trying to fix my credit, i got offered a credit card with a high interest rate and monthly charge. worth it?
James M asked:
about a year ago i opened a secured card. i gave the bank $400 and they gave me a card with a $400 limit. I have had perfect history with it, never overdrawn and i always pay the whole balance off within a month. after 10 months they refunded my $400 so now it’s a regular credit card. With a cosigners help i bought a car in November. i believe the credit card and car combined has started to lift me out of the credit slump.
about a year ago i opened a secured card. i gave the bank $400 and they gave me a card with a $400 limit. I have had perfect history with it, never overdrawn and i always pay the whole balance off within a month. after 10 months they refunded my $400 so now it’s a regular credit card. With a cosigners help i bought a car in November. i believe the credit card and car combined has started to lift me out of the credit slump.
i got one of those pre-approved cards in the mail yesterday with a $1000 limit (first one ive been offered in years). the interest rate is 29%, but as long as i pay the card off within the month i don’t even have to worry about that right? it does have a monthly charge of $6.75. but what i want to know is having that card with the higher limit going to raise my credit score faster? assuming that i maintain all payments and a good track record
Rita
