A credit card was offered for making timely payments on my auto loan.Would accepting this card help my credit?

Answers:11   |   LastUpdateAt:2012-11-04 19:09:02  

Asked at 2012-08-10 03:16:02
I have bad credit, but I managed to buy a new car with a high rate of interest. My car loan is through Capital One. The credit card offer Capital One is because I have made timely payments for the loan for 1 year. Would accept the card to help increase my FICO score or make it harder ? I thought that applying for new credit cards low score.
Answer1bullAnswered at 2012-08-10 14:43:02
A lot of people here are misinformed or underinformed .

there is no set amount of points in the opening credit will affect your score , there is no set amount of time ... if you do not have a credit card , I would take it to that which the story revolves - if you do not need to take it .

www.myfico.com go to tab the education and learn what affects your score and how.

Again, if you do not have credit cards - I would take to set the story revolves . if you do not need it dont take it. You can lower your score a point or two at first (that's nothing), but if you manage it could do more good then harm.
Answer2Thanks ReinyAnswered at 2012-08-11 04:29:40
No! !

1 . I have stolen the car loan.
2 . Capital One is a high-risk banking .
3 . Do not look out for your best interest.
4 . Never use a credit card to pay your bills only a debit card , which is real money.
5 . The FICO reduced because they have a high interest rate car loan and you have other debts.
Answer3KhariAnswered at 2012-08-11 07:48:02
If you receive the card, just will not go over 28 % of your limit , if you stay at it and pay your bill on time every month, you will build better credit. Pay the entire balance at once can hurt you because lenders want to see that you can make the payments, so you pay about $ 10 or less than the minimum each month. That 28% is huge, so try not to go about it.
Answer4How to cry Dian LAnswered at 2012-08-11 16:52:03
discussed here has a lot of information that can help you
Answer5KalleyAnswered at 2012-08-11 20:18:02
Answer6RowanAnswered at 2012-08-13 12:46:02
again, the wise counsel of Judy. I will add , if you do not have a credit card , you may need one to help build your credit. This will hurt your score of 6 months, but it will help after that period of time. It is estimated very strongly in the score. If you do a open, you need to keep your balances below 20 % as it said. Make sure the card has no annual fee ridiculous.
Answer7SoccerStarAnswered at 2012-08-13 22:45:03
It will help in the long term, but be careful with payments, be sure to read the offer documents carefully and do not spend much money in the account.
Answer8Pavlos CsAnswered at 2012-08-14 00:05:04
If you do not need a credit card , do not get it. Opening a new credit line can damage your score temporarily. Capital One also has a reputation of bad lending practices and high fees , so I 'd be careful with that too. The only benefit the opening of a new card would have on your FICO credit score is if we do not use often , and paid each month. This demonstrates the proper use of credit and that have a low credit utilization. See the guidance referred to below as trusted others to increase your credit score .
Answer9JanineAnswered at 2012-08-15 12:20:04
The credit card is probably part of the bank scam . Your credit card may be related to your auto loan . Miss auto loan payment and may remove it from the credit card account . Sounds silly, but there is a reason. Earn double interest - once in the car loan and again in the credit card payment if not paying it. You should read the fine print to see if this is being done.

You already have a loan interest rate high in the car. Did not get a card with a high interest rate on it. You can not afford much by his own admission you have bad credit. Dumping
Banks know human nature. They know that most clients with time (70 % latest figures ) carry a balance. That means intereest income for banks. Many will be late . Many of them exceed the limits of their accounts. More revenue for banks. If those figures do not pan out, then they will raise interest rates and add annual fees. Dumping
There are only two things that should be funded: mortgages and cars if they have the cash. Save your money and pay cash for everything else.
Answer10janet!Answered at 2012-08-17 03:22:04
It's just a scam to take more money out of your life. Capital One will not offer it unless the money was ever more than help him. It's just a way to stay in the system. Do not use more credit is a trap. Pay cash and almost always have money.
Answer11SaidaAnswered at 2012-08-27 16:37:02
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Answer12McferlanAnswered at 2012-11-04 19:07:14
Anytime you apply for new credit it reduces your score for 6 months.
It's called new credit.

Be a bit careful if you choose to use the credit card.
Miss one payment or be late and your rate can double - easily.

The easiest way to get top 800+ scores is to get a credit card and use it wisely.
That means use it for things you need like food and gas and pay it in fulll.
By maxing out that Cap One with the car loan you will be maxing out your credit card.
This will essentially ruin your credit since anytime you use more than 20% of your available balance on your credit card - you are causing devastation.
Also, credit card debt is revolving debt - much more derogatory to your credit than an installment loan (car loan).

I would stick with the car loan. Pay it off early if you can to show that paid off on your credit report.
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