Do I need Another Card or Not ???

[mojo_ny]

Ok, So I have been scouring these forums for weeks and still can't come to a conclusion. I have many baddies I am working on and am starting to make progress. My scores are as noted in my signature. I have a mortgage for 154K , 50K in student/auto loans and a measly $300 dollar Cap one card. I paid my util down to 5% last week.

Do I need another card (my available Credit is almost non-existent to my other credit line types) I really would like to know if another card would help otr hurt me. I will go for a secured card if necessary. I can keep paying extra to the secured card to up the limit correct?

[guiness56]

I would try to get at least one more for now.   The CLs in and of themselves have no impact on your score.  But they will help with utilzation by increasing you overall limits and lowering your utilization.

[mojo_ny]

Thats what I am confused on.... So If I can keep my 300 CL card at 9% util then another card does my score no good? Even though my revolving credit is dwarfed by installment loans?

[guiness56]

No, it will do it good.  Having a second CC is a good thing.  Just keep one at a 0 balance the other at 9% or below.

I was making a general statement that a CL by it self doesn't help your score.  It is the other things that go with it that do.

Sorry I confused you.

[mojo_ny]

OK, So If I understand correctly... If my current card is at 5% util and I add a new secured card, and don't use it my score will dip from the inquiry then should go higher than beofre I had the card?