- 10,799
- 3,525
- Joined
- Sep 17, 2005
I'm looking into possibly getting another credit card but wanted to know the pros/cons on how this will affect my credit. I'm planning on purchasing a home in the next few years so I want to know what will be the best move to secure a better rate when the time comes.
Background info:
-I have only one credit card through Capital One (4k limt) that I've had since I was 18
-I have 0 credit debt. I pay cash for everything. I own my car, student loans are paid off, I pay off my credit card to a 0 balance every month, I rent my apartment.
-Credit score is in the mid 700's from all 3 credit bureaus
-I have an upper middle class income
I know closing your longest line of credit is considered bad so I don't plan on closing my Capital One card. What I did plan on doing was getting a new card with a higher credit limit and moving my monthly spending to that card. I've heard mixed things on if having a higher credit limit is a good or bad thing. The one thing I do know is that I'm probably getting dinged when my credit is run because technically my credit utilization is probably coming back high since I put all my purchases on my one card each month that doesn't have a high limit.
Thoughts?
Background info:
-I have only one credit card through Capital One (4k limt) that I've had since I was 18
-I have 0 credit debt. I pay cash for everything. I own my car, student loans are paid off, I pay off my credit card to a 0 balance every month, I rent my apartment.
-Credit score is in the mid 700's from all 3 credit bureaus
-I have an upper middle class income
I know closing your longest line of credit is considered bad so I don't plan on closing my Capital One card. What I did plan on doing was getting a new card with a higher credit limit and moving my monthly spending to that card. I've heard mixed things on if having a higher credit limit is a good or bad thing. The one thing I do know is that I'm probably getting dinged when my credit is run because technically my credit utilization is probably coming back high since I put all my purchases on my one card each month that doesn't have a high limit.
Thoughts?