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Question By
khall1784

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How will getting a credit card affect my score?
So I am new at this credit monitoring thing. As of now, my credit is 549. I have a student loan (that's in good standing) and a newly acquired car note. I am trying to build my credit as quickly as possible because my fiance and I would like to buy a house in the next 24 months. I have seen that credit cards help with raising credit. How is that so?

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Any credit that you use and keep a good track record of paying improves your credit score. Use only 1-20% of your available credit. Keep only 2 major credit cards although some are proponents of having more. Although it is not part of your credit score keep your debt to income ratio as low as possible. Avoid shopping rates and applying for credit you have a low chance of actually getting. Credit inquiries themselves will reduce your score. Especially if you have an inquiry and did not receive the credit you applied for.

If you have no major credit cards you might obtain a secured card at first to help build your credit before you attempt to apply for a non secured card.

Reply by
khall1784

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Thank you. I bank with a CU and they have secured credit cards. I have thought about getting one but wasn't sure if it would hurt or help my situation. I will look more into it.

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