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FrugalRican
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.

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