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rickyclay53

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Will adding a second credit card hurt my score?

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When you add a second card card to your credit profile, there is an immediate reduction in your credit score, however, if you manage the card correctly; any negative impact should be erased in 4-6 months.    First, you would encounter a hard inquiry to your score, usually at 4-5 point reduction.  Then, the average agent of accounts will decrease.   As you only have one card, this means your average age of credit would be half what it is at this time.   This can impact you by another 10-30 point deduction.   As this addition credit line will increase your available credit, unless you run out and max it quickly, you should see your Credit Utilization decrease which will increase your credit score.  Creditors like to see multiple lines of credit and thus payment histories, so, overall, in my opinion, getting the second card and managing it correctly would be a positive long term change to your credit profile. 

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