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Question By
GennyCoupe

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First credit card. No credit history. Advice for raising credit score?
I was just approved for my first credit card. It is a cash back card through my bank. I am young and up until now had no credit history whenever I checked my report on CK. I am just looking for some advice on raising my credit score. If I open another card/account in addition to the one I just got will my score raise more quickly? I don't spend very much money at all really but am hoping to buy a house in the next 1-3 years. I'm just not sure of the best way to play the game, so to speak. Any advice would be greatly appreciated, thanks!

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Since it worked so well for me, I strongly advise taking the time to read the articles on this site so you can learn how credit works and how to build your score.

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Your question cannot really be answered with a paragraph. You need to spend time reading all that you can about credit. It is a complicated animal and there is a lot to know. I will say this, the basic credit building tools are three credit cards and one installment loan that are all reported to all three credit bureaus. Understand that when building credit you will ding your credit, but it is a necessary evil.

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A Few Pointers

The above users are correct with their statements. There is a lot to know. I can give you a few basic tips that will make sure your score continues to go up.

ALWAYS make your payments on-time. Even 1 late payment will drop your score. Multiple ones will start to make it harder to get credit.

Keep your statement balances low (under 10%). Use the card responsibly and never let the card carry over to the next billing cycle with a high balance. Let it report a small balance every so often (1% of your credit limit). But pay in full otherwise.

Don't apply for too much credit at once. Wait until after 6 months if you plan to apply for any more credit cards (My personal advice). You don't have any FICO scores until after 6 months of having a credit line. I just started my credit building as well. I have a 9 month history. I wish I would have been patient and waited. I have 5 inquiries that I racked up before my 6 month mark. I kept getting denied because of lack of credit history. AFTER the 6 month mark though, I have acquired 3 prime cards. Discover It, Amex Blue Cash Everyday, and Chase Sapphire Preferred.

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