New credit determines 10% of a FICO Score. Consumers tend to shop for new credit more frequently today than in the past. However, research shows that opening several new credit accounts in a short period of time represents greater risk - especially for those who don't have a long credit history. FICO Scores take into account several factors, including how consumers shop for credit.
If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your Credit Scores if you don’t have a lot of other credit information. Even if you have used credit for a long time, opening a new account can still lower your FICO Scores. If you're in need of credit establishment or restoration services, contact us today to speak with a certified credit consultant.
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