The credit card offers seem to be back. After a long break that began with the financial crisis, the mailbox is once again full of teaser rates and balance transfer deals.
If you're getting these offers, your credit is probably in decent shape. What would happen if you accept one of those offers? Does your credit change when you add new cards?
It depends, but the long-term effects could be positive. At first, your credit may suffer as a result of the credit card "inquiry." Over the long term, your score should recover (as long as you avoid trouble) and may even improve further.
Consumerman reports that adding credit cards can help your scores because you tend to increase your capacity to borrow. Even if you never use the extra cards, the fact that you could use them is what matters. Put another way, it's better to borrow 20% of what's available to you than to use 50% of your available credit.
If you're going to use this strategy, be sure to open a card you can live with. Watch for annual fees, and consider using the new card from time to time so it doesn't get closed due to inactivity.
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