Repair Credit Score

Question: does getting a credit card lower your Credit Score?

its my 18th bday and i have a few questions about credit cards and credit scores. A- how can i find out my Credit Score? B- If i apply for and get a victorias secret or other stores credit card does just having the card lower my score or is it only if i dont pay it or get behind on payments? and lastly do i need to do something to raise my Credit Score before i can apply for a credit card?

Answer: This site has some good info on credit cards: http://www.federalreserve.gov/Pubs/shop/

You do not have a credit history and your score is 0. If you try to pull your Credit Report (AnnualCreditReport.com), you'll get a response that there's nothing. Even if you do get that credit card, you will have to use it for at least 6 months before it will be included in your FICO Score calculations. Your score still might not make it above the 300 mark (anything less than 300 defaults to 0).

A credit inquiry due to a credit application will ding your score a couple points. Making mulitple credit applications in a short period will take a big bite out of your score.

You will have problems getting approved for any credit card, especially with the new law that requires anyone under 21 provide proof of income or get a parent to co-sign. You may have to get a secured card -- you pay a deposit which is held as collateral against the line of credit. When you get the credit card, use it for small purchases and pay in full every month. In about a year, you will actually have a credit history and score and should be able to convert the secured account to a regular one.

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