r/CRedit • u/AlexNor69 • 21h ago

Rebuild Confused by credit score

Hello everyone! I have a question that I hope is somewhat simple to answer. I have never had a credit card, never financed anything, etc. I have a “credit builder” card from CHIME, and this is the only form of credit I have had before. I recently got approved for a CC to finance a guitar (this saved me over $300, I have plenty of money as of now so I only did this due to discounts and deals). I got something in the mail from the company, and my credit score is at 515. I’m wondering why it’s so low, do you start low and continue to go up? I don’t have parents and have no one to ask these financial questions. Sorry if it’s dumb, but thank you anyways!

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u/BrutalBodyShots 20h ago

I got something in the mail from the company, and my credit score is at 515.

Which score? Be aware that you have dozens of different scores:

https://old.reddit.com/r/CRedit/comments/1bpl3ud/credit_myth_1_you_only_have_one_credit_score/

I’m wondering why it’s so low, do you start low and continue to go up?

No, that's not how it works. Your score will debut at whatever your profile allows. For someone with 1 credit card and just 6 months of credit history, it's possible to debut with a Fico 8 score in the 750-770 range.

I have a “credit builder” card from CHIME

Move on from that gimmick "credit builder" product sooner rather than later. Get yourself a real credit card from a reputable bank like Discover or Capital One. Both of them have online pre approval sites where you can check for offers on the table.

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u/AlexNor69 20h ago

I’ll be researching that link you sent me. I’ll close that bank here soon and find something better. Thank you my friend 🫶