Attempt to raise my credit score – Should this help or hinder?
Viki asked:
I’m pretty sure that right now my credit score is being negatively affected by my debt-to-available-credit ratio, since I have almost maxed out my main credit card. However, I can fix that right now, and pay off almost the whole thing in one fell swoop with some cash I’ve saved up (it’s kind of a low credit limit on that card). I just opened up a retail credit card, which means I now have one regular credit card and two retail credit cards. If I open up another regular credit card (say, an American Express since I already have a MasterCard), I’m pretty sure it will have a negative effect on my credit report because I just opened that retail one about two months ago, and I’m also pretty sure it will have a positive effect on my credit report because it will raise my available credit. What I’m wondering is whether opening up that card (not to use, just to raise my available credit) will affect my credit report more positively or more negatively. Anyone have any idea?
I am not a rich person, so I shan’t do what rich people do (and I have my doubts that they all do that anyway). What I want to do is raise my credit score, if that’s the FICO thing you’re talking about, then that’s what I want. Also, what does my net worth have to do with my available credit? As long as it’s not debt, what difference does it make (not trying to be flippant, I’m genuinely curious if it does make a difference).
I know you’re not supposed to open “too many” credit cards “at once”. What I’m asking is how many is too many, and how much time do you wait before opening another one?
Well, the reason I need to open another credit card is because the one that I have as my main credit card cannot have its limit raised. It’s a special account intended for college students, and it’s limit is based on the level of college I’m in, so it cannot be adjusted based on payment history, or age of the account. What I intend to do is open an account that can be more flexible in the future, since I’m not only a college student, I’m a functioning adult paying my own bills.
Jeremy
I’m pretty sure that right now my credit score is being negatively affected by my debt-to-available-credit ratio, since I have almost maxed out my main credit card. However, I can fix that right now, and pay off almost the whole thing in one fell swoop with some cash I’ve saved up (it’s kind of a low credit limit on that card). I just opened up a retail credit card, which means I now have one regular credit card and two retail credit cards. If I open up another regular credit card (say, an American Express since I already have a MasterCard), I’m pretty sure it will have a negative effect on my credit report because I just opened that retail one about two months ago, and I’m also pretty sure it will have a positive effect on my credit report because it will raise my available credit. What I’m wondering is whether opening up that card (not to use, just to raise my available credit) will affect my credit report more positively or more negatively. Anyone have any idea?
I am not a rich person, so I shan’t do what rich people do (and I have my doubts that they all do that anyway). What I want to do is raise my credit score, if that’s the FICO thing you’re talking about, then that’s what I want. Also, what does my net worth have to do with my available credit? As long as it’s not debt, what difference does it make (not trying to be flippant, I’m genuinely curious if it does make a difference).
I know you’re not supposed to open “too many” credit cards “at once”. What I’m asking is how many is too many, and how much time do you wait before opening another one?
Well, the reason I need to open another credit card is because the one that I have as my main credit card cannot have its limit raised. It’s a special account intended for college students, and it’s limit is based on the level of college I’m in, so it cannot be adjusted based on payment history, or age of the account. What I intend to do is open an account that can be more flexible in the future, since I’m not only a college student, I’m a functioning adult paying my own bills.
Jeremy
