New Credit Card Accounts
Never open a new credit card account after you have about 5 or 6
and in some cases 4 credit cards.
Why? Account History! New accounts lower the AVERAGE time of your
revolving accounts. So, if you have 3 credit cards and decide to
get another two or three, your score could go down even though your
utilization ratio is established properly.
Now if you start using those cards, watch out! The score will
definitely go down even without any derogatory accounts.
Another factor is Inquires for those new accounts. Just keep in
mind that the type of credit is important to credit scores and
credit cards are revolving accounts. Too many of these types of
accounts without other types such as installment accounts will lower