To build up my credit score, is it true I should be opening new credit cards? My credit score is 739 and I hear “740 and above is very good.” I want to be “very good” to get a better interest rate. Cont

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Credit scores are meaningless. Source: Dave Ramsey

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Getting more credit cards increases your credit limit which in turn (assuming same level of monthly spend) decreases your utilization as you are able to spend a lower % of your total credit limit. You’ll have a temporary credit drop when the card company does a credit pull, but over the long run your score will increase

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Agreed getting more credit card is good as long as it’s responsible. The early payments don’t matter. Only rule on payments is not be later / miss one and don’t pay interest.

Source: Have 10 credit cards open, have opened/closed 40+ in last 8 years and have 854 score.

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Have you tried Experian Boost? It increased my credit score pretty dramatically overnight.

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Otherwise I never miss a payment, even pay my credit card no later than 2 weeks after a purchase…but I heard that was bad too and I shouldn’t pay so soon so often? 🤔 A bit confused, I’m a recent immigrant. Thanks!

1. Don't hold credit card debt with the intention trying to build your credit score, pay off the credit cards monthly.

2. Utilization % is important when it comes to how much of an impact the tradeline has on your score. Try to keep it under 10% utilization. You can also request a balance increase from the bank.

3. Credit cards (like most debts) are reported to the bureaus once per month. The balance reported to the bureaus is a snapshot from the day it reports each month. So if your reporting cycle ends on the 17th and you pay your cards off on the 1st, there is probably a higher balance being reported to credit and if you are looking for 1 point on your credit score this could make a difference.

4. I would try to increase your balance, pay off installment debts, pay the card off closer to the reporting date before opening up a new card. Also, don't close any credit cards even if you don't use them. it lowers your average credit age and # of open accounts which can have a negative impact.

Is there any downside to having active credit lines (credit cards) but not using them?

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