with a low 602 fico. And am looking to get an investment home by the end of Dec. beginning of Jan.
But I dont know if it would be a good thing to get a credit card, or bad.
How will it affect my fico, because I really dont want to lower any more than it is.
If your fico is low because of bad accounts on your credit you will have a hard time. If your fico is low because you do not have much debt then some banks will still work with you.
My personal fico is 611 because my house is my only debt and I have no credit cards. I was able to get loans from a local bank and a mortgage company because they do not just look at the score.
Im sorry, let me clerify.
I was just interested in obtaining a credit card just for personal/emergency funding.
But since I am thinking of buying a house do you think that it will hurt my chance, fico, and/or loan rate if I was to get one before I get my property. Or should I wait until afterwards, or just forget about it all together.
Thank you
Great clerification
Now I fill silly, because thats exactly how I was thinking. Maybe not so steep, but I see your point. Which I seen the first time just thought I could get you to change your mind. Silly me : }
Actually a lot of people have told me "stay away", but Im still trying to get a go to turn into a gold. But I guess I dont need to do that unless I can turn it into a black : )
It is good to have a credit card, but it is important to know how to use them. I use my credit card for online purchases because there is more protection with a credit card than a debit card. Just make sure you only use the card when you have the cash to pay for them. As far as getting the credit card now, I would wait until after you buy the house. When obtaining new credit, your score goes down. If you use the credit properly, your score with increase again about 3 months after opening the account. So wait til after you buy then definitely get a card.