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Question By
ShaolinX

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Will opening a credit card raise your score?
I was wondering if just the act of opening a credit card alone will improve your score for having an additional credit line open or will you have to utilize a certain percent over time to increase your score?

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building my credit

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i have a tu score of 580, a eq score of 595...I just now got a capital one platinum card. i have 4 collections, 1 account and 6 month payment history....My payment history standing is excellent and i am about to just now start using my credit card which i will only use 30% or below...How long will it take me to get to GOOD credit standing and then to excellent???

Reply by
Waznyk

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Helpful to 4 out of 4 people

Focus on paying off your collections first that will hold down your score regardless of on time payments . As the collections do report every month

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Credit score boost

Helpful to 4 out of 5 people

When u got your first secured card  what increase or how many points did your score rise

Reply by
Noreply300

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Helpful to 5 out of 6 people

Will I see a point increase on my first bill just by opening a secured card account by Cap One

Reply by
Noreply300

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Helpful to 0 out of 3 people

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Reply by
seanryder1

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Helpful to 10 out of 11 people

My score jumped 86 points from opening 1 credit card.

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-16 points

Helpful to 1 out of 1 people

Opened on July 1st making two payments The Capitol One secured card dropped my score 16 points. While I'm trying hard to recover my credit this was really aggrivating. It is now Aug 27th almost two months and payments made over the miniumum fee.

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Reply by
faidros

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Helpful to 2 out of 2 people

Just be patient.   Ensure your balance is no more than about 10-20% of your total credit line.   Making the minimum won't help a lot if your utilization is too high.   Depending on what else is on your credit report, it may take a little time for the score to start climbing.  Just keep making those timely payments before the due date and keep that balance low and you will start to see the climb.  The initial drop was for the hard inquiry and the new account.  

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50 points

Helpful to 1 out of 1 people

I saw a 50 point increase in the 1st month.

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Thank you

Helpful to 2 out of 3 people

Thank you everyone this was very helpful!

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New credit card

Yes. My credit score went up 31 points after I was approved for a credit card.

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Store credit card

Have 4 credit cards. My score is "good" but was told I'd get higher score it I add 2more. Would like to get a couple of store cards, would that work?

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Credit Drop:

Why doesn't a person's credit go down over time, instead of dropping by 100 points overnight?

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Credit Line

Hi, I want to apply for a Credit Card. I never had a Credit Card and wanted suggestions on what may be the best cards to look for??? Also, will it boosts my credit right away???

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To cancel or not to cancel?

I applied for a new credit card to transfer the balances from other cards. The problem is that the credit limit on the new card is too low to transfer the balances I was intending. Should I cancel the card, and will it effect my credit?  

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