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Marieh67

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Credit card or NO
Just got an auto loan and trying to rebuild credit should I get a credit card now or wait?

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In addition to kaser1's advice, may I recommend you visit www.creditcards.org and you can compare all cards easily so you get the best one.  Don't take the recommendations Credit Karma gives you, those are just ads.  Best of luck!

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Get a card now.  It will add a component to your credit scores called "diversity".  There are 3 types of accounts you can have on your report, installment (auto), revolving (credit card), and mortgage.

The more diverse your accounts, the stronger your scores by an additional 10%.  This is up to an additional 55 points on the FICO score model.

If you need more credit help I can be reached at jason@rapidrescorecredit.com

Jason Hall

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Maximize inquiries now.

Helpful to 1 out of 2 people

If you don't have a very strong credit profile yet, try getting a secured credit card from a local bank or credit union. This will give you another account that reports payment history, while decreasing your debt to income ratio. Try applying for cards elsewhere as well. These inquiries will stop affecting your score about the same time. Hard inquiries only affect your score for about 3 to 5 months, but they show on your report for about a year.

As Jason said above, diversity is important to have when your first building or rebuilding credit. Be patient though, excellent credit takes a while build, and a lifetime to maintain.

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