Does Opening a New Credit Card Ding Your Credit Score?

Discussion in 'Professional Trading' started by DataCruncher, May 22, 2008.

  1. let me know your experiences with this. I only currently have 1 credit card.
  2. GTS


    "Forums ›› Trading for a Living ›› Career Trader" :confused:
  3. sorry didn't know where to put it
  4. It probably wouldn't make too much of a difference. If you have several cards already it would probably hit your score a little. However, there is actually a negative factor of not having enough credit accounts so with one card you might be in that category depending on what else you have open. I use Equifax Score Watch and they have a tool that you can run to see what would happen to your score under different scenarios. You might check out a service like that if you want to get more information.
  5. GTS


  6. cstfx


    opening new card will knock about 10 pts off the score which could take 6 months or more to regain, especially if you use more than 30% of available credit when they report to agencies. If your credit is spectacular, not a bog deal, but if your are Alt-A or subprime, it hurts.
  7. Boosting your aggregate available credit can boost your score. Responsible use of the credit will boost your score even more. You should have atleast a Visa, Mastercard, Discover and maybe an American Express card so that you'll always be able to use one of them whereever you are. :cool:
  8. I am thinking of requesting a credit limit increase on my current card in order to optimize my credit utilization ratio.
    However I am worried that the request for a credit limit increase will itself ding the score. Will it?
  9. ? limit increase on one card instead of having multiple cards? utilization ratio?......What is your obsession with the score?.......are you going to apply for a mortgage? bankruptcy on the horizon for you?........go to or and look for articles that have to do with the calculation of the score. :confused: