ORIGINAL REDDIT POST
how do i bring my credit score up with a credit card?
i’m trying to get a mortgage but my lender says i need to get a credit score and boost my score by 60pts. how can i do this quickly? i’ve never had a credit card before.
i’m trying to get a mortgage but my lender says i need to get a credit score and boost my score by 60pts. how can i do this quickly? i’ve never had a credit card before.
Collected discussion
It won’t be quick, but you need to get a credit card, use it, and pay it in full monthly
is it better to pay it off right away? should i wait until the due date? also, is it better to make several purchases with it per month?
Using it is actually not necessary to build credit. The account builds positive history every month it is in good standing, whether it was used or not. A charge once a year to ward off closure for inactivity is all that is necessary. Or, put a subscription on it and then set it to autopay and you don’t have to think about it again (if your goal is only to build credit and not get other credit card benefits). Pay it by the due date. I usually set autopay to pay 2 days before the due date personally. There is no benefit to your credit for paying super early.
thank you so much this is very helpful :) i will start using this one and in a couple months i will get a 2nd one!
they actually said i needed to open a credit card and use it for 6 months to get above a 660. credit karma and equifax place me around 600 right now
need to get a credit score and boost my score by 60pts That doesn't make any sense. Either it shows you're unscorable or it shows a score and you need to bring it up 60 points to meet their minimum. /Or they're just wording things poorly.
Having a couple credit cards with very little balance will increase your score. Credit cards are fico scores friend. After your new account gets posted for first time. score will drop slightly but the next month or two it will go up probably 30 to 50 points depending on your utilization. You will also get hit with a hard inquiry so l would just apply for one card and wait it out couple months before doing 2nd one
Use it and pay it off completely every month so you don’t pay interest charges
The only thing that boost you score is using your credit responsibly and TIME.
you should slow down and take some time to learn about personal credit before making any moves
If you've never had a credit card before, building a 60-point increase "quickly" can be challenging, as it takes time to establish payment history. A good first step is getting a starter credit card, keeping your utilization low (ideally below 30%), and paying your balance on time every month. If you're an international student or a newcomer to the US with limited credit history, there are also credit cards such as the Zolve Credit Card that help you start building credit even before you get your SSN.