Quote:
Originally Posted by AlphaFrog
The report that explained my score gave me low marks in length of credit history and number of credit accounts. I got excellent marks for diversity of credit, available credit and timely payments.  |
Opening a new account would not increase your length of credit history, though. Was this report through one of the Big 3/FICO/someone else (I'm being nosey lol)?
Quote:
Originally Posted by PiKA2001
I have both a AmEx and Discover Card and from my experience AmEx is way better BUT it doesn't sound right that opening a new credit card will boost your FICO score. Once you get apply for a new card your credit score is actually going to take a 30-50 pt hit that will take anywhere from 3-9 months to recover from so if you are looking to improve your FICO score because you want to get a mortgage or new car DO NOT apply for any credit. The only thing I can think of is that they are suggesting that having more available credit will improve your score but if that is the case, you are better off calling your current cards and asking them to raise your credit limit
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This is what I've always been told as well.
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