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I got a capital one credit card about a month ago and got an alert last night that they reported to Equifax and my score when up 13 points because of this. Should I try to get another credit card to see if it will raise it even more? Other than my house the credit card is all that I owe.
Be careful getting too many cards... A measurable increase in new accounts, especially revolving (credit card) accounts can signal a cash problem...
One of the key factors in calculating score is the age of accounts. Too many new accounts can have a detrimental effect...
Hi Debra,
If you can pay the bills on the right time, you can get another credit card. See, the basic formula behind building up a good payment history is to pay the bills on time. Use the existing card wisely and if you get another card, use that wisely as well so that you do not end up being indebted.