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homeboy4

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Have High CC Debt; Get New Card?
I have perfect credit except I have a very high utilization rate. I have about $100K in credit card limits over seven cards, and owe about $65K. And so my credit score is poor. I'm slowly paying down on the balance. Meanwhile, I keep getting offers in the mail for new cards. So far, I've ignored them. But I wonder. Would it make sense accept one of these cards and not use it? Then, theoretically at least, my total available credit would go up and my utilization rate would go down.

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Your idea makes perfect sense, adding a new card would give you more available credit thus reducing your current utilization rate and would improve your scores. The only problem is, will you be approved and at an amount high enough to make a difference. You've stated that your scores are low, so that could be a problem. I guess the only thing that you can do, is to apply and see what happens, but rememeber you will get a score ding for the hard inquiry.

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