Your last application for credit makes up 10 percent of your overall credit score. You can negatively impact your credit score by opening new credit accounts. Especially if you apply for several accounts within a short period of time & your credit history is limited. To assess where you stand please know that most Americans haven’t created a new account within the past year and a half.

The credit scoring model looks at:

  1. How many times you’ve applied for credit recently
  2. How much time has passed since you last applied for credit
  3. How much time has passed since last opening an account
  4. How many new credit accounts you’ve opened

Category: Credit, Tips

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