Whether you have less than perfect credit or no credit at all, you can benefit from adding new, positive lines of credit to your credit report. The added availability of revolving credit improves your revolving credit usage ratio, which is a major component of your credit score (30% of your overall score). Also, since negative information can be reported for seven (some accounts like chapter 7 bankruptcies for ten years), with a new, on time, payment history, you can begin to establish a "New You", credit wise. Your payment history accounts for 35% of your score, establishing an on time payment history and building it over the course of months and years, will help by deemphasizing the older negative information and give more weight to the newer positive credit history. Raising your credit score can potentially save you thousands of dollars over the life of your loan if you are planning on applying for a mortgage or other loan within the next 3 to 6 months, these tools are a must have.