Credit Score not paying mortgage

[airahcaz]

I have settled all CC debt, but am not paying mortgages. Does it make sense that I get a secured or unsecured CC to build credit? Will it?

[Evan Bedard]

I have settled all CC debt, but am not paying mortgages. Does it make sense that I get a secured or unsecured CC to build credit? Will it?

Was your mortgage discharged through the BK?

[airahcaz]

Was your mortgage discharged through the BK?

No, haven't gone through BK and trying to avoid BK

[Evan Bedard]

Sorry about that, I must have gotten confused with a different member. If you are not paying your mortgage at this time your credit score is being affected and personally I would not consider taking on a new CC until you reach a resolution on your mortgage and the account is brought up to date..

[Rillion]

I would not get a secured credit card and I would not get any credit card that had an annual fee. But if you can find someone that will give you an unsecured CC with no annual fee (doubtful without good credit) then I would do it if you can resist the temptation to ever charge more in a month then you can pay off that month. Generally CC's are only good deals for the banks unless you have a high credit score (to get the best offers) and then you manage your balance so that you never pay a penny of interest.

[Evan Bedard]

That is very true if you have a poor credit rating your interest rate on the credit card is probably going to be extremely high.

[airahcaz]

That is very true if you have a poor credit rating your interest rate on the credit card is probably going to be extremely high.

I don't mind paying say $25 annually and I would not carry a balance at all, would pay off assuredly monthly, in the same fashion I utilize my wife's Amex. Was just thinking it could help rebuild my credit as other CC settlements become older and older.

[Preparingfordefault]

I don't mind paying say $25 annually and I would not carry a balance at all, would pay off assuredly monthly, in the same fashion I utilize my wife's Amex. Was just thinking it could help rebuild my credit as other CC settlements become older and older.

That is a correct assumption.

Before I stopped paying on my mortgage I was freaking out about my credit score getting hurt and received advise from an attorney who told me at that time to open a secured card. I didn't open one ONLY because life got hectic (unexpectedly lost my job and a myriad of other things where I was afraid to use my extra cash) but still consider it and probably will open one.


By opening a secure cc... it will benefit you by helpin you rebuild your credit - showing improved available credit and building an on time payment history over time.