I made a few topics about new credit, but I am looking to build my first FICO score. My Vantagescore is 675, but it is essentially useless. I do not have a FICO score yet. I have 1 capital one quicksilver card with a very low CL. I have been reading that it is advisable to have 3 credit cards. Now, I don't want inquiries to lower my score. But since I already have a Capital One unsecured card, would it be beneficial to get a capital one secured card as well?
I'd be patient and let your QS1 reach the 6 month mark before applying for any more credit. Once you establish a FICO score, then add to it by selectively choosing cards that you'll actually use and benefit from. Build your credit base knowing that time and good payment history makes it strong, not just flashy.
Don't view your credit building as a race.
How old is your oldest account? Is it under 6 months, meaning you can't get a FICO score yet, or is it greater than 6 months and you simply haven't obtained a FICO score from anywhere yet?
My first credit card is 3 months old. So I don't have a fico score yet. I have the creditwise app with capital one and it says my score is 675. But that's vantagescore. I just want to get my first score as high as I possibly can, but it's hard getting credit cards because nobody uses vantagescore for approval.
Well, I'd be looking @ a secured card if I were you. Try the Secured Visa® Card from First National Bank of Omaha. It has a variable 18.99 APR with no fees @ all.
Put $500 in there and let that rock for 6 months to a year.
I'd even venture to say get a 2nd secured as well. Look into OpenSky or First Progress. I believe FirstProgress & OpenSky don't even conduct a Hard Pull.
They just allow you to apply and set up a secured account.
With that Capital One, you're not going to go anywhere with just that 1 card.
Once you have your secured, make good use out of them, charging wisely and never going over the 50% mark.
Pay in Full, ALL THE TIME.
Even if you need to spend more than 50%, charge under, pay it off and then charge some more...pay that off.
The point of this is to develop good bill paying habits. Once you have it down, it'll be second nature to just pay, pay, pay.
You never want the bank to report that you've used 50% + of your limit to the CRA's. That's just bad and it stays on your record of that particular card.
To caveat off everyone, building score is not a sprint. It will take time before your score get as high as possible because there's a lot of factors playing here.
While you are waiting for your FICO score to appear, you can implement the SSL Technique. This link will tell you all you need to know about it -- and you only need to read the first 2-3 posts:
Be sure that your CC utilization (as it appears on the reports) is 1-8% before you try implementing the technique.
Read my signature link and you'll be in the 700s after your first year of credit or less than that.
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