50 Credit Tips

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Tip #15 - New Credit Card Accounts

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

your score.

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