70 People Helped
Member Since: June 2010
Will a higher number of credit cards usually bring up the score? I have two accounts on my report, and CK gave me a grade F in this field. As I viewed the report card, I saw people with high scores tend to have more credit cards even to a number of 21+. While I was always confident in keeping a very low ultitilization of my available limit, I had been avoiding getting new cards because I was not sure how doing so would affect my score. If I will be able to handle a higher number of credit cards, should I go ahead and get more credit cards?
JackieCH's response was:
I have currently no credit history. CK says "Your personal information could not be validated. Please verify that it is correct." when I try to check the score here. Is it normal?
I have been approved for a credit card which will be arriving in a week. What score will a person have when he has got his credit history started?
I have been approved for my first credit card with $600 credit line. I am aiming at a high credit score of 750 or above. I will keep a really low utilization and never carry a balance. How would these take effect? With such a thin file, will it be ever possible for me to get sth close to a 750 in around 6 months? Would getting one more (student) credit card and keep low use of it help the score grow even faster?
Perhaps they will never do that again.
Found that Credit Karma mistakenly shows yearly saving from this card as $0, but I think it is one of the best card of its level that could save you most with its cash back rewards.
Thanks. I hadn't got my first card until just last month. Now I have an unsecured card with $600 limit and a secured one with $400 limit and I don't have any credit history yet. I'm thinking about having Capital One upgrade my secured card to an unsecured student card shortly as I want to have my deposit back and avoid the annuel fee. How long do you think I have to wait before doing so? Also, will teir upgrading my card shorten my average history length? I know some banks do while others don't.
Does Capital One report the credit limit properly now? I heard they didn't so using their card would hurt our credit score.
I have been approved for an unsecured student credit card for $600 credit, and also for a secured capital one card which I have a choice not to activate the account. I am not sure whether I should make the deposit and keep the secured card as my second card, as I heard a secured card's limit could increase after a few months of use and be upgraded to an unsecured one(though it might take too much longer). Because I am going to keep a really low utilization, $600 limit definitely is not much enough for me. Since I havn't got a credit history yet and I guess no inquires had been recorded, would it be a good idea to keep both cards so that my total credit limit will grow faster and thus my credit rating? Or should I not open the secured one, instead try to apply for another unsecured one later? What would you suggest?
People who have good credit scores may have loads of money, or may not. Just because they got credit, some won't spend more than before, but instead just make good use of a little proportion of the credit they got. While in this case they won't be able to purchase a whole lot more immediately, their management skill would lead to a much larger long-term benefit brought to them from the really "rich" financial institutions when they need to apply for a mortgage or try to get a great credit card with extraordinary rewards.
JackieCH's reply was:
I have a question. Why some F-1 students get approved with no history while some other don't?