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Question By
MiloBloom47

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Can adding a card really improve my score?
I have a good credit score, but only two credit cards. In the CreditKarma Simulator, it seems my credit score can increase if I apply for 2-3 more cards (i.e. have five cards). Is it just me, or does this make no sense?

Has anyone else added cards and saw their scores increase?

Thanks, in advance!

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Over time yes but be cautious adding 3 low limit cards will reduce the average age of your active accounts!  You could potentially lose 30 points to hard inquiries, denials, and average age of open accounts.   

I'm in a similar situation with just two cards Credit Karma claims my score is 772 Credit Sesame which doesn't weigh number of open accounts scores me at 834!

My average age of  accounts is 13 years so applying for 1 high limit card this year won't hurt that much especially if they can approve with a soft inquiry.

Three cards is all you need to get true FICO scores above 800 as long as they are high limit cards so that you won't raise your utilization rate.  7% utilization and below is ideal but you only lose a few points if you run your cards up to 30%.

Reply by
MiloBloom47

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Thanks!

   My two cards have a total of $15K limit, and my rating is around 740.  One card is six years old, and the other is only two years old (I only moved here in 2006).  So, I see your point about the average age of my accounts.  Maybe I'll apply for one more after the holidays.

Take care!

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