i just got a credit card....is my credit score at zero???

Question

does your credit start at zero and just start working itself up?? how long will it take for me to build decent credit?

Answer 1

In theory, credit scores range from like 350 to 850 and lower scores are reserved for people who have derogatory information on their reports. If you just got a card the bureaus would likely say at this point that there is too little information for them to calculate a score at all; after you've been paying for a few months, your score will likely start off in the low 600s or so. Late payments and/or maxing out the card would take it down from there; paying on time and keeping the balance to less than 50% of the available credit limit will raise it. I've seen reports with only one or two tradelines that are in the very high 700s because they've been active for a long time and the payments are always on time. So, you don't have to open a lot of accounts to build your credit up.

Answer 2

NO your score is not at zero. If you are just starting out it could be in the 500 to 600..I dont think it ever goes under 500.

As for a great credit score here are some great points...

paying early
paying more than what they ask
paying the card off

If you pay just the minimum on a large purchase it may take a long time to pay it off and beware of intro rates..

I had a credit card that started at 5 percent for the first year then it went up to 30 percent.

Good Luck!

Answer 3

I deal with credit reports a fair bit. The answers that say you will have a rating in several hundreds are closer. It does not start at zero. And lower scores go to those with bad credit history. Bad debts, arrears debts, bankruptcies, small claims court judgments, etc.

If you "just" got a credit card, it will be listed, but with a code marking it with a status of "too new to rate". If you don't follow your agreement they will quickly mark it as in arrears. Bad Credit is reported faster than good credit. And as a credit card minimum payment is so obnoxiously low, I fail to see how people can let that happen. It will take 3 to 6 months before this is account is rated.

Your overall credit will be the same. A line will say insufficient history to rate. I would add a gas card or your favorite department store credit card to it and MOSTLY DON'T use it. A good job, slow use of credit, and always paying all your bills on time, and your credit will slowly build.

Answer 4

since you were issued a credit card your score is not zero; nor does your credit start at zero. I believe you can build decent credit if you pay at least the minimum balance each month on time for your new card. Make sure you pay all of your other bills on time as well...utilities, mortgage, car loan, student loans, ect.

What hurts your credit is when you pay late or apply for too much credit. For example, plan on not getting another credit card for at least 2 years. You can get your credit score from three different companies and they will give you tips on how to improve your credit and things to watch out for.

Good Luck

Answer 5

If you had not other loans or lines of credit, you score might have come back as a "no score" due to insufficient data. Even though many factors go into a credit score, having only one card but paying it off and not charging maybe 30-40% of the limit in any given month will cause your score to increase dramatically.

Answer 6

No, your credit scored is calculated out of a matrix of risk indicators. Typically anyone with new credit will start in the 400's and build their way back up to average US scores which are 675-680 range. It usually takes from one to many years of good standing terms with your credit card issuers and lenders to build a strong FICO score. You must have a good mix of debt (revolving accounts, installment loans etc), pay on time always, and by no means have balances above 80% of current credit limits. This is a good recipe for a good FICO score.

Answer 7

credit score starts at 300. this is the lowest. once you start using it and paying on time, it will grow. just remember to always pay on time and try not to get too many cards, and in about 1 yr time, u should have decent credit history. also major credit card are better than departnment stores cards, even though sometimes it is easier to get a department store card than a regualr card. except for sears which is the same card as discover credit card.

Answer 8

It does not start at zero. Get your credit score (freecreditreport.com) to know what it is now. If you make your payments on time for the credit card you will slowly build the score up.

Answer 9

No - you wouldn't be allowed a credit card if your rating was at zero but it will build up quickly from now on ...... SO LONG AS YOU PAY FOR IT!!!

You can check out your current credit rating for free at: http://uk.biz.yahoo.com/cr.html

Answer 10

Most likely you do have zero credit...

Um, all you have to do is pay on your card and it'll go up eventually...
I hear credit cards or slow, and making payments on Furniture or Jewlray is quicker in building your credit.
;-)
It looks best when you pay it all off, or pay more then the minimum amount due.
;-)

Good luck...

Answer 11

After you have paid on your card for 6 months being on time and paying more than the payment due that will give you an excellent credit score. check out this website:http://grmlbrowser.com/mini-sites/w/what-considered-good-credit-score-2.asp