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tricatrica

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Having low number of credit cards versus too many inquiries. Which is worse?
I currently have a pretty good credit score, but I'd like to increase it. I only have five credit cards, which seems to hurt it. I also have two inquiries in the past two years, both of which are credit cards I currently use. If I apply for more credit cards, I'll have more inquiries. Which is the lesser of two evils? Should I be slowly increasing my number of credit cards, or should I go ahead and apply for a couple more in the next couple of months? I plan to purchase a car in approximately one year and want to have the best rate possible. Which option is going to help it more?

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I don't think having more credit cards is a way to fix it. It is good that you only have two hard inquiries. A better option would be to pay off more of your credit cards or reduce the balance used every month. Pay your bill more often so that your credit utilization is decreased.

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