Should I or Shouldn't I ?

Question

I have decent credit (just under 700) and good income. All accounts reported on my credit report are in good standing and I have only 1 credit card which is also in perfect repayment standing.

I applied and got a mortgage in Feb/08 and strategically didn't apply for credit before the mortgage. So do you think it's ok to apply for a credit card now? Or do you think it will be denied based on the fact that I now have this $350K mortgage (in good standing)

Answer 1

No, you can apply and get approved for a credit card now.  I'm certain.

Just make sure you don't dig yourself into credit card debt, because it's h**l!

Before you apply, find one that requires "Good" credit.  Not "Excellent."  you can compare different credit cards by searching for "compare credit cards"

Answer 2

I am surprised that you aren't getting all kinds of offers coming in the mail.

Stay away from the sub-prime lenders, like HSBC.  Good ones would be from your bank, Citi, BofA and probably Capital One.  You can get penalized for having credit from high cost lenders, which often underwrite the lines through the Best Buy types of cards.

It sounds to me from what you've written that you're very responsible, so I wouldn't worry about adding credit lines.