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How will adding a credit card affect my score?

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Anonymous
Not applicable

How will adding a credit card affect my score?

I did not have a credit card previously, but added one about a month ago. It hasn't gone through a whole statement yet. I don't keep a balance on it. I just use it for gas then pay it right away. My scores currently are in the upper 500s due to a couple of collections (one unpaid lease break fee from 3 years ago and one cable bill from 5 years ago) and lack of other credit besides student loans.

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gdale6
Moderator Emeritus

Re: How will adding a credit card affect my score?


@Anonymous wrote:

I did not have a credit card previously, but added one about a month ago. It hasn't gone through a whole statement yet. I don't keep a balance on it. I just use it for gas then pay it right away. My scores currently are in the upper 500s due to a couple of collections (one unpaid lease break fee from 3 years ago and one cable bill from 5 years ago) and lack of other credit besides student loans.


Cards 1-3 are liable to raise your Fico, more than that there is usually a ding with recovering the points over 6 months or so.

Message 2 of 5
Anonymous
Not applicable

Re: How will adding a credit card affect my score?

Let it post with a small balance, dont pay interest, but let the statement cut with a small amount on it. I made an oops last month and paid all down to zero before reporting and lost points for "no recent use of cards" despite the fact i used all 5. No balance showing at all hurts you.

Message 3 of 5
Anonymous
Not applicable

Re: How will adding a credit card affect my score?

Wow, the new account just posted to Experian (formerly my lowest) with a $5 balance out of $200 CL and my score went up 43 points! Hope it does the same with the other two!

Message 4 of 5
mitchblue
Valued Contributor

Re: How will adding a credit card affect my score?


@Anonymous wrote:

Wow, the new account just posted to Experian (formerly my lowest) with a $5 balance out of $200 CL and my score went up 43 points! Hope it does the same with the other two!


Congrats. 43 points is good..

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)
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