It does help yes!

One of the biggest myths in the credit card space is that opening new credit cards will hurt your credit score. It does not as long as you use your credit responsibly of course!

Hard inquiries on your credit score is 10% of your credit score. So if you apply for a credit card, you will potentially lose for 2-3 months 5-10 points. This is definitely not a concern.

On the other hand, getting additional credit card will improve your credit utilization ratio. This is 30% of your credit score. As long as you are responsible about your credit, it makes sense to open a new credit card.

Having credit cards with zero balance is not an issue as long as you don’t pay annual fees. If you have to pay for an annual fee, you should downgrade to a no annual fee card (you always have that option).

Ask your questions to our Credit Card Expert at Silver credit, Christophe Ochin.

Editorial Note:¬†Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.