I don't have bad credit - I make all of my payments on time. However, because of a bunch of unexpected expenses over the last two years, I have four credit cards that are close to being maxed out. None of them have very high limits (luckily). I have a two-year plan to have them all paid off.
I would like to eventually get a credit card with a good rewards program (miles, preferably), but I don't think I'll be approved for such a card until I pay down the balances on my existing cards.
I got a pre-approved offer in the mail for a Capital One Platinum MasterCard. Long story short, I would like to buy some equipment to help my business - once I have this equipment I will be able to make more money, and could pay it off in about 6 months.
I realize that every credit card I apply for might damage my credit score. Should I apply for this card? Will it hurt my credit to apply for this card, then apply for a card with a good rewards program in a year or two? Will it hurt my credit to have another account open, or will it help my credit (by improving my debt-to-credit ratio)?
Thanks for the advice!
I would like to eventually get a credit card with a good rewards program (miles, preferably), but I don't think I'll be approved for such a card until I pay down the balances on my existing cards.
I got a pre-approved offer in the mail for a Capital One Platinum MasterCard. Long story short, I would like to buy some equipment to help my business - once I have this equipment I will be able to make more money, and could pay it off in about 6 months.
I realize that every credit card I apply for might damage my credit score. Should I apply for this card? Will it hurt my credit to apply for this card, then apply for a card with a good rewards program in a year or two? Will it hurt my credit to have another account open, or will it help my credit (by improving my debt-to-credit ratio)?
Thanks for the advice!