My scores.

[Anonymous]

Hello everyone i am 19 years old and i just checked my credit score with myfico i was wondering is it right.?  it said Equifax 690 , Transuion 695, experian 715. I have the capital one platinum credit card.

[NRB525]

Welcome, and yes, that's an accurate set of FICO 8 scores, used for credit cards. The actual scores for other types of borrowing such as mortgages and auto loans may be different, they are measured with different criteria.

Your scores are typical of someone just starting to build credit, when the person has no negatives. This means, and you probably already know this, that the most important factor in credit scoring is whether the person has been late or missed any payments in the past. If you do that, always pay on time for any debt obligation you take on, then your scores will improve over time as you build more payment history. When just starting out, your "average credit" will be in the range of 700, it's almost a gimmie until other factors change the score, either negative (lates) or positive, more time with positive payments.

[Anonymous]

Okay. Thanks I am glad to be starting some credit.. Hopefully i can get a car loan soon!

[CreditDunce]

Your scores are probably high enough now for a car loan.   However, you might not get the best rates available.  If you have some money saved for a down payment, you might want to think about adding a shared secured loan to your portfolio.    It does cost a little bit in interest, but it should help you get a better rate for an autoloan. The way it works is you give $500 to your credit union.  They give your money right back as the loan.  You then pay off all but $45 dollars of the loan.  It will give you a nice boost to your FICO 08 scores.  Plus having an installment loan on your credit report will help your FICO 08 autoloan enhanced scores. 

For more details on how it works you can read the following threads:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/penalized-for-not-having-installment-loan...

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/...

I normally recommend you start a relationship with your local credit union.  However, if you don't have any good local options, here are a few national options:

http://ficoforums.myfico.com/t5/General-Credit-Topics/Comparison-Share-Secured-savings-loans/td-p/40...

It is critical that you do not open more credit cards than you can manage right now.  The last thing you want is to miss payments or to start carrying a balance.  Either can haunt you for years.  However, if you have managed your Cap1 card well for the past year, it is probably time to think about adding a second or third credit card.   I personally think Discover is a good second/third card.  There is no guarantee they will approve you, but Discover seems to like young, clean credit profiles.   There are several other student geared cards you should consider, too.   Over the next couple of years, you should try to establish about 4 total anchor credit cards that you can keep for life. 

[Anonymous]

Okay thanks... i will wait untill have i a job to get a car loan cause i just have a student check right now... And i am going to just have one credit card for right now.

[Thomas_Thumb]

Good approach.

However, you may want/need a car sooner than later

My daughter, 20 at the time now 21, got her 1st job working as a CNA part time while attending college. After a couple months taking public transportation at 5 AM and having to deflect unwelcome propositions, a car became a priority.