One credit card enough to build credit?

NRB525 · ‎12-10-2015

@Anonymous wrote:
@Anonymous wrote:
Thanks. I have chase slate and last month I did the TU report and my Fico score was 775

Very nice! Given your Slate is three years old, have you considered a product change to Freedom?

^This, Do this.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎12-10-2015

I actually might do that. As long as there is no HP

Anonymous · ‎12-10-2015

I wouldn't be worried about an HP. A hard pull is not going to hurt you in any way since it seems as if you don't currently have any on your report within the last two years.

Anonymous · ‎12-10-2015

@newhis wrote:

Having only 1 card will make your AAoA drop so your score will drop for a few months. Now is the time to get the cards so you will get a better score in 2 years. You can look at a small secured loan also.

Very good point here. FICO will be impacted to some extent by how many of your cards have balances. If you only have one card, you have 100% of your cards carrying balances, even if it is only a $10 balance.

Re: One credit card enough to build credit?

Re: One credit card enough to build credit?

Re: One credit card enough to build credit?

Re: One credit card enough to build credit?