SOS- Recent Grad with Low Credit Score

For just about anything you want to get off your chest about credit cards.
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SOS- Recent Grad with Low Credit Score

Postby stressburger » Mon Jul 21, 2014 12:50 am

I currently only possess one line of credit- a Bank of America Visa credit card that I obtained in February 2013. I have no student loan debt and purchased an older practical car for cash. I have no loans as well. I originally was given a $900 credit limit, which was upped to a $2400 by Bank of America last month. Since opening this credit line, I have paid on-time every time and have not placed over $500 a month on this card. More often than not, I will only spend $200-300 a month on the card. There were some issues with being re-mailed a replacement card and I have not had a single purchase on the card in the last three months. (I mention this because I believe this may have negatively affected my credit score.)

I recently opened a Verizon Wireless account and was mailed a letter that stated my "Verizon Wireless credit score was 462" based upon the information provided by Equifax. I haven't checked my credit score since opening my credit card account but I would assume that my credit score would at least be in the low 600s. It's currently almost 2 a.m. now where I live but I wanted to get this posted in the meantime before I can gather more information in the morning. So, I have a few questions for you guys...

1). Could my three month hiatus from credit card purchases driven my score down?
2). In what ways could I raise my credit score?
3). I plan to become a first time home owner a year from now. Is it wise to open another form of credit? If so, what kind? Or will the decrease in my average credit line life decrease my success of obtaining a mortgage?

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Postby MemberSince99 » Tue Jul 22, 2014 5:46 am

Your "Verizon Wireless Credit Score" is meaningful only to Verizon Wireless. The only scores that much matter are FICOs and even how much they truly matter is debatable.

A 3 month "hiatus" from spending on credit cards isn't a problem. Worrying about meaningless scores is a problem. I'd get a copy of my FICO scores and reports and make sure you don't have baddies you didn't know about reporting and see what the REAL scores are, not Verizon's score which no one else on the planet is going to know or care about.

How do you raise your score? By making all your payments in full and on time over time, every time. Keep you utilization low and don't get baddies on your reports. Don't apply for a bunch of credit you really don't need. Do these things over time and your score simply must increase.

If you are going to buy a year from now then new credit now won't hurt that. However, why not be SURE you have a problem in the first place - get your FICO scores and look at your reports for baddies. Determine if you actually have an issue. What if Verizon's scale is say 200 to 600 then your score isn't so bad. Be sure you actually HAVE a problem before you go trying to solve it. Just my view best of luck.

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