How will adding my first credit card affect FICO 9?

[FicoMike0]

If you take any of these steps, it would be great if you post the results. We can always use more data points. The fico9 results would really help.

I'll just add, manage reported utilization. Its usually reported once a month, when your account posts. Make sure you know that date. If you want an account with a $500 credit limit to report 6%, pay the balance down to < 500 x .06 = 30 a few days prior. Let it post, then pif before due date. It's the balance on that date that counts!

[Thomas_Thumb]

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@Zenoctra wrote:

I'm trying to refinance like 75000 in student loans and I need to increase my FICO 9 score to 720 for the lender I want to apply for. I don't know my FICO 9, but I know my FICO 8 is 710. I only have student loans at the moment and was wondering about how many points I could expect to increase by opening my first CC that I keep in single digit utilization.

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Having open and active revolving credit accounts is crucial for boosting credit scores starting with Fico 8. It is even a bit more important for Fico 9, Fico 10 and VS3, VS4.

Longer term (after 12 months) it could boost your score 50-60 points. Unfortunately, this will be offset by the new revolving account penalty (nominally 20 to 25 points) and potentially an inquiry (5 points).

I would guestimate a likely 25-30 point boost from current in score within 3 months after opening a revolving account assuming the account reports a balance between $5 and 9% of the card's CL.

[SouthJamaica]

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@Thomas_Thumb wrote:

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@Zenoctra wrote:

I'm trying to refinance like 75000 in student loans and I need to increase my FICO 9 score to 720 for the lender I want to apply for. I don't know my FICO 9, but I know my FICO 8 is 710. I only have student loans at the moment and was wondering about how many points I could expect to increase by opening my first CC that I keep in single digit utilization.

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Having open and active revolving credit accounts is crucial for boosting credit scores starting with Fico 8. It is even a bit more important for Fico 9, Fico 10 and VS3, VS4.

Longer term (after 12 months) it could boost your score 50-60 points. Unfortunately, this will be offset by the new revolving account penalty (nominally 20 to 25 points) and potentially an inquiry (5 points).

I would guestimate a likely 25-30 point boost from current in score within 3 months after opening a revolving account assuming the account reports a balance between $5 and 9% of the card's CL.

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+1 Agreed.