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Will getting another CC increase score

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Regular Contributor

Will getting another CC increase score

Okay will getting another card help me??
 
TU 657, EX 645, EQ 683
 
 
All cards have no balance except JC Penney's has $19.00, I actually charged on it and received a fico alert that my score increased by 7pts.
 
JC Penney $150   since 7/07                         
HSBC Visa $300 since 6/07
HSBC Visa $750  since 6/07
BofA Plantinum Visa $2500  since 2/07
Bof A Worldpoints Visa $2000 since 9/07
Target $200.00
 
Current past yrs on mortgage and car note.
 
Message 1 of 11
10 REPLIES 10
Senior Contributor

Re: Will getting another CC increase score

I have not seen a score increase with more than 6 credit cards. You need to know your average age of all your accounts. If less than 1 year, a 7th could help prevent score drops due to a thicker average age later about 5-10 years from now. If more than 1 year in average age it probably would just lower your score. But in the next few years it probably won't help much at all and probably just lower your score for the next 12 months. However.... If you got all 6 cards in the past 6 months, I would get the 7th and keep it for every so in 10 years you have another account 10 years old to add in to the average.

Either way a 7th credit card will not boost your credit score right now unless you are using the new credit card to increase over all credit lines to lower UTL ratios debt to total credit for when you spend more money. I believe anything over 6 cards only effects average age of accounts not scores. 6 cards is a very good number to have.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 2 of 11
Senior Contributor

Re: Will getting another CC increase score

Yea I just saw the mortgage and car loan. Those sound like they are older than 1 year. I would stay where you are with 6 cards. New credit card accounts will lower your average age and not gain points. I only recommend for people to apply for more cards if the benefit of a larger credit line out weigh the loss of average age and a new account with inq.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 3 of 11
Frequent Contributor

Re: Will getting another CC increase score

I highly doubt adding any more cards will increase it right now. The only thing that will really increase it at this point is time. After the cards have been open for 6 months you should see and increase then an even bigger increase at 1 year and then at 2 years probably another increase. This is assuming you keep a low utilization...
Message 4 of 11
Senior Contributor

Re: Will getting another CC increase score

You might want to combine those HSBC limits if you can. With the small limits you pretty much lock yourself into lower approval limits. I would wait on new applications.
Message 5 of 11
Moderator Emeritus

Re: Will getting another CC increase score



2IMPROVE wrote:
Okay will getting another card help me??
 
TU 657, EX 645, EQ 683
 
 
All cards have no balance except JC Penney's has $19.00, I actually charged on it and received a fico alert that my score increased by 7pts.
 
JC Penney $150   since 7/07                         
HSBC Visa $300 since 6/07
HSBC Visa $750  since 6/07
BofA Plantinum Visa $2500  since 2/07
Bof A Worldpoints Visa $2000 since 9/07
Target $200.00
 
Current past yrs on mortgage and car note.
 


You have some nice cards. Will it help your scores to get one more, I say no because you will have a new account and your credit file will re-age and probably lower your scores. Is there a particular need for another card, are you looking for some perks that interest you.
Message 6 of 11
Frequent Contributor

Re: Will getting another CC increase score



@smallfry wrote:
You might want to combine those HSBC limits if you can. With the small limits you pretty much lock yourself into lower approval limits. I would wait on new applications.



HSBC isn't very nice about this. Are those "real" HSBC cards or Household or Orchard cards? HSBC will allow you to combine cards, but they do not guarantee that you will get the entire CL. So if you were to try and combine the 300 CL into the 750 CL you could wind up with only a 750 CL.
Message 7 of 11
Senior Contributor

Re: Will getting another CC increase score



@db23 wrote:


@smallfry wrote:
You might want to combine those HSBC limits if you can. With the small limits you pretty much lock yourself into lower approval limits. I would wait on new applications.



HSBC isn't very nice about this. Are those "real" HSBC cards or Household or Orchard cards? HSBC will allow you to combine cards, but they do not guarantee that you will get the entire CL. So if you were to try and combine the 300 CL into the 750 CL you could wind up with only a 750 CL.


Tell you what. I'd close 'em and get some other lines like Citi or Chase.
Message 8 of 11
Frequent Contributor

Re: Will getting another CC increase score



@smallfry wrote:


@db23 wrote:


@smallfry wrote:
You might want to combine those HSBC limits if you can. With the small limits you pretty much lock yourself into lower approval limits. I would wait on new applications.



HSBC isn't very nice about this. Are those "real" HSBC cards or Household or Orchard cards? HSBC will allow you to combine cards, but they do not guarantee that you will get the entire CL. So if you were to try and combine the 300 CL into the 750 CL you could wind up with only a 750 CL.


Tell you what. I'd close 'em and get some other lines like Citi or Chase.




I think I'd do the same Smiley Happy
Message 9 of 11
Legendary Contributor

Re: Will getting another CC increase score

Those small CL cards can easily bite you on the butt in any given month.  &util is calculated, not only overall, but for each CC.  It is easy, if you use a $150 or $300 CL card, to put them over 50% at any time.  With your decent higher CL cards, I would put the low CL cards in the sock drawer, or PIF each month just to keep active.  Those cards are to establish credit, not to improve it.


Message Edited by RobertEG on 10-16-2007 08:08 PM
Message 10 of 11
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