Sia
Question
World History
Posted 7 months ago
If you apply for a credit card, what categories is it helping and
hurting?
Age of credit - help, new credit - help, credit mix - help
age of credit - hurt, new credit - hurt, credit mix - help
age of credit - help, new credit- hurt, credit mix - help
age of credit - hurt, new credit - hurt, credit mix - hurt
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Answer from Sia
Posted 7 months ago
Answer
age of credit - hurt, new credit - hurt, credit mix - help
Key Concept
Credit Score Factors
Explanation
Applying for a new credit card can potentially hurt the 'age of credit' factor because it lowers the average age of your credit accounts. It also hurts the 'new credit' factor because it represents a hard inquiry into your credit report. However, it can help the 'credit mix' factor if the new credit card adds a different type of credit to your existing credit portfolio.
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