Today Money financial expert Farnoosh Torabi joined us for a live Web chat Wednesday to answer your questions.
Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Farnoosh’s TV appearance this morning.)
Raven asked:
“I’m a single mother of two, making minimum wage at one job. I usually don’t have extra money for anything like school clothes or anything or for emergencies if I were to get a flat tire or anything. I’ve been thinking about getting a credit card for these kinds of things. I also have zero credit so I thought getting a credit card might help for that too. Should i get one? If so what kind should I get? Or should I stay far away since I don’t make that much money?”
Farnoosh replied:
“I do think it's important to open a credit card to begin establishing credit. However, carrying a balance on a credit card is NOT good for your credit score. You want to get in the habit of paying off that credit card in full each month. Just promise you'll be responsible with the card ... yes, stick to a low interest card. Start by shopping at your local credit union or at bankrate.com.”
Here’s the full chat archive and Farnoosh’s TV appearance:
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