Moderator
Revelate
Posts: 9,052
Registered: ‎12-30-2011
Re: Is it worth opening up a couple lines of credit now?
[ Edited ]

Welcome to the forums!  I'd suggest two things in addition to illecs' most excellent advice:

 

1) You want to establish multiple tradelines as soon as possible.  2-3 revolving tradelines (credit cards for this discussion) is generally considered optimal both from what's been reported here, and also in my own personal experience as well.  3 is possibly marginally better than 2, but it's in no way required.  That said a swing of 3 months isn't going to hurt you at all in a few years anyway.

 

2) Inquiries are pretty minimal as far as penalties go; it is never recommended to continually apply for credit cards (or other loan types as well) but that doesn't sound like the case here.  While you won't have a FICO score for another few months, if you plan to shop at a particular store during Christmas and the rewards for the card are meaningful as compared to paying in cash, I'd probably take the shot anyway.  Alternatively I'd apply for something like BOFA's student rewards as that has their standard 1-2-3 rewards package on it, which is a pretty good every day card, and is designed for folks in your specific situation.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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