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Jerpete

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Should I get a new credit card?
Credit score dropped 94 points because I paid off a loan a year early. On the simulator if I open a new credit card for only $2,500 my score goes right back up. What should I do?!

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Do you currently have a credit card? The basic credit building tools are three credit cards and one installment loan. I am not saying that you should go out and get all of these, as opening a bunch of new accounts can hurt credit. Do some reading on all of this, but I will tell you if you do not have a credit card, then yes get one. If you already have open cards, don't worry about it. And don't put a bunch of faith in the simulator, it is only a guessing machine and one that caters to Vantage scores, but you should not be trying to appease Vantage, you should try to appease FICO scoring systems as that is what most lenders use.

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