First Credit Card Ever - Discover It Card Since August 2014 , $500 Credit Limit, 565 Credit Score

[Anonymous]

Hey everyone! I am 19 and a college freshman and active entrepreneuer. I applied for my FIRST ever credit card at the end of August 2014 and received a Discover It! Card .

My credit limit was/is $500 and I have not exceeded it, nor applied for an increase - my minimum payments are around $35 per month, which I have been fine with and on time - except for when money was transferred from my wrong babk account once .

Is a 565 score "Good" for someone like me? I RARELY use the card anymore, and am working on bringing my utilization rate down to 30%

Suggestions? Thoughts? I am a VERY careful spender and don't live in luxury at all

[gdale6]

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@Anonymous wrote:

Hey everyone! I am 19 and a college freshman and active entrepreneuer. I applied for my FIRST ever credit card at the end of August 2014 and received a Discover It! Card .

My credit limit was/is $500 and I have not exceeded it, nor applied for an increase - my minimum payments are around $35 per month, which I have been fine with and on time - except for when money was transferred from my wrong babk account once .

Is a 565 score "Good" for someone like me? I RARELY use the card anymore, and am working on bringing my utilization rate down to 30%

Suggestions? Thoughts? I am a VERY careful spender and don't live in luxury at all

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welcome to My Fico

565 is a poor score for anyone ( I am assuming you get the score from Discover).  Bring that utilization down to no more than 9% of 1 cards CL reporting. What else is on your CRs besides this card, namely derogs???

[Anonymous]

All the major credit reports say there is nothing available for me to see

What are derogs?

[gdale6]

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@Anonymous wrote:

All the major credit reports say there is nothing available for me to see

What are derogs?

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Derogatory or negative accounts, ones that are not paid. Ok so you have just the one card then, you need to get at least 2 more to drive your Fico score higher, dont get why you cant see anything on your CRs that Discover card should be showing on it, you cant get a score if its not on file.

[Anonymous]

Why coud my score be so low? Should I be worried/concerned? 

[Anonymous]

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@Anonymous wrote:

Why coud my score be so low? Should I be worried/concerned? 

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well u need credits for bascially everything nowadays, car/house being the most obvious.

[Anonymous]

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@Anonymous wrote:

Why coud my score be so low? Should I be worried/concerned? 

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Your score is low because you have no real history; just a few months with one credit card. Unless you have an immediate need for credit, there is no need for concern. Just get the card paid down to only a few dollars, keep using it but keep the balance low, and your score will start to climb. Then in six months or so, maybe look at applying for a second card.

[NRB525]

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@Anonymous wrote:

Why coud my score be so low? Should I be worried/concerned? 

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Congratulations on getting the Discover card. With a $500 limit, and just starting out, you don't need to worry about keeping the balance extremely low. You should only charge items on it that you can pay on the next statement. Your score is low because you have limited actual history with making monthly payments. Every month that you have an item on the statement and make the on-time payment before the due date, you will add another month of positives, and your score will steadily climb.

If you miss a payment, that is a derogatory, very bad. Just don't miss a payment and you will be fine, even if you have a statement amount of $450 one month and PIF that amount. Discover likes to see the card used, but again, you should only use it for amounts you would normally spend, and then PIF every month.

[Gunnar419]

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@Anonymous wrote:

Hey everyone! I am 19 and a college freshman and active entrepreneuer. I applied for my FIRST ever credit card at the end of August 2014 and received a Discover It! Card .

My credit limit was/is $500 and I have not exceeded it, nor applied for an increase - my minimum payments are around $35 per month, which I have been fine with and on time - except for when money was transferred from my wrong babk account once .

Is a 565 score "Good" for someone like me? I RARELY use the card anymore, and am working on bringing my utilization rate down to 30%

Suggestions? Thoughts? I am a VERY careful spender and don't live in luxury at all

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What happened with this transfer? If your payment ended up being 30+ days late or was returned, this could be a very, very bad thing. One card only a few months old and already a late payment could account for such a low score.

If (I hope) that bad transfer was only a glitch and you never had a late reported, good. That's definitely a low score, though, and something besides brand new credit is probably causing it.