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I am 20 years old, and have three credit cards. My credit limit between all three cards is $5,600, and I have used $4,000 due to unexpected hospital bills when I was uninsured. I am working full-time, and I am paying $300 a week in order to pay off my credit cards quickly because my car ('97 Chevy Cavalier) is dying quickly, plus I'm 3 months pregnant and I am going to need a new one soon.
I have had to establish my credit myself, and I do not have a cosigner as nobody in my family will either cosign for me or they have terrible credit themselves. My credit score is low because it is still new, but I have never had a late payment or an account go into collections. My inquiry number is rather high though because building credit was very difficult without a cosigner, and it took me awhile before I found a company willing to let me open an account.
Here's my question:
I currently have a 78% credit utilization. As I said, I am continuing to pay off this credit at $300/week, but its a slow process. At the rate I am going, it will take me another 7 months to pay off all of my cards, minus the baby and the car that I desperately need. If I open another account, I will not only have another line of credit to show on my report, and my credit utilization will decrease dramatically. Is it better for me to do this, or keep paying off my credit cards for the next few months so that I have a better shot of getting approved for a car loan?
Additional Details No typo: I am paying $300 out of each paycheck and I get paid weekly. My husband (I am married) works full time as well and he has helped tremendously by taking over the majority of our household expenses while I work on paying off these bills.
My dad was a self employed carpenter for 20 years and we lived in poverty during my childhood; no health insurance until I had medicaid. Medicaid drops you after you turn 19, which was almost two years ago. The housing market crashed, and people had no extra money to spend on home repair , and as my dad barely made over $10,000 a year, he didn't (still doesn't) have a bank account and as such his credit history is worse than mine.
I opened a CreditKarma account back in June when I began paying as much money as I could spare towards my cards. Two of my cards (the ones I've been paying mostly) had medical bills from before I was married and after Medicaid dropped me. I also have CareCredit which is what has the majority of my debt. Oh and I grew up in a single parent household so no mother's income/insurance.
I have had to establish my credit myself, and I do not have a cosigner as nobody in my family will either cosign for me or they have terrible credit themselves. My credit score is low because it is still new, but I have never had a late payment or an account go into collections. My inquiry number is rather high though because building credit was very difficult without a cosigner, and it took me awhile before I found a company willing to let me open an account.
Here's my question:
I currently have a 78% credit utilization. As I said, I am continuing to pay off this credit at $300/week, but its a slow process. At the rate I am going, it will take me another 7 months to pay off all of my cards, minus the baby and the car that I desperately need. If I open another account, I will not only have another line of credit to show on my report, and my credit utilization will decrease dramatically. Is it better for me to do this, or keep paying off my credit cards for the next few months so that I have a better shot of getting approved for a car loan?
My dad was a self employed carpenter for 20 years and we lived in poverty during my childhood; no health insurance until I had medicaid. Medicaid drops you after you turn 19, which was almost two years ago. The housing market crashed, and people had no extra money to spend on home repair , and as my dad barely made over $10,000 a year, he didn't (still doesn't) have a bank account and as such his credit history is worse than mine.
I opened a CreditKarma account back in June when I began paying as much money as I could spare towards my cards. Two of my cards (the ones I've been paying mostly) had medical bills from before I was married and after Medicaid dropped me. I also have CareCredit which is what has the majority of my debt.
Should I open a new credit card to improve my credit score?
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