Should I open another credit card?

[spiderman]

I have 3 credit card from Bank of America and one credit card from American Express and is from Master Card and Visa. I also carry a student loan that left unpaid like $50,000 dollars.. yes I have graduate from Harvard.. and still looking for a good job as I will not working for $15 dollar on hour.. after graduate from prestige law school!,

So I want to get another credit card from Bank of America but I have about $53,000 credit limit on all those 3 credit card that I currently carry should I apply for another Bank of America Credit card? Bank of America offer to me to give $5,000 credit limit and when I ask if they can give me $10,000 credit limit Bank of America say that they need to check my credit score and do hard inquires! I say no I don't want hard inquires I want $10,000 credit limit and I have tell to customer services representative if BOA change mind and want to give me $10,00 credit limit they should call me one more time and offer this to me if not I will aplly for American Express blues credit card! and receive $15,000 credit limit after like 4 hours I got a cal from Bank Of America say that we can offer you 12 month zero % interest rates with a credit limit of $12,000 dollars instead of $10,000 dollars and they have ask me if I agree to terms of condition and I have asked them if they can send me this on paper so they did send me and I get this credit card!!!

So you guys can see that if you deal with a credit card company you can achieve success!

[RealEstate]

You have $53,000 dollar credit limit and you still looking for another credit card? How much you spending every month on your credit card? If I were you I will keep those credit card open and use them but no more than 5% because your credit limit is very high so 5% is like $2,500 a month! so it enough pretty much I will change my mind don't use more than 1% of your available credit limit

[DianaR]

You really shouldn't get more cards. It won't help your credit rating and you could wind up with problems if you use any of them, much less all of them.

There is a possibility that interest rates could be raised for any of your outstanding balances when you have a lot of credit cards.

[fcmoney]

the more available credit limit on your credit card the better because when you have good credit history and you add high credit limit to it with no late payment on your credit card you should have your Fico score very high! You need to understand basic thing about credit card, Credit card is not toy you need to know how to use credit card effective and in efficient way if you will find out how to use those tools effective you will have very good credit history!

What is your current Fico Score?

[watcher]

My friend have like $50,000 available credit limit and he always say what is $50,000 I wish to have like $500,000 then I can say I have good available credit limit on my credit card and my credit score will be close to 800 fico score or even pass 800 fico score so I don't know if this is good idea to have high credit score but if she say it is so pretty much I will increase my credit score to maximum amount I can get!

[LissaValerian]

Originally Posted by watcher

My friend have like $50,000 available credit limit and he always say what is $50,000 I wish to have like $500,000 then I can say I have good available credit limit on my credit card and my credit score will be close to 800 fico score or even pass 800 fico score so I don't know if this is good idea to have high credit score but if she say it is so pretty much I will increase my credit score to maximum amount I can get!

This just seems dangerous. Extremely risky to me because if you have available credit limit of $50,000 dollars and you still want more limit and if you default on those payment you will have financial trouble in addition if you have financial emergency you can use those money and dig yourself into financial disaster.. that advantage and disadvantage on the same time the advantage is that you have money to spend and the disadvantage is that you will have to payoff your debt. $50,000 credit card debt..

~LV

[admin]

Some People say it dangerous tactic, but I always say what can Amex do? nothing you want high credit score so you need to work with lot of creditor to have your available credit score high! you just wish to have credit score above 800 fico , so why not to increase credit limit on your credit card?

[zveronika888]

High credit limit only mean that creditor is trusting you and lending you those $50,000 dollars, if creditor will not trust you ( not you but your credit report) they will not lend you those money it is very easy to understand you look good in front of creditor eyes!

It easy you have work to get something and you get not rewards, those rewards is high credit limit on your credit card

Good luck with your credit card!

[moneyfool]

You should thing first, do you need another credit card, will you use another credit card, do you know what credit card you will consider to applying for? if you don't know with is the best credit card first check out credit card selection page to look for the best credit card then thing with credit agency will check your credit report

Chase-most of the time Trasunion
Citi- Equifax and Experian
Bank of American- Experian
Citi-Equifax and Experian

then try to increase your credit limit while activating your new credit card! because if you have high credit limit your credit-debt ratio will be lower! lower debt credit ratio mean only one thing higher fico as well fako credit score!!!

[jerrico]

Chase credit card always give high credit limit you have huge credit limit and I don't think you will need one more credit card, you may apply for credit card that will give you good rewards in case of emergency such as low interest rates and no annual fee but don't get credit card with rewards program such as discount in store, or points!!

Credit card only should be using in case of emergency or in case you don't have cash this is what I have learn from credit card company anyone have other opinion? I know that we also should use credit card to build credit history I have not forget about that!