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Question By
jdavis812

9 Contributions
14 People Helped
I am new to credit and wondering how quickly my score will raise.
I just turned 18 in March. Even though I am young, I have been taught the importance of credit and I think credit cards are super cool, if you use them properly. I really wanted a rewards card but had a hard time getting one, so I got my dad to cosign a regular credit card with my local bank. The account has currently been open about 2 months and my CK score is 652. I really want a good rewards card. My personal favorite is the Chase Sapphire Preferred. I know this is a big card and would be very tough for me to get. I am not going to be applying until my score is around 720. So, if I keep my utilization down below 30% and always pay on time, How quickly will my score raise to say 700 or 720??

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Top Contributor
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Most Helpful Response

Will take some time

Helpful to 1 out of 1 people

It will take some time for your credit to improve. Also, depending on your income; it can be difficult to get some of the better rewards cards. Your score will probably jump up over 700 if you do that for a couple of years and always keep the utilization down and pay it off each month.

One other option to consider which I've seen work is: If one of your parents has excellent credit and they've had a card with all on-time payments made for 8+ years, have them add you as an authorized user on that credit card account. Technically, banks don't give you credit for accounts where you are an authorized user; however sometimes your FICO score can be tricked and it will improve your credit. It may not work; but it probably can't hurt.

Reply by
jdavis812

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14 People Helped
Helpful to 1 out of 1 people

Ok thank you. Actually on Sunday, my score updated and jumped to 702. My income is about 20k a year but I have no housing payment of any sort. I know my dads CK score is like 776 and my current card is actually a joint account with him, not just an authorized user, so I don't know if that makes any difference or not...but that's what I got. I'm just gonna give it time and then try my luck with the CSP...plus I hear the reconsideration line is pretty good to you most of the time...

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