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afroukh

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Credit score for 1st Secured credit card
Hello
A simple question, 1st time asking for credit card , got a secured one, what will my credit score be just after my card issuance ?
Thank you

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Congrats on the new card!  Right after you get your secured card, you will be disappointed.  Your score will probably go down between 5-25 points.  This will be caused by the hard inquiry which was completed.  As well as your age of accounts which will be 0.   Although, be patient and within 6 months of proper credit management, using the card wisely and paying it timely every month and you will find your score recover the initial drop as well as some additional points.  While the score jump is different for everyone, you could expect to see a 50 or more increase in your score.  (I got 80).  Pay your card off every month and keep your payments current.  A single late payment can make you credit score drop substantially and potentially cost you the card.   Do not think of the money which backed the secured card as your money, it is not.   Management it wisely and you find find that firms will start to come to you to offer you cards with benefits.   Good luck on the road to a high credit score.

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