I just got pre-approved for 2 new cards and one increase in credit - I have lots of credit already but a lot of debt too. Will this new credit bring up my score or will it go down? I have not spent more just did a balance transfer, any ideas...
2007-03-22 14:47:29 · 3 answers · asked by Bluesky 1 in Business & Finance ➔ Credit
Hard to say. The increase in available credit will lower your "utilization" (amt used/amt available) and that will increase your score, but the new accounts will decrease the average age of your accounts, so that will lower it.
2007-03-22 14:52:52 · answer #1 · answered by poonie 3 · 0⤊ 0⤋
Income is not a factor in your credit score. Ignore that that guy said.
2007-03-22 23:53:57 · answer #2 · answered by Msknowitall 3 · 0⤊ 0⤋
down. you now have a higher debt to earnings ratio. They count any available credit as used already.
2007-03-22 21:53:05 · answer #3 · answered by Dusie 6 · 0⤊ 3⤋