Posts: 2,876
Registered: ‎02-02-2012
Re: By getting a new account will your fico scores go up?

Lil_Me wrote:

Ok by util you mean my other credit cards balances, correct? I have three credit cards that are maxed out and 3 store cards that are at %50 mark. I was just approved for two new cards with a low limit.

Yes, if you had 3 cards with 100 bucks each, and they are maxed out... you are sitting at 300/300.

If you just got 2 more cards with 100 each, then your total utilization would sit at 300/500.

Your utilization just went from 100% to 60%, but you still are using 100% of 3 credit cards.


What you are originally asking is quite a broad question and can be different depending on what your report and mix look like.

Follow my financial journey:

EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)