Offer your thoughts or opinion on the input financial query or topic using your financial background.

Will getting a second credit card help my credit rating?
Besides your credit score, there are other smart reasons to have a second line of credit.  (Your credit score doesn't affect you the majority of your life, but when it does whoooooo boy does it.) Should the first bank you have credit with create or find a clerical error, a second line of credit can provide a cushion while you sort it out with the first Should physically damage a card, or have it stolen, having a second backup at home will be helpful as you wait for a replacement. Getting a second line of credit with a different institution than your first allows you the flexibility to cancel one and move your business should the deal become unfavorable to you. Multiple lines of credit in of itself is a plus to your credit score (albeit a small one) You can organize your finances.  One card handles the recurring payments in your life, the second incidentals.  The expected activity type might make it easier to detect fraud. When you get your second line of credit, get it from a different institution than where you have any other business now.  (A credit union if you can, or a small local bank).  Make sure there is no annual fee, and if there is a reward, be certain it is worth it.  Cash back is my favorite because I can spend cash where I like, whereas "points" have to come out of product in their catalogs.  Lower interest rate is best of all.  Even though you always plan on paying it off every month like clockwork, you might one day run into an issue where you cannot.  Lower interest rate becomes very important in that plannings scenario.