Having and using a credit card wisely can be beneficial to your credit rating. However, if you’re constantly applying for new credit cards, it can hurt your rating, especially if you’re getting turned down for them. Applying for too many credit cards, in a way, shows that you don’t have enough capital to afford your cost of living on your own income. And if you’re getting turned down by creditors, it’s an indication that your credit standing just isn’t up to par, and other creditors will weigh these rejections against you.

My brother has bad credit and wasn’t able to get a loan. He was told if he opened a credit card account and made a purchase once a month and paid it off when he got the bill he would boost his good credit.

My credit score just went up because we paid off 2 credit cards and have one more almost paid off now and we paid a few months ahead on 2 of our loans! I went from 724 to 737!