How does a hard credit check effect you if you don’t have a FICO score?
I tried applying for two retail store credit cards with a parent as a co-signer. I was not eligible for either of them. When I check my credit score, it shows that I don’t have enough information to generate a FICO score. I just applied for another credit card and was able to secure one. Will this have a negative effect on my credit as I start building good credit? What woyuld be more beneficial: building a credit history sooner through small transactions, or waiting six months?
Start using your credit card and pay it off in full every month. The credit-rating companies are looking for responsible behavior and as long as you are consistently paying your bills, the good score will follow. But it will take time as excellent credit is the result of years of responsible behavior.
As an aside, you can still have OK-good credit if you run a balance on your card every month, as long as you make regular payments. But credit card debt is a very expensive trap to fall into, and very difficult to get out of unless your lifestyle expenses are well below your take-home pay. Interest can be over 20% and will eat you alive. So don't start.