Will applying for more credit cards improve my score?
In general, a safe rule is not to apply for more credit cards than you actually need. In fact, every time you apply for a card, your score will go down by five points. But if you use it and make your payments on time, those points will quickly be restored. As long as you keep your balances low (below 40 percent of your maximum) and make all payments on time, credit cards can eventually help your score improve.
[Nest Note] If you know a mortgage broker or bank will be looking at your score in the next six months, don’t open any new cards or start new lines of credit. It raises a red flag that you have more debt than you disclosed.
by The Nest Editors
7/2/08
See more:
mortgages,
Real Estate