akhileshnair01 wrote:When I checked with credit union they said only after 6 months after starting your first credit, the score will be updated. Is this right?
You need at least 6 months of having an active credit account in order to have a FICO score generated. If it doesn't exist it cannot update.http://www.myfico.com/crediteducation/q ... score.aspx
akhileshnair01 wrote:I am planning to apply for more credit cards before my credit score/credit history get updated. Will this make any impact on the credit score which is going to get updated next month?
If course. See also:http://www.myfico.com/crediteducation/w ... score.aspx
If you're approved new accounts will drop your Average Age of Accounts (Length of Credit History) and there is an impact from having new accounts on your reports. The hard pulls will also have a bit of an impact.
If you profile is that thin and new you shouldn't be applying for a bunch of cards. Apply for one. Apply for another down the road. You need to gradually add accounts.
Always consider the specific scoring model and CRA when referencing scores. Don't just rely on FAKO and FICO. There are many scoring models used by creditors. While most use a FICO model, not all do. Even FICO doesn't have just one scoring model used by creditors. You also need to consider the relevance of a model/CRA combo to a given creditor/product.
Credit Karma provides a TU VantageScore 3.0 and a EQ VantageScore 3.0. Discover Score Card provides an EX FICO 8. Any of those 3 scores are only relevant to creditors that use them and not relevant to others -- same as with any model/CRA combo out there.