Quick Q: Will a new CC raise score?

[BrandonSS]

I've been searching for this but can't seem to find it... I'm sure its been covered so I apologize. 

I don't have a credit card open.  Well, I do now.  I just got a Capitol one card, small $300 limit, but a card none the less.  Will this raise my score off the bat?

Thanks to everyone, this board has helped so much!!

EDIT: UPDATE - Raised my EX FAKO 20 points... but raised my EQ FICO 19 points from 644 to 663!  I let $8 report on my statement.

[haulingthescoreup]

Yes, if you previously had no open revolving credit (CC's, lines of credit), a new card will help. It's very possible that you won't even see an initial score drop, depending on your lenght of credit history, etc. If you do, your scores should bounce back very quickly once it starts reporting.

[BrandonSS]

thanks for the reply.  My average age of accounts is 5.5 years with the oldest being 7.5.  I've paid off all but one small collection from 2004.  Score has recovered to around a 610 (was 540 a couple months ago prior to pay offs) across the board.  How much do you guesstimate the score should go up?  maybe 5 points?  or more?

[Anonymous]

DH's score went up about 20 points when opening his first bank card.  FICO likes to see one - and you only need one to satisfy them.

Good move!

CL doesn't matter, BTW.  A $300 CL bank card qualifies as well as a $30,000 CL card.

[BrandonSS]

thats good news.  When will the FICO go up?  After the first statement from my CC?

[haulingthescoreup]

You have three FICO scores, one for each bureau.

Cap One reports the balance that is on the statement, and they update that night, so EX will probably post it that night or the next morning. EQ and TU like to piddle around, sometimes up to two weeks, before posting, although recently they seem to be within 5 days or so on my accounts. But that's no guarantee of future performance, as the stockbrokers like to say.

[llecs]

To add, I came on here with no open TLs, and a bunch of baddies. Once I opened my first CC, my score spiked by a good deal (solid double-digit gain (40-50?)).

[BrandonSS]

bump from the dead.

When will my credit card show up on my CR?  I opened it early this month, still have no statement, but I have paid the member fee and charged just $17 worth of gas (topped off my tank) to the card to get it between 1-9%.  I think the woman on the phone said my statement should come out tomorrow, the 21st.  Does this mean it should report then?

Currently they still shows I have no revolving accounts.

[Anonymous]

---

@BrandonSS wrote:

bump from the dead.

When will my credit card show up on my CR?  I opened it early this month, still have no statement, but I have paid the member fee and charged just $17 worth of gas (topped off my tank) to the card to get it between 1-9%.  I think the woman on the phone said my statement should come out tomorrow, the 21st.  Does this mean it should report then?

Currently they still shows I have no revolving accounts.

---

Most cards report to the CRA's on the statement date but not all. Once the issuer sends information to the CRA's they still have to update their records. IME (In my experience) that is usually in less than two weeks but it might be different for you.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[BrandonSS]

Ok more clarification just to be sure...

I called Capital One and asked about dates.  Today, the 21st, is my statement date and she said they send the information to the CRA today as well.  So, does that mean I can pay my balance now?  I only have a $21 balance, which is 7% utilization.

Just trying to get this system down. 

Also, when I called it gave me an option to request CLI.  Does a CLI request hit your credit report badly?