How much will closing a new card hurt my FICO score?

Answer On One Hand: It Could Hurt a Lot ImmediatelyAccording to the Fair Isaac Corp., closing a new credit card account could hurt your score significantly by raising your credit utilization ratio (how mu... Read More »

Top Q&A For: How much will closing a new card hurt my FICO s...

Does consolidating accounts hurt the FICO score?

Any change to a borrower's loan history will affect his credit score. Consolidating may temporarily lower a borrower's credit score if a new loan is procured or the limit on a credit card is almost... Read More »

Will cancelling paid off credit cards hurt my fico score?

Canceling paid off credit cards may hurt your FICO score, according to the Fair Isaac Corporation. Closing an account will not erase past credit problems and it will decrease your available credit,... Read More »

Does a credit card limit matter in a FICO score?

Yes, your credit card limits matter in your FICO credit score because your score takes into consideration your debt-to-available-credit ratio. If your credit cards are close to their credit limits,... Read More »

Will securing a card for business hurt my credit score?

New credit accounts for 10 percent of your FICO score. Applying for new credit actually helps your score, unless you apply for several new accounts at once. If so, that may lower your score, since ... Read More »