credit cards

[Rico23]

Would opening a second major credit card hurt my credit?

[coldnmn]

It would lower your credit score because of the new trade line and inquiry(s) in the short term. But it would help long term if you are approved. But getting denied if your credit is borderline will hurt and the inquiry affects your Fico score for a year. It stays on your credit report 2 years.

[Rico23]

What would be considered borderline?

[ezdriver]

Anytime you add debt to your credit profile, your scores will take a hit. How much of a hit depends on what the rest of your profile looks like.

[Rico23]

The reason I was asking was because the first credit card i got actually made my score go up with both the inquiry and the new revolving account.

[Shogun]

If you didn't have any revolving accounts before, you might see a boost by adding the account.  Gives you a mix and revolving accounts are graded high.  Now if you already have revolving accounts, you might see aninitial drop due to the INQ and the decreasing of the AAoA.  Don't get discouraged, it's a necessary evil.  I know it stinks, but so does manure and you put it on the flowers to make them grow.  You need accounts to let your score grow too.