It all depends on what else is included in your reports. Yes, your utiliztion will decrease, however you will be dinged for an inquiry and one new account. These two items will follow your report for one year before the "newness" wears off. If you can keep your cc's new balances where they are or additional reductions, then the impact of the "new dings" may be offset. AS always, YMMV. I can say that last year, I opened 3 new accts, 2 of which were auto loans and one cc. When the oldest account aged to one year, (leaving 2 newer accounts less than one year) my scores went up 23 and 21 points respectively, with all other data the same. (util <2%, no late payments, all cc balances pif monthly and my home mortage reporting). The question for yourself is, will this save me a measurable amount of money and be of positive impact, (beneficial) to me in the near future?
Updated scores 3/7/21 TU 849, EQ 829, Ex 818 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
