03-05-2009 10:31 PM
Hi I'm 20 and college student who is looking to improve his credit score.
I was looking to find ways to improve my credit score from what it currently is.
I purchased Score Watch 4/16/2008 and my score been hoping up and down depending on my balance.
I was thinking about opening a new CC in order to not have my score effected heavily because of the debt/balance ratio. I know opening a CC will hurt me short term, but will it be worth it?
I currently have 1 credit card @ 9.99% APR $3,000 Limit.
Here's my history:
Score Watch® Equifax
03-06-2009 01:35 AM
If that's the case, then you don't need another credit account. You're using 10% of your limit which is fine.
Although this is true, it probably would not hurt you to get another card. I only had 1 card myself for about 4 years. I applied for a second credit card and after being approved my score went up about 20 points for having more of a variety of credit.
03-06-2009 03:43 AM
03-06-2009 11:00 AM - edited 03-06-2009 11:02 AM
I definitely agree with HTSU. I'm 23 and only had 1 CC until this past summer. In college, I had no lates or other baddies and always PIF, much like you. I got several new cards last summer with the intention of having them all age together for 5 years until I buy a house. If you can get another card or two now at age 20 and continue your responsible CC habits, you'll be in a great position after graduation with a solid credit foundation.
ETA: By looking at my scores, you're probably wondering why I got new CCs in the first place - well, I knew I would qualify for prime cards with great rewards and I plan to hold onto them for eternity. I figured I'd app a lot over the summer because right now I can take the score hit without any ramifications. That's the beauty of apping for CC while you're young and likely don't have any big purchases on the horizon.
03-06-2009 11:26 AM
I'm not sure if my college has a CU, i'll look into it Tuesday.
I'm currently a Sophmore @ San Jose State University.
By the looks of things, i might apply for the Citi Forward card.
Unless you guys have some better cards suggestions? !