Hi I'm 20 and college student who is looking to improve his credit score.
I was looking to find ways to improve my credit score from what it currently is.
I purchased Score Watch 4/16/2008 and my score been hoping up and down depending on my balance.
I was thinking about opening a new CC in order to not have my score effected heavily because of the debt/balance ratio. I know opening a CC will hurt me short term, but will it be worth it?
I currently have 1 credit card @ 9.99% APR $3,000 Limit.
Here's my history:
Score Watch® Equifax
If that's the case, then you don't need another credit account. You're using 10% of your limit which is fine.
Although this is true, it probably would not hurt you to get another card. I only had 1 card myself for about 4 years. I applied for a second credit card and after being approved my score went up about 20 points for having more of a variety of credit.
I definitely agree with HTSU. I'm 23 and only had 1 CC until this past summer. In college, I had no lates or other baddies and always PIF, much like you. I got several new cards last summer with the intention of having them all age together for 5 years until I buy a house. If you can get another card or two now at age 20 and continue your responsible CC habits, you'll be in a great position after graduation with a solid credit foundation.
ETA: By looking at my scores, you're probably wondering why I got new CCs in the first place - well, I knew I would qualify for prime cards with great rewards and I plan to hold onto them for eternity. I figured I'd app a lot over the summer because right now I can take the score hit without any ramifications. That's the beauty of apping for CC while you're young and likely don't have any big purchases on the horizon.
I'm not sure if my college has a CU, i'll look into it Tuesday.
I'm currently a Sophmore @ San Jose State University.
By the looks of things, i might apply for the Citi Forward card.
Unless you guys have some better cards suggestions? !