What is my score going to do with new CC?

[Anonymous]

I am just wondering what I can expect from a new cc being added to my credit report?  I have no existing revoling tradelines.  I know I will take a hit for the inquiry but after it starts to report, will it help my score? 

It is only a 500 CL and I have read to use less than 9% of it each month.  So I don't pay it in full each month right?  I need to show it having a balance for this to work in my favor right?

[cf2701]

I am going to let the pro's answer your question for certain because I am new here.  However, if I understand correctly you actually want to pay in full each month always, if at all possible.  You want to keep util below 10%, yes.  

[MarineVietVet]

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@Anonymous wrote:

I am just wondering what I can expect from a new cc being added to my credit report?  I have no existing revoling tradelines.  I know I will take a hit for the inquiry but after it starts to report, will it help my score? 

It is only a 500 CL and I have read to use less than 9% of it each month.  So I don't pay it in full each month right?  I need to show it having a balance for this to work in my favor right?

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Since this will be a new and your only revolving account then IMO the small ding you might from the new account will be outweighed by the benefit of having revolving credit.

Just treat it wisely and you'll do fine. You can use it as much as you want duriing the month but just make sure you pay the balance down to the desired level (<9% seems to work well for most people but you might have to play with the percentages for a few months to see what works best for you) Then pay the balance in full before the due date to avoid any finance charges.

Congratulations on the new card!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

It takes 6 months of reporting in order to generate a credit score. Therefore you can't have a dip in score when one can't be generated.

[tntexans72]

I wouldn't worry too much about it. Get the card, use it but don't go over the limit and pay your statement on-time. Now, at 6 months statement, pay it down to zero and apply for another CC. You want to have a few revolving CCs to help improve on your AAoA and revolving CL thus..improving your credit score over time. Just remember, don't miss any payments or you will start back to ground zero.

[Anonymous]

I keep below 30% myself...which is what Ive read in a lot of credit building material as far as cards are concerned.

Also paying off the balance each month is a huge plus, but always pay more than the minimum as a minimum payment can send a red flag that youre in financial trouble.

A credit card can really help if your score is less than excellent if you use it a lot and pay it off every month.