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Question By
nsher01

2 Contributions
1 Person Helped
Should I open new credit card now that my credit has increased?
After years of excessive credit monitoring and throwing every spare cent at my credit cards, I've finally breached "Excellent" status at both TransUnion and Experian with a score of 765. My question now is if it would make sense to open a new card since I imagine my options will be significantly better than they have ever been before. I've found surprisingly little info on this, but I am aware that it will lower my average age of cards and that I'll receive a temporary ding for the credit inquiry. Nonetheless, if I can transfer remaining balances to a much lower APR, can lower my overall credit usage %, and can simply open up a much better card for emergencies, then it would seem like a good move financially. I could be overlooking something thus my inquiry, so I appreciate any insight!

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Top Contributor
24 Contributions
10 People Helped

Call your current CC companies

You might want to call and talk to your current credit card companies and see if they will work with you.

Explain your situation and that you are about to go "shopping" for a better credit card.

You might be surprised at what they offer to keep your business.

By doing that, you save the hard inquiry and your average credit age as well.

I did that with capital one and they increased my limit by $3000 and lowered my interest rate.

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