pantages wrote:Thanks for the info. The reason my credit sucks is because I had a roommate situation and got burned and the rent went onto my credit report. Since there is not much on there it really made things look bad. Dont know my current score but it's bad, you can be sure of that.
Yep am 20 good guess. I would try and pay in full but would carry if it helped my credit? I know the APR is high but man that $25 for $150 in spending, don't think ever seen that at other stores. The Pacsun credit card might be worth it for that right?
That bites about the roommate; hopefully it is burning him too. I would recommend obtaining a free credit report (annualcreditreport.com) and see exactly what is on there and disputing anything that appears wrong.
Don't get me wrong, store cards can actually be tools. As I said, I have a Macy's and a Kohl's and that is because they give great coupons. However, store cards become a bad thing if you carry a balance and you don't want your entire credit profile being store cards.
Carrying a balance really won't help your score, in fact, it could hurt. Because you don't have any other available credit, your PacSun card (if approved) will likley have a $300-$500 limit. So you want to make sure that your balance never exceeds 30% of your credit line. Part of your FICO score is what is referred to as Debt to Credit Line ratio. When you get above 30% it can really drag your score down.
I also recommend looking into a secured credit card from a bank (BofA, Citibank, Wells Fargo or US Bank) or from a local credit union. You will have to cough up the money for the security deposit, but in the long run it will be worth it. I would recommend BofA and Citibank above the rest (provided you have never burned them). Please avoid anything from First Premier, Credit One Bank (not to be confused with Capital One which is a good bank) or Applied Bank.
So, if you plan on using your PacSun regularly AND paying it in full each month (or at worst, two months) then I do recommend it. But I warn against opening too many store cards. But you have to start somewhere and this is a good start as opposed to a card that charges heavy fees (like First Premier, Credit One Bank and Applied Bank Visa/MasterCards).
I always give more advise than people are looking for LOL. So, to sum up, the PacSun is good if you use it regularly and pay it in full each month.