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Credit score established.What next?

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Credit score established.What next?

Hello everyone.

 

6 months ago I got my first DiscoverIt credit card. I've been using it every month, paying off balances on time. I checked credit karma few days ago and I got my credit score established. It's 661 atm. 

 

Is this the right time for another credit account or should I wait for more. I'm curently 27 years old with a part time job. I make around 12k a year. Thank you so much!

 

Greetings!

Message 1 of 4
3 REPLIES 3
Super Contributor

Re: Credit score established.What next?

Welcome OP.

What score does Discover show on your latest statement?
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 2 of 4
Contributor

Re: Credit score established.What next?

I would recommend holding off a few more months till Discover shows your FICO score on their website. Keep balances <9% when the statement closes, that gives a pretty decent boost to the score. Maybe try for a CLI from Discover at that stage as well.

I'm not really sure which banks readily give credit for that income level. Since banks generally ask for household income, are there other sources of income you could add (maybe parents / SO)? That would make it much easier to get approved for new credit.

 

Just keep paying off balances on time, and give it a few months, your credit file will definitely improve. 

Message 3 of 4
Frequent Contributor

Re: Credit score established.What next?


@newbie1991 wrote:

Hello everyone.

 

6 months ago I got my first DiscoverIt credit card. I've been using it every month, paying off balances on time. I checked credit karma few days ago and I got my credit score established. It's 661 atm. 

 

Is this the right time for another credit account or should I wait for more. I'm curently 27 years old with a part time job. I make around 12k a year. Thank you so much!

 

Greetings!


If you’ve had the Discover card for 6 months they should be able to give you a FICO score, which is the score that banks and lenders actually look at, as opposed to CK’s VantageScore 3.0 score which is a good approximation but not exactly the number others will use to judge your credit worthiness. Anyway, if your score is high 600s, then it’s best to wait until it gets to like 690, but if you really want to add a card I’m sure another cashback card would be easy such as the CapitalOne Quicksilver or Citi Double Cash even. Good luck!

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