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Britt3011

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2 People Helped
Credit karma stimulator
Long story short. I've recently got my first credit card and my score was increased from 544 to 613. The card has a low limit at $300 and I would like to apply for another credit card. I was playing about with the credit karma stimulator to get an idea of the possibly score. It shows my score DECREASING to 545 with one hard inquiry and another card with a 300 limit. How dependable is this feature? I'm trying to build my score and the though of opening another line is freaking me out

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Top Contributor
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Inquiries have a low impact on your score. The addition of another card will increase your available credit, lower your credit utilization, and increase the number of accounts you have which are all good and have a much higher impact. Use your cards and keep your utilization at 20% or less and build that payment history. The only negative is that it will reduce the average age of your credit but you have to start building somewhere. Unless there is some other factor that you haven't listed, go for it but try to pre qualify for the card which some sites do. That way when you get approved the inquiry is not wasted. Best of luck to you!

Reply by
Britt3011

6 Contributions
2 People Helped

Thank you! This was very helpful and I feel more confident now.

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