New Plastic Can Ding Your Credit Score

There are some common questions and myths about the factors that can affect our credit scores such as how many cards are too many, or when you should keep or ditch a card. But one of the more popular speculations is whether or not new plastic can ding your credit score.

Contrary to popular belief, having a lot of credit cards is not detrimental to your score if you have a significant amount of available credit relative to the amount you charge each month. However, your score can be affected by new credit cards inquiries. FICO usually excludes inquiries that show you’re rate shopping for college loans, auto loans, or mortgages, but not credit cards. So, there you have it, new plastic can perhaps ding your credit score.