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Multiple Credit Cards for twenty-something credit user in a short time?
I am 24, and just recently, opened a credit card. I used the "Simulators" on credit karma & Cap one, and see that if I open another creditcard with an identical limit to my 1st, I will jump from a 651 credit score to the low 700s. Is this a smart move? What company should I go with if I decide to open a 2nd? My first is a Cap One Quicksilver for the 1.5% back. I should also note, I just turned 24 and just graduated college. I'm building credit to purchase a house in about a year.

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I want you to be aware that you need to follow your FICO scores while building credit. Do some reading on the different scoring models for credit and understand that most lenders will use a version of FICO scores. That said, with FICO you will get an increase in scores upon opening your first two cards and sometimes you will even get a slight increase on opening a third card. The best credit building tools is three credit cards and one installment loan, just make sure that the lenders report to all three credit bureaus as some do not and it is vital during the building process that you are building your profile with all three bureaus.


Make it a daily ritual to read about building credit for an hour or two a day and also read on how to use credit in the best way to benefit your scores the most. If you have someone close that would be willing to, you may want to get added as an authorized user on one of their oldest cards (as long as it is in good standing with low utilization at all times) to help improve your average age of accounts. Also do extensive research on a card before you apply for it to make sure that you have a chance of being approved. If you decide to get an installment loan for credit building keep in mind that the amount does not matter and it could be secured, just make sure it will be reported to all three credit bureaus. A $500 secured loan reported to all three credit bureaus would suffice for this.


Keep in mind that Capital One will let you have more than one account, so if need be get another card with them. Start saving for the down payment on the house and consider having a cosigner at hand if needed. You will be fine as long as you are responsible. Any more questions please feel free to ask and I will do my best to help you (but ask a new question as this one will most likely get lost in a day or two).

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Sorry, have to laugh at the statement "I'm building credit to purchase a house in about a year."  Building Credit will take you YEARS.  You need to establish Credit First then work on Building it up over Years.

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