Credit Advice

Any time you have a new account, it can have both negative and positive affects on your CURRENT credit score.

For example, you have shortened the average age of your accounts by opening a new card, so that portion of the math will cause your score to go down. This is not felt as strongly if you have many accounts that are older (so that the average is not dragged down as far).

However, you have also increased your available credit, so that portion will cause your score to go up.

You also are helping your score by increasing the TYPES of credit that you hold: such as credit cards, store "charge cards (like the one you just got), installment loans, etc.

Finally, when you were approved for the card, a hard inquiry was made on your credit report, which tends to (very slightly) decrease your score. The only time this has a dramatic effect is if you are applying all over the place for lots of different credit, as it can be construed as "desperation".

Ultimately, you may see a small decrease at first, followed eventually by a slowly increasing score, based just on the one new account.

I hope this is helpful. Good luck!