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.
CREDIT CARDS FOR BAD CREDIT:
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
Earn 1% cash back on gas and grocery purchases. Terms apply.
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit