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I have a Experian score of 680, and TransUnion 700. I'm looking to improve my credit score as much as possible. Would a second credit card help me out. I have 30 dollars in credit card debt, with an 500 dollar limit, so I'm not looking to improve my credit utilization, I'm more interested in knowing how a second set of good payments would help cancel out my 5 year old accounts in collection. I am working on paying the collection accounts.
improving credit score
Hi Ursula,
Can you tell how many credit cards you have? Taking another credit card can help you in improving your score. however, you will have to maintain om-time payments on this card. However, you should also know that applying for a new card can lower your score by some points. When you apply for new credit, the creditor pulls a copy of your credit report. This is known as hard inquiry.
Old accounts with good credit history are the most important. If you have any such old account, which you haven't used for days, you can use that to make a small purchase. Then make on-time payment on that. This is going to help your credit.
Hope this helps.
Regards,
Aaron