About two weeks ago, I noticed a piece of admail in my email inbox inviting me to apply for a credit card. Purely on a lark, expecting to be denied because of my low income, I filled out the online application...and was immediately notified that it had been approved. The card arrived in the mail today. I had requested no cash advance privileges, but they decided to give me limited privileges anyway, which means I have to wait for a PIN to be mailed separately before I can activate the card and use it.
Here's my problem. The credit limit is more than three times the amount of my total monthly income from disability. Even the cash advance limit, which is lower than the credit limit, is significantly higher than my monthly income. I screwed up my credit twice in the past, once in 1993 and once in 2006, but now I'm being treated like I have NO credit history and being invited to build a good one. I'd like to believe that i've learned from bitter experience and shan't make the same stupid mistakes again, but I'm still apprehensive.
The question for those of you who are good at managing your money, especially your credit, is how you would handle things if you were in my situation. I have a million possible approaches jostling for space in my mind but have to admit that I simply know nothing because it has been nine years since I had any credit at all. All help much appreciated.
Here's my problem. The credit limit is more than three times the amount of my total monthly income from disability. Even the cash advance limit, which is lower than the credit limit, is significantly higher than my monthly income. I screwed up my credit twice in the past, once in 1993 and once in 2006, but now I'm being treated like I have NO credit history and being invited to build a good one. I'd like to believe that i've learned from bitter experience and shan't make the same stupid mistakes again, but I'm still apprehensive.
The question for those of you who are good at managing your money, especially your credit, is how you would handle things if you were in my situation. I have a million possible approaches jostling for space in my mind but have to admit that I simply know nothing because it has been nine years since I had any credit at all. All help much appreciated.