Will getting another credit card help my credit score?

[Anonymous]

Hi

I have one credit card with around $5,000 credit limit.

I am using it in full but pay my entire balance on time every month when getting the monthly statement.

Will getting another credit card (say another $2,000 credit line) help my credit score?

My expenses will stay at $5,000 and will not increase.

Thanks

[fused]

Welcome to the forums!!!!!

You pay your CC bill after you receive your statement, right? Do you know your FICO scores right now?

[Anonymous]

I pay my CC after I receive the statement.

My score is around 660.

On the credit report one of the key factors have been: "proportions of balances to credit limits is too high on bank revolving or other revolving account".

[fused]

What many of us in the forums do is pay off or pay close to the whole balance several days before the statement cuts. This ensures that a $0 balance or a low balance gets reported to the credit reporting agencies. Almost all credit card companies report your "statement" balance. I bet if you paid your CC this way, your scores will improve. Your 660 score, where did you get it from?

[Anonymous]

I do pay off the entire balance before the statement's due date.

I got the report on the net from Equifax.

[fused]

---

@Anonymous wrote:

I do pay off the entire balance before the statement's due date.

I got the report on the net from Equifax.

---

Okay! Since you are not paying off your balance before the date of your statement (not the due date), your report is showing a balance and this is lowering your score. The EQ score you got may or may not be an EQ FICO score. I suspect your score is probably not a FICO score, instead its a FAKO score. For more info, please look at the son of credit scoring 101 in my siggy.

Do you have any negative stuff on your reports? If so, what are they and how old?