Rebuilding Your Credit

[ando35]

Ok, so the fico simulator seems to think that simply by adding credit cards, which I did not have before, I can raise my score by about 60 points in one year. Is this possible?

[pizzadude]

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ando35 wrote:

Ok, so the fico simulator seems to think that simply by adding credit cards, which I did not have before, I can raise my score by about 60 points in one year. Is this possible?

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Adding credit cards when you don't have any will definately help your FICO score ~ it will improve your mix of credit and also start to factor in revolving utilization.

[Adalen]

It will definitely raise your score over time.  Without credit cards, you have a very minimal credit history to score, period.  When lenders look at your CR and see there are no credit cards, they have virtually nothing to determine risk.

[ando35]

I know that adding when you have none will raise my score. It raised me 20 points or more. MY question is, after that, how much will my score go up after a year just by paying them on time?