If I get my first and second credit card, will it affect my credit score?
I am 19 and I want to get my first credit card and possibly a second. Would it affect my credit score by getting 1 or 2?
I am 19 and I want to get my first credit card and possibly a second. Would it affect my credit score by getting 1 or 2?
Actually, you are best of by having 3, using all 3 BUT paying the full bill every month for all 3.
However, if you are likely to accumulate debt because you have access to easy money, I would recommend on not getting more than one.
Yes it will. The more credit to debt you have the better. In otherwords, if 5% of your available credit is wrapped up in debt, you’ll have a strong credit score. That’s known as your debt to credit ratio.
However, don’t use that as a license to start opening credit cards willy nilly. What is also important is that you pay the debt on the credit cards on time. Whatever you do, DON’T max out your credit cards, no matter how many you have. Always be responsible with how you use it. Credit is a wonderful thing, but very dangerous if used irresponsibly.
If you have several credit cards, only use one on a regular basis. Thats the best way to build a strong credit rating and good credit history.
just don’t be late with your payments and you can have 100 cards.
Credit cards at your age are very dangerous. Believe me I know. You have to ask yourself are you disciplined enough to resist using a credit card or if you do use will you not carry a balance. You are young it is best to stay away from them and learn to save/invest your money.
At first it will lower your score. Every time you apply for credit and they pull your credit report, it drops your FICO score a few points.
IF you pay the balance off on time each month, it will gradually raise your score.
As some ppl have mentioned it is dangerous to get credit cards at your age: a good alternative is get secured credit cards, which is where you give the credit company the money in advance and then when you spend money off the card, you are spending your own money. This is a good way to avoid going into debt, but watch out for fees! As with any credit card you should shop around for the best rates.