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Credit scores are meaningless. Source: Dave Ramsey
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
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.
Have you tried Experian Boost? It increased my credit score pretty dramatically overnight.
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!
Mentor
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?