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mary4260

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Does opening a credit card lower your score

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It depends on whether or not you have any cards and what scoring system you are referring to. If you do not have any credit cards you can get a nice boost with FICO systems just for the act of opening one. However, if you already have cards you might expect score decreases upon opening the new account, but once again that depends too. It depends on what your current credit utilization is and how much you would reduce it by adding a new line of credit. In general though, when you open new accounts you get Hard Inquiries and lower the "average age of accounts" and both of these things have slight negative impacts on scores. Instead of worrying about all of this too much I advise if you really want the card, get it, if scores for some reason would decrease, they will come back up with some time as the account ages and the Hard Inquiry ages. You DO need to have at least a couple of credit cards for credit building purposes if that is what you need. Well I shouldn't say that you NEED them, but it will sure expedite the process of building credit.

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