Just signed up for a costco american express card ????

Question

so i have been trying to raise my credit so i can finance a motorcycle i was told that if i opened up an amx car through costco it would actually raise my score a smidge if i was approved, so i was approved but is this true? i always thought when u opened up an account it lowered it ,

i plan on using this card every month mainly for gas and what not and have it payed off on time but i was just curious if this is a good move to build credit sooner, ps i already have an auto loan with my dad as a co signer, thanks !

Answer 1

To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score you'll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.

http://best-loans.awardspace.com/credits...

In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.

Answer 2

it helps because it shows that you are trusted with credit and if you handle it responsibly it will increase your score. Activity will increase your score if you pay it after you get the bill. then it has time to hit the credit bureau with the balance and show that you paying it consistently and not letting the balance get high.

Since you are focused on having good credit, remember not to let your balances go above 33%, if you have to go above that do not go over half of what the limit is. This will show that you are not an exorborant spender and you will be trusted with more money and higher limits, and command much lower interest rates.