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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » I have a 645 credit score and would like to get another credit card. I am making timely ...

I have a 645 credit score and would like to get another credit card. I am making timely payments, etc. will this reduce my credit score? Thanks. One balance is 800k limit is 1k the other is 600 limit is $2k

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Leo Zhu

Generally your credit score should increase because your overall credit utilization ratio will lower after you open a new credit card. However, there are other factors that affect your credit score. For example, a new credit card will lower your average account age which will negatively affect on your credit score. Credit inquiry will impact your credit score as well but not significant. As a rule a credit inquiry takes less than five points off the credit score. So, if we take all these positive and negative factors into account, your credit may not be affected significantly and since you are making all payments with all your creditors on time, you will be able to improve your score faster. Also, if you reduce the balance on card with 1k limit, your credit score will go up because your credit utilization ratio will lower. Remember the credit utilization ratio should not exceed 30% if you want to have good credit score.

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