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LC321

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if i have credit utilization is 118% but im pre qualified for a new one should i apply?
will it bring my credit down more even if i make the monthly payments on time?

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Paying interest is wasted money. Your goal should be to pay all bills on time, and get your utilization below 10% ideally. Don't charge more than you can comfortably pay off every month.  On time payments make up 35% of your FICO score. The rest of your Fico score is as follows: 30% debt, 15%  length of time you've had the accounts, 10% new credit and credit inquiries, 10% credit mix.

I don't recommend more credit in your case, by your own admission, you're over extended and not handling credit responsibly. Read the articles here and educate yourself on credit and credit handling.

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