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Will 1 New CC Hurt My Score?

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Valued Member

Will 1 New CC Hurt My Score?

I want to open a SECU credit card.  I only plan on using this car in extreme emergencies.  The main purpose of this card is so I can have it linked to my checking account for overdraft protection.
 
Will opening one new card hurt my score??
 
I only have two cards right now :
Orchard Bank - limit $250    Balance $0.00
Capital One - limit $700       Balance $36.00
Message 1 of 6
5 REPLIES 5
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Established Contributor

Re: Will 1 New CC Hurt My Score?

If adding a new account hurts it will only be short term being that you have little to no utility...But hopefully the experts will advise also..
TU 662 EQ 644
EX 643
Message 2 of 6
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Frequent Contributor

Re: Will 1 New CC Hurt My Score?

You may lose anywhere from few points to a handful of point to zero points for the new account and the inquiry, but within 6 months you should regain them and in a year you'll probably be better off after the status of the account is changed from "New Account" and the inquiry is no longer counted toward your FICO score.

All CRs are different and nobody can tell you exactly. With only those two cards I'd say that you are making a good choice going with a credit union.

What are your FICOs? CUs generally pull EQ...
Message 3 of 6
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Valued Member

Re: Will 1 New CC Hurt My Score?

Exp 665
Tu 584 (probably a lil higher now)
Eq 621
Message 4 of 6
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Frequent Contributor

Re: Will 1 New CC Hurt My Score?



@Clyons0203 wrote:
I want to open a SECU credit card. I only plan on using this car in extreme emergencies. The main purpose of this card is so I can have it linked to my checking account for overdraft protection.
Will opening one new card hurt my score??
I only have two cards right now :
Orchard Bank - limit $250 Balance $0.00
Capital One - limit $700 Balance $36.00





I would get one if it's ONLY for emergencies. On the up side, it will lower your util, which is good! =D
Message 5 of 6
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Regular Contributor

Re: Will 1 New CC Hurt My Score?

I got a Discover card not to long ago. The inquiry raised my score 4 points and when Discover report the new TL I got another 3 point bump. When Discover reported, they didn't report the credit limit and I still haven't received my card, maybe they will report all the info once I start using it and maybe my score will take a small tumble.
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
Message 6 of 6
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