Credit Score

A credit score is a mathematical calculation based on items included in the credit report such as account payment history, account balances, inquiries, and the length of history.

In general, a score of 700 is considered a healthy score and usually a score of 660 is what you required for conventional mortgages. The credit scores are updated as the data are accessed. Since the scores are based on credit report the frequency of updates are based on the timing of credit report updates. The credit reports are typically updated monthly.

Before you decide to build your credit history, it is a good idea to evaluate your current finance position. Check your credit reports to see if you may have an old account or some records in your name already. Keep in mind that if you are not financial stable enough to use credit responsibly it may be best to wait until your situation improves before opening an account.
Using your new credit card responsibly each month will help you build a healthy credit score. The best way to build your credit score is to use your first card for a small monthly bill and pay the bill on time.