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if I only have one credit card, willing getting another raise my score?

New Member

if I only have one credit card, willing getting another raise my score?

So this is the first time I've checked my score. I've had one credit card for two years and paid it off in full every month. This is my only credit. My Equifax score is 764.

 

My question- on the advice section it said only having one credit account was hurting me. Does that mean it would help my score to open a new one? If so, does it have to be a credit card or can it be a loan of some sort?

 

Also, are the other scores (Transunion and Experian) going to be really different from this one or all they all about the same? I'm new to all this...

Message 1 of 9
8 REPLIES
Moderator Emeritus

Re: if I only have one credit card, willing getting another raise my score?

If that score came from myFICO, then quite impressive for only having one item on your CR. And yes, I think you'd benefit by adding a second.

Message 2 of 9
Established Contributor

Re: if I only have one credit card, willing getting another raise my score?


kellyyy wrote:

So this is the first time I've checked my score. I've had one credit card for two years and paid it off in full every month. This is my only credit. My Equifax score is 764.

 

My question- on the advice section it said only having one credit account was hurting me. Does that mean it would help my score to open a new one? If so, does it have to be a credit card or can it be a loan of some sort?

 

Also, are the other scores (Transunion and Experian) going to be really different from this one or all they all about the same? I'm new to all this...


  Adding another credit card will cause a drop in your score for 3-6 months IMO.  So you got a 764 EQ score with 1 credit card?  You must have other credit showing up on your report.  If not, you must know something we don't know!  I would get at least one more credit card for a higher score in the future.

Message 3 of 9
Frequent Contributor

Re: if I only have one credit card, willing getting another raise my score?

+1

 

Yes your score will initially drop by adding another card, but if you add one might as well add two seeing how 3-4 cards are ideal.  I agree your score is super impressive if it's a true FICO.  Keep up the good work.


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Current Score: EQ FICO 803
Goal Score: EQ FICO 810


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Message 4 of 9
New Member

Re: if I only have one credit card, willing getting another raise my score?

Nope, I only have one credit card showing up on my report, no other credit. And yes, the score is what was reported here on this website.  Is it possible that the high score is a mistake? I certainly don't know anything you guys don't!

 

My one card is through USAA, which I can have because my dad works there. Is it also possible his good credit is somehow being passed on me?

 

Thanks for the good responses!

Message 5 of 9
Member

Re: if I only have one credit card, willing getting another raise my score?

If you only have one card is it best to show a 0 balance or a 3-5% balance?  I know if you have 2 cards you do one of each, but how bout if you only have 1 card?

Message 6 of 9
Moderator Emeritus

Re: if I only have one credit card, willing getting another raise my score?


tommy999 wrote:

If you only have one card is it best to show a 0 balance or a 3-5% balance?  I know if you have 2 cards you do one of each, but how bout if you only have 1 card?



I vote to leave a small balance. Good thing about figuring util is that FICO has no memory of your past util, so you can expirement to see if 0% is better, if 1% is better, and so on.

Message 7 of 9
Blogger

Re: if I only have one credit card, willing getting another raise my score?

It "kinda" doesn't matter what her score is.

Her file is REALLY thin. She needs to start building now and not worry so much about her score. The good thing is she looks responsible with one credit card.

 

I once had just ONE card and a positive file for 5 years with scores in the mid 700's.

It's possible.

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EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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Message 8 of 9
Moderator

Re: if I only have one credit card, willing getting another raise my score?


FrugalRican wrote:

It "kinda" doesn't matter what her score is.

Her file is REALLY thin. She needs to start building now and not worry so much about her score. The good thing is she looks responsible with one credit card.

 

I once had just ONE card and a positive file for 5 years with scores in the mid 700's.

It's possible.


+25.  To the OP, you want to fix the thinness of your file.  One tradeline is absolutely not enough and some lenders will complain about not seeing 4 of any type.  Personally I'd go open two good cards and keep them for a while, your score will recover, and it'll be more beneficial for you later.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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