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Is it good to pay down one credit card by getting another?
I am trying to buy a home in the next 6 months and need to know the best way to increase my score. Right now I am over my utilization limit and I was thinking of applying for another credit card and taking some of my balance from one and add to another to decrease my utilization limit. Is this a good idea?

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It is very difficult to answer this without some significant details. Even a small difference in a mortgage rate can make a huge difference in the amount you will pay for a home over the life of the loan. It might be advantageous for you to seek professional guidance as they can see all the details of your credit history and help you make the right choice.

If that is not an option right now, then provide as much detail as you can from your Credit Karm Report Card (actual values, not the "grade" CK gives you) and we will do what we can to help you increase your score over what is a fairly short term (6 months).

Either way, Good luck!


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A couple of thing to consider in doing what your suggesting.

Always remember that anytime you apply for and acquire new credit you score may be effected in a couple of ways.

1. The inquiry could lower you score a few points.

2. Acquiring a new account on your report may also lower your score due to lowering your average age of accounts.

While it's true that any credit line received will raise your available credit overall thus lowering your overall utilization, when countered with the new inquiry and new account and lowered average age of aco****s, you may see little raise in score. When in fact you may see a decrease overall.

Of course this would all be subject to your current overall financial profile as to how much each of these factors would effect you. In my opinion, your best option to increase your score would be to zero out any balances you have on as many credit cards as you can and lower any other as much as possible. This would show you the biggest increase in score.

When applying for a mortgage having too many open accounts as well as too many new accounts can decrease your chances for approval. Plus always remember that when applying for new credit there is no guarantee you will receive the credit. And if you do not, then you will still be hit by the inquiry which all in all would only yield you a lower score.

Hope this helps in some way. Best of luck in what ever you decide.

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