Mike preguntado en Business & FinancePersonal Finance · hace 3 meses

applying for an annual fee monthly fee credit card?

Okay, Please read everything first before reply. I will be totally debt-free by Sept 2020. I have $1600 remaining in bad debt. I have paid off 18,000 in bad debt since starting a new job in July 2019. My credit score currently is 625. I want to increase my credit score before Sept. I would like some professional suggestions on what I should / can do. One offer I keep getting is to apply for an annual fee credit card that also charges a monthly fee. $79 a year and then 7.99 a month. I really don't want this kind of card, since I'm so close to paying off everything, and if I was to do this, once my score increases up to 700+ I would close the account ( i heard it's not good to close credits cards because it can lower your score? ). Or, should I wait until everything is paid off? please experienced, professional replies. someone who knows a shytload of knowledge about credit. thanks!! 

6 respuestas

  • Jenny
    Lv 7
    hace 3 meses

    You will not be able to increase your credit score before September if you get a credit card now.

    If your goal is to just raise your credit score, get a secured credit card. Some do not have any annual fees. 

  • Amy
    Lv 7
    hace 3 meses

    Find a card that doesn't have any fee, and apply for that one instead. You don't have to wait for them to make the offer to you.

    Some of the rewards cards are worth their annual fee, e.g. if it gives 5% cash back on groceries and you spend $200/month on groceries. But an annual AND monthly fee sounds like a scam.

  • hace 3 meses

    You should not apply for a credit card.  Applying always lowers your score for a year (regardless of whether or not you get the card).  To have as high a score as possibly before a month, you should have a record of not applying for anything during that month and the 12 previous months.

  • hace 3 meses

    Your credit score will not increase before Sept.

    It's July 1st. Your score will lower when taking a credit card.

    Then you have only 1 billing cycle before Sept.

    Why don't you ask your bank/credit union for a credit card?

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  • hace 3 meses

    Sign up with creditkarma.com it is free and they may show a better offer.

  • Anónimo
    hace 3 meses

    You can apply for an anal fee

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