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ryanhopkins11

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credit utilization vs age of credit history
what impacts your credit score more credit utilization or age of credit history. meaning I have been thinking of opening 1 or more new credit to transfer a higher balance to under 30% on card. if I do this wont it hurt my age of credit history? so in theory which way is the best way to go have high utilization for the next year or so or have my age of credit history weaken by opening new accounts

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there is an option in credit score simulator for "transfer balance to a new card". try that see what happens. to answer your question, it really depends on your credit. in general, utiliziation is going to account for a bigger drop than opening a new account. new accounts might take a small hit, 10-20 points say. if you have cards that are maxxed out, you'll be taking a serious hit to your score, more than 20 points most likely. in general, if you have cards that you're carrying high balances relative to high credit, get them down, even if you have to open new accounts. also, do not close the old ones. the other cards will increase your total credit limit and also reduce your utiliziation. 

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