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Remja

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Increase my credit score with additional card?
Hi there,

I am new to the world of credit cards. I recent got a $1000 secured credit card. My current credit score is 706.

Here are my other credit factors:

Credit Card Utilization: 1% (I payback every week to get a low utilization rate)
Payment History: 100%
Derogatory Marks: 0
Age of Credit History: 5 months (Needs to increase)
Total Accounts: 1 (Needs to improve)
Credit Inquiries: 1

I was planning to get another Credit card (non-secure) to increase the “Total Accounts” from 1. If I apply for a new Credit card, will it increase my score or decrease it because the “Age of credit history” is only 5 months? Based on the "Credit Score Simulator", if I get another $1000 credit card, my score will increase to 720.

What is the best option to increase my Credit score in the future? Do I wait to get a new card or get one right away?

Remja

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Any help or advice would be appreciated.

I have got few new Credit card offers over the weekend and I was waiting for someone to advice before I go ahead with a second credit card.

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