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Established Member
Posts: 17
Registered: ‎05-29-2008
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Would another credit card improve scores?

Like the rest of us, Im trying to get my score up in a short amount of time. Im wondering if I should apply for another credit card to add to my credit mix.  Right now I have a car loan, student loan and my one and only orchard bank cc (secured $300.00 limit) which was issued in May.
 
Right now my scores are: 7/17/08   TU 652  EX 624  EQ 623
 
Im trying to get my scores above 650
 
Any help would be appreciated
Established Contributor
Posts: 993
Registered: ‎04-01-2008
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Re: Would another credit card improve scores?

The problem is...when you get new credit, most of the time you lose points because your Average Age of Accounts drops. How old are all of your other accounts?
 
I only had one charge card and I when I added a regular credit card my score actually increased by 7 points. But I think that was also the difference in utility and the 'mix factor'. Because charge cards (store cards) are actually scored less than cc's.
 
How much of a balance do you carry on this card? If you keep it at less than 4% you'll get the most points for it.


1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

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Established Contributor
Posts: 683
Registered: ‎04-05-2008
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Re: Would another credit card improve scores?

In my case, I only had student loans reporting (and a car loan which was being paid through my Ch 13 BK plan). I got 3 new CCs. Two of them are reporting and my scores before app'ing were EQ 649 TU 653 EX 609 (May 2008). My scores now are EQ 691 TU 682 EX 694. Not sure what will happen once WaMu finally reports, but I can't see taking a hit for it since it will be helping my util. I should know soon enough.

Starting Score: TU 723, EQ 708
Current Score: TU 796, EQ 743
Goal Score: TU 800, EQ 800


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Starting Score: 708
Current Score: 743
Goal Score: 800


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Valued Contributor
Posts: 1,126
Registered: ‎03-25-2008
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Re: Would another credit card improve scores?

As long as your average age is already fairly low, you will usually see scoring INCREASES for adding your first two bank cards and your first store/gas card.
 
If you feel your scores are solid enough to get a card you want without annual fees, or to pick up a secured card with a bank like BoA that will grow with you, it might behoove your scores to go ahead and do it.

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