Credit Score and Open Account

[TryingVeryHard]

I have been approved for 2 credit cards totaling 3000$. Will it be bad for my score to keep them just to lower my Credit Utilization? I do not intend to use them often.

Message Edited by TryingVeryHard on 12-18-2007 06:58 PM

[Anonymous]

You have already taken a ding on your CR's for the inquiries. However the effects will lessen within the year.

Increasing your tradilines, increasing your cl's will reduce your utils which is always a good thing, as it accounts for 30% of your FICO scores:

http://www.myfico.com/images/CreditEducation/ce_scorebreakdown.png

[fused]

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TryingVeryHard wrote:
I have been approved for 2 credit cards totaling 3000$. Will it be bad for my score to keep them just to lower my Credit Utilization? I do not intend to use them often.

Message Edited by TryingVeryHard on 12-18-2007 06:58 PM

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Depending on how much improvement was made in your util, it's possible your scores could improve. Significantly decreasing util will outweigh the dings from a new inq and new account reporting.