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Hello,
I am 18 and have had one secured credit card from CapitalOne for almost 4 months. As soon as I got the card I bumped the credit limit to $1,000 by depositing $800 from the $200 CL. I've been putting around $100 on it every month and have paid it as soon as I get my statement every month.
What kind of credit score can I expect to have once it hits about 6 months history?
@Anonymous wrote:What kind of credit score can I expect to have once it hits about 6 months history?
There's no way to predict accurately. Do you have anything else reporting aside from the CC? Where do you anticipate your balance to be at 2 months' out?
+1 Also be advised that scores are not the be all, end all. You will have an extremely thin file. You will need to build more accounts to beef up your CR.
From a credit scoring view, it doesn't matter if your credit limit is $200 or it's $1000, and it doesn't matter if the balance is paid as soon as you get your statement or by the due date. What's important is that you have a low utilization. A $1 balance on a card with a credit limit of $10 scores better than $4500 on a $5000 card.
As for getting more cards, you have your whole life ahead of you, but you have only one chance to see what your score is with your present lean file. Once the time is right, then apply for the best card you have a reasonable chance to get approved for.
My daughter got her first card last year when she turned 21. Credit Karma (not official FICO) reported her having a score in the mid-600's. She was given a starting limit of $700. She has made several purchases and paid in full each month. Her Credit Karma is now showing 721.
Don't believe this score is accurate, but hopefully it means she is making positive progress.