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When Should I Apply for a Credit Card?

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Credit cards are often applied for impulsively or when consumers are in immediate need of a line of credit. People do not realize there actually is a ‘right’ time to apply for a new credit card. Timing and credit go hand in hand and making a move before the time is right can actually hurt your credit score and your chances of getting approved for the credit card you want.

Credit card use can make or break a credit score. Improper spending, too many cards, maxing out limits, and missing payments can have a serious impact on your financial life. This impact is not just affecting your present finances, it will likely hurt your personal finances for the next seven years.

Why Timing Matters

There are several reasons people apply for a credit card but if those reasons are impulsive ones, you can end up making your financial situation worse. Here are some examples of why timing matters when applying for a new card:

Credit Score Status

If you have not checked in with your credit score or reviewed your credit history before applying for a card, you can’t have any idea of where you stand. Even if you think your credit is outstanding, there is a possibility that someone else is using your information for their own gain. If you plan on applying for a card in the near future, you need to order your reports and scores so you’ll know what to expect. Additionally, it is important to ensure your score is up to par so you can get your desired credit limit amount.

Thorough Research

When you apply for a new card, you should do so only after checking out all that is available on the market. Too often people will sign applications coming through the mail simply because they are convenient or look good on the surface. Unfortunately, the wrong credit card can end up costing you too much money and compromise your credit rating. It is best to take the time to thoroughly evaluate your options for cards before applying. Compare the offers, terms, incentives, and rates before committing to one card.

Recent Applications

One reason timing of card applications is important is because it is actually a factor in the complex calculation of scores. A consumer credit score will take into account the timeline of your credit application. Those who apply for several credit cards in a short period of time will lower their score and create a red flag for potential lenders who deem too many applications as a risk. If you need to secure more than one credit card, you should wait several months in between. Too many credit inquiries at one time will have a negative effect on your credit score.

Financial Preparedness

Credit cards should never be taken lightly. The only way to ensure you will be able to commit to using credit cards wisely is to be financially prepared beforehand. This means every credit card account holder should have an established budget that outlines how much spending can be done on the card. Too often card holders will overspend simply because they have the credit available to them. Budgeting for expenses is vital to make sure you can afford to pay off the card balance in full each and every month. Without a solid financial plan, balances that are rolled over from one month to the next will mean your credit card will cost you more than you can afford. This can be the start of a vicious debt cycle that is difficult to repair.

The bottom line on credit applications is that it is never wise to apply for a card because you feel like it or because you want one. Take the time to get yourself prepared for the responsibilities that come with credit card use and ownership. When you are financially stable and confident you can utilize credit to improve your finances, only then will it be the right time to consider your options and begin applying for the right card. Review all terms and conditions of cards on the market and select the one that works best with your financial needs and spending habits.

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Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

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War against Bitcoin, people with Turkish flags

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions. 

Let’s fall into the rabbit hole.

Is It War Against Bitcoin Or War Against Cryptocurrencies? 

The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin.

We need more data. Let’s consult other sources.

What Did President Erdogan Say Exactly?

A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said:

“Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.     

However, that Turkey would carry on with its own money, which he believes is part of the national identity.”

They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing?

A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly:

“We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.”

Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him?

BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com

Time To Consult Primary Sources

Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets

That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin.

Cryptocurrencies and Bitcoin are not synonymous, journalists.

Featured Image by Faruk Melik ÇEVİK on Unsplash - Charts by TradingView

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With Bitfinex Integration, Can the Bulls Drive the Price for Polygon (MATIC)?

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With Bitfinex Integration, Can the Bulls Drive the Price for Polygon (MATIC)?
  • Twitter’s Altcoin Sherpa endorsed MATIC.
  • Polygon said MATIC token would soon be available on Bitfinex.

Since the market sell-off on September 7, MATIC has been attempting to regain its initial bullish momentum. Although lower highs outlined its positive trend, traders were unable to maintain prices.

Its recent rise from $1.20 may be beneficial if another higher high forms. Bulls would lose out if the market closed below the 23.6 percent Fibonacci threshold. According to CoinMarketCap,  Polygon price is $1.19 USD with a 24-hour trading volume of $1,143,929,659 USD.

Closing over $1.50 would have solidified an uptrend, but that wasn’t the case yet. A pair of red candlesticks on the charts signalled the end of MATIC’s next upcycle.

While MATIC’s trend is perplexing, the signs have improved. On September 15, the RSI climbed above the half-line and briefly into the overbought zone, indicating a bullish rebound. Bulls held sway as the RSI found support around the mid-line.

A Positive Trend Maybe Anticipated

Twitter’s Altcoin Sherpa endorsed MATIC. Despite the token’s current consolidation, prediction is of significant increases in the following run. As per the tweet, it expects MATIC to hit $1.75 on the next leg up.

MATIC was trying to build an uptrend following a double top formation, but market watchers were sceptical. The bulls had an advantage in each case, and a win is not out of the question. A positive trend may be anticipated if MATIC rebounds back from the 38.2% Fibonacci level and reaches $1.50.

Polygon just tweeted that MATIC token would soon be available on Bitfinex. It’s one of the oldest and most reputed liquid exchanges.

Thanks to Bitfinex’s integration, users will access MATIC on all major exchanges, including Coinbase and Binance. Also, it can act as a catalyst to bring back the lost momentum for MATIC.

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SushiSwap Fails to Break Major Resistance Area, Can it Break-Through?

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SushiSwap Fails to Break Major Resistance Area, Can it Break-Through?