Reply
New Contributor
Posts: 63
Registered: ‎12-07-2007
0

what is better to do----have two new credits of 5000 or one new of 10,000

what is better to do----have two new credits of 5000 or one new of 10,000 to help score
Senior Contributor
Posts: 3,432
Registered: ‎08-27-2007
0

Re: what is better to do----have two new credits of 5000 or one new of 10,000

really depends on you overall goal. are you talking secured or unsecured? are you trying to establish good accounts to dilute bad ones? are you trying to get a high credit line to nudge others into going higher?
Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: what is better to do----have two new credits of 5000 or one new of 10,000

I guess it depends on how many you have now. If you already have a bazillion, adding two might get the red flag for "too many accounts." If you only have a few, it would probably help to add two, as sometimes people get carped at for insufficient revolving TL's.

So for straight scoring, any difference would occur in one of those situations. For most people, it shouldn't have an effect.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
Posts: 8,178
Registered: ‎03-25-2007
0

Re: what is better to do----have two new credits of 5000 or one new of 10,000

Depends also an current average age and number of cards - 2 new one's hit age more than one new one
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Epic Contributor
Posts: 20,109
Registered: ‎03-19-2007
0

Re: what is better to do----have two new credits of 5000 or one new of 10,000

If you have one card with a 5000CL that has some age on it, it is generally better to get a CLI of 5000 on that card than to open a new card with a 5000CL.  Total CL will be the same, and yet your avg date of credit will not be reduced.  While you will probably be hit with a hard inq. for the CLI, you will also be hit with a hard inq for the new card.  Go first for a CLI on the exisitng card.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.