New Credit - Raise Score?

[Anonymous]

Good evening, everyone.

Is it possible to raise your FICO score when obtaining new credit?  My middle score is 675, and I'm applying for a mortgage through BoA, which has a minimum requirement of 680 for the particular offer I'm trying to get.  I noticed that when they pulled my credit report, it didn't include a credit card I received early last month (I know it's not good to apply for credit before getting a mortgage; the mortgage app wasn't planned on until May of next year - long story).

My only other card is one that I've had for two years, or so, but the limit is $600.  Util is under 9%.  The new card has a $7.5k limit, and will be under 9% on a monthly basis, as well.  I know that you typically see a drop with new credit due to it making your account age shorter, but could the increase of available credit actually increase my score?

Thanks, everyone!

Ryan 

[cobaltnv]

Hard to say. Some on here have reported seeing a small increase in score when adding a second card, so you might get a jump. I would make sure only one of the two cards reports a balance and keep in under 9%.

Good Luck 

[Creditaddict]

I would bet you would see an increase with such a nice new credit card.

worth paying the $12 and getting a fico report to prove yourself either way. 

[Anonymous]

How long does it normally take for a new card to post to your CR?

[cobaltnv]

Depends on the ccc. Usually they will report on your statement cutoff date.

[fused]

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IKnowDoYou wrote:
How long does it normally take for a new card to post to your CR?

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It can be a few days to a few months. Which CCC?

[Anonymous]

Capital One.  The odd thing is that my wife applied a few days after I did, and her card has been reported.  I figure any day now.

Thanks, everyone!

[Anonymous]

I just got a 15 point jump by getting a Discover card. However the downfall is another inquiry, but that is usually offset by the higher % in regards to your utilization.

[cobaltnv]

Congrats on the Discover card!  

Keep in mind that while a new card will decrease your utilization (a good thing) it will also decrease your AAoA (a bad thing). Depending on what your utilization is the new inquiry and  the lower AAoA will not always offset the lower % util. Therefore scores can go up or down with the addition of a new account.

The OP will likely not see an increase due to decreased utilization as his utilization was already below 9%. The OP's projected score increase was based on going from one to two cards which has been reported as having a positive effect on scores.

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@Anonymous wrote:
I just got a 15 point jump by getting a Discover card. However the downfall is another inquiry, but that is usually offset by the higher % in regards to your utilization.

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[Anonymous]

I got a +34 for the PenFed $500 overdraft protection.