I am in a debt repayment program, I need a credit card for emergencies, should I apply for a poor credit card
Sunday, April 11th, 2010 at
8:20 PM
I DO NOT WANT MORE CREDIT, BUT I FEEL I NEED SOMETHING TO FALL BACK ON. WILL IT HURT MY CREDIT MORE TO APPLY FOR A CARD LIKE THIS.
Tagged with: card • credit • Credit Card Debt • debt • emergencies • repayment
Filed under: Credit Card Debt • Questions-Answers
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You’re unlikely to qualify for any credit right now. A credit card won’t give you “something to fall back on” in an emergency; it will just pull you deeper into the quicksand.
Focus on improving your finances, not on worrying about what “might” happen. Read up on personal finance and money management; search for ways to increase your income and decrease your expenses; and improve relations with friends and family that might be willing to cushion you in a real emergency.
u are missing the point .
u do not want or need ‘credit’ slavery.
emergencies are thing most folks fail to plan for – thats all.
get 2nd jobs and in 2-3 months u’ll have an easy 1000-1500$ saved in an Emergency account. simple?
visit dave ramsey.com to learn what u need b4 u shoot ur wallet again.
It depends whether you are looking to get a new credit card to use as “emergency money,” or to build credit. It sounds like you want a new credit card as “money” to fall back on. I do not think this is a good idea, because if you did not learn from your past mistakes that led to being in a debt repayment program, then you will be prone to rack up more debt with the new credit card.
HOWEVER, I do NOT think credit is “bad” if it is used properly. If the reason you are looking to get a new credit card is to reestablish credit history(since a lot of debt repayment plans close out all your old credit cards), then I say YES that is a GREAT idea. You will need to establish good credit to get approved for things like mortgages. Trust me you do not want to be saving up 100% cash to pay for a house…that’ll take forever! Just make sure that you use MATURITY and SELF-DISCIPLINE so that you do not overspend on the card…only use the card for small purchases that you’re already able to pay for. So if you’re looking to establish credit, I say go for it. Please do not listen to the people that will say “credit is all evil, you don’t need credit” because in this day and age, you do and credit is very useful to have. You DO NOT have to be a “slave” to the credit card companies if you are careful, only charge what you know you can pay back, and pay your bill in full each due date!
In your situation, you should not apply for a card. You should instead start saving a small amount as ‘emergency’ savings.
You do not need another credit card. In an emergency, were you to use it, you would only be making your situation far worse. If you apply for another card, your credit history will look even worse, and you most likely will not be issued a card. Even if you are, you will probably only be able to get a card with a prohibitively high interest rate, which will end up really really hurting you if you ever do have an emergency.
Don’t even apply. You’ll only further damage your credit. Start saving a small amount weekly ‘just in case’. You don’t need a credit card. I’ve never had one.
Best wishes
Hi,
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