True or False: Opening Credit Cards Hurt Your Credit Score

True…but not by much. Opening a credit card will only drop your credit score by a handful of points, usually about five points. This isn’t a big deal if you have a high score. But, if your score is in the 500s – 650 range, then you should focus on improving your score, before opening another credit card.

After all, you likely won’t be eligible for many of the best credit cards.

Also, if you’re about to apply for a mortgage or some other type of loan, you should hold off on applying for any credit cards as they may cause a dip in your score.

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