Is it too late to get a "good" credit score?

[justint95]

I have 5 hard inquiries on my credit profile before I got my first credit card and I am currently on my second month of my first credit card. I pay full and on time every month when my statement is out with low utilization. Is it still possible to get a "good" credit score, or do you think it's too late? I was unaware of credit inquiries until I looked at a website called creditkarma.com. 

[Sandman771]

I think you need that CC for six months before you will generate a FICO score. So be patient keep doing what you are doing for five more months then you can apply for one more card and see what happens. Or ask for increase on current one. 

[SouthJamaica]

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@justint95 wrote:

I have 5 hard inquiries on my credit profile before I got my first credit card and I am currently on my second month of my first credit card. I pay full and on time every month when my statement is out with low utilization. Is it still possible to get a "good" credit score, or do you think it's too late? I was unaware of credit inquiries until I looked at a website called creditkarma.com. 

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Don't worry about it. The impact of inquiries ages off quickly.

What kind of credit card is it?

[justint95]

It's a Discover It Student Credit Card. 

[CreditGuyInDixie]

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@justint95 wrote:

I have 5 hard inquiries on my credit profile before I got my first credit card and I am currently on my second month of my first credit card. I pay full and on time every month when my statement is out with low utilization. Is it still possible to get a "good" credit score, or do you think it's too late? I was unaware of credit inquiries until I looked at a website called creditkarma.com. 

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We are assuming that this is the only account on your reports.  That's probably true, but not necessarily.  Although the Discover is your first credit card, you might have another account that is older.  For example, if you took out a student loan last fall, then your first and oldest account would be the student loan -- and you would by now already have a true FICO score.

Glad you have found out about Karma.  It's a good site.  Very helpful for pulling your reports as often as once a week.  I'd ignore their scores if I were you, since they are not FICO scores and almost no lenders use them.  But the reports are great.

[SouthJamaica]

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@justint95 wrote:

It's a Discover It Student Credit Card. 

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Good starter card. Build a good history with it. You're on the right track. Don't sweat it about the inquiries.

[mitchblue]

Never too late. I had no credit report in 2013, I was 47. Just years of no credit card, no loans, and disabled (so low income).. My score now is 790+.. Just patience, and use card on normal spend. It'll get there.

[CreditGuyInDixie]

Hi Justin.  We can outline a very simple actionable plan that would work well for a beginner.  With this plan you would have a high score fairly soon.  Let us know if you are interested.

To move ahead with that, we'd need you to pull your reports on Karma and confirm that you have only one acccount -- and that this account is your Discover card.  And we'd need to know the month you opened it.