Can you apply for credit while on money management?
I am on money management(which is a debt consolidation program). I’m wondering, could I still apple for a new credit card and not get kicked off the program.
You can apply all you want but you wont get approved. It will say on your credit file that you are in such a program.
Also usually one of the stipulations of being in such a program is that you don’t seek new credit. Debt is what got you a position where you needed a money management program.
Why would you want to take on more?
Without sounding like an old fart, why do you need credit? This is what probably got you (and most of us) into trouble in the first place. It’s really simple…Don’t buy it till you have the money. Need more money, get a second job for a little while, pack a lunch for work and write your budget out monthly.
Wife and i where broke until we started this over 5 years ago. No credit cards, no car payment and in a few more years no house payments. We spent the first 8 years getting into dept and it will be about 14 to get out. Not easy, but it’s simple.
References :
been there done that.
You can apply all you want but you wont get approved. It will say on your credit file that you are in such a program.
Also usually one of the stipulations of being in such a program is that you don’t seek new credit. Debt is what got you a position where you needed a money management program.
Why would you want to take on more?
References :