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Author Topic: Advice Needed: Good or Bad Idea?  (Read 805 times)

team mvp

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Advice Needed: Good or Bad Idea?
« on: February 05, 2006, 04:19:54 PM »
Getting another credit card (I only have 1 so far) when I will be applying for law school loans in a couple months?

The Poster

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Re: Advice Needed: Good or Bad Idea?
« Reply #1 on: February 05, 2006, 04:21:38 PM »
Getting another credit card (I only have 1 so far) when I will be applying for law school loans in a couple months?

for what purpose?
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you are doomed in the fated sense, but that's completely irrelevant because that's only from the viewpoint of someone who is not constrained by time. since you are temporal, for all intents and purposes you have the power to change your future

team mvp

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Re: Advice Needed: Good or Bad Idea?
« Reply #2 on: February 05, 2006, 04:29:23 PM »
Getting another credit card (I only have 1 so far) when I will be applying for law school loans in a couple months?

for what purpose?

Well I would like another one because I know its helps your credit to have more available to you. However, on the other hand I also know that applying can lower my score a little, thus the dilemma.

Actual 1L

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Re: Advice Needed: Good or Bad Idea?
« Reply #3 on: February 05, 2006, 04:31:01 PM »
You're probably talking about a difference of a few tenths of a % when it comes to your interest rate.  So, it really does not matter.

team mvp

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Re: Advice Needed: Good or Bad Idea?
« Reply #4 on: February 05, 2006, 04:37:06 PM »
You're probably talking about a difference of a few tenths of a % when it comes to your interest rate.  So, it really does not matter.

so do you think this would be a good or bad idea?

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Re: Advice Needed: Good or Bad Idea?
« Reply #5 on: February 05, 2006, 04:40:24 PM »
You're probably talking about a difference of a few tenths of a % when it comes to your interest rate.  So, it really does not matter.

I don't think there is anything wrong with getting a new credit card if you need it.  Your best bet is to call up one of the private lenders that the schools you are considering use and ask them if there is any significant advantage or disadvantage.  But my thoughts are no significant change either way.

so do you think this would be a good or bad idea?

team mvp

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Re: Advice Needed: Good or Bad Idea?
« Reply #6 on: February 05, 2006, 05:50:56 PM »
it wont really help your score. having a credit card means nothing if you dont use it. you need to use it for a year and pay it off monthly and build credit.

Building credit is something I want to do though as well, so what I would like to know is if the negative effects of opening one are more significant than the future benefits?  For instance, I know too many credit checks could have an effect on my likelihood of getting law school loans.  I plan to only apply to one company.