Lauren Smith, WalletHub Staff Writer
@laurenellesmith
Yes, opening a credit card account negatively affects your credit score, initially, because it adds a hard inquiry to your credit report and reduces the average age of your accounts. Hard inquiries temporarily reduce your score by a small amount, usually 5 points or less, for up to one year. Similarly, having a lot of relatively new accounts can make you seem like a risk to lenders, causing temporary credit score damage.
How a New Card Can Boost Your Credit
Fortunately, the impact on your credit should turn positive if you manage the new account responsibly. The most important factor affecting your credit score is payment history. In the long term, on-time payments will improve your credit score. Your new credit card account will also increase the amount of credit you have available, potentially lowering your overall credit utilization.
You can use WalletHub’s free simulator to see exactly how opening a new account is likely to affect your credit score. You can also find out what’s on your credit report, keep track of your credit score, and get personalized credit-improvement tips for free here at WalletHub.
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read full answer by WalletHub, Financial CompanyWhat's the easiest unsecured credit card to get approved for?
The easiest unsecured credit cards to get include the OneMain Financial BrightWay® Card, the Petal® 2 Visa® Credit Card and the Capital One QuicksilverOne (see details, rates & fees) Credit Card. The OneMain Financial BrightWay® Card accepts bad credit, while the Petal 2 Card and Capital One QuicksilverOne (see details, rates & fees) are for people with no credit.
Easiest Unsecured Credit Cards to Get
- OneMain Financial BrightWay® Card
- Merrick Bank Credit Card
- Petal® 2 Visa® Credit Card
- Capital One QuicksilverOne Cash Rewards Credit Card (see details, rates & fees)
- Capital One Savor Student Cash Rewards Credit Card (see details, rates & fees)
- Capital One Spark Classic for Business *
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