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toms0798

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No established credit. How long does to establish good credit score after using a new credit card?
No credit record yet. Getting new secured credit card which I will use and pay off monthly. 21 years old. Minimum wage job but been there 3 years. Very low living expenses. How long until I establish a decent credit score?

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about 3 to 4 years.

Pay your Card off every month,   Never Ever Carry a balance.   with in the 4 hours get 3 or 4 more lines of credit.   If they are credit Cards pay them off monthly.  

You don't need to use a credit card every month.

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It won't take that long, in a year or two, you should have a decent credit profile providing that you get more than one line of credit. Make sure that you get 3 credit cards for the process of credit building (you don't have to get them all at once, but as you can, get them). In addition an installment loan will help too, even if it is secured. Make sure that any credit you apply for will be reported to all three credit bureaus as not all lenders report to the credit bureaus. Keep your card utilization low and active. You DO need to use a credit card every month to show revolving activity, if you don't your FICO scores will be penalized for not showing any revolving activity (once you get scores). Granted, you are only penalized for the month you don't show any revolving activity and the penalty would go away the following month provided you use your card, but in the building stage you want your scores to be their best at all times as you will be most likely applying for more credit in order to build your profile. Just don't get over your head with debt, always be responsible with your credit lines. Make sure a small balance reports on the card come reporting/statement time on at least one card and then pay it off before the due date to avoid any interest charges.

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