gmf|us|en|financial-resources|articles|getting-a-credit-card en_us en-us
Back to top


Get prequalified! It’s the first step in financing your next vehicle.

Apply Now
Woman sitting in front of her computer while reviewing a paper document

Should You Give Yourself More Credit?

Credit card offers seem to come from all over the place. Should you shred them or beef up your spending power? Remember these tips the next time you’re considering getting a credit card.

  1. Mix it up

    Your credit score is calculated on five different metrics. One of those is your “credit mix,” and that accounts for about 10% of your overall score, depending on which credit bureau is calculating it. Having a balance of revolving credit (credit cards) and installment credit (mortgage, car payment and other fixed payment accounts) can help improve this portion of your credit. If you don’t have a balance between the two and need more revolving credit, getting a new credit card might help.

  2. Mind your new inquiries

    Again, this percentage can vary slightly between credit bureaus, but another 10% of your credit is based around “new credit.” If you apply for multiple credit accounts at once, it can be a red flag for a lender and possibly lower your credit score. If you’re thinking of buying a new car or house, requiring your credit score to be checked, you might want to wait on applying for a new credit card.

  3. Know your limits

    It’s good to keep an eye on the limit of your credit accounts, but really, knowing your personal limits can be just as important. If having another credit card means you won’t be able to resist the temptation of racking up debt on a new card, applying for more might not be a good idea.

  4. Watch for fees

    Some credit cards have monthly fees, so review every application thoroughly to ensure you know what you’re getting into.

  5. Reward yourself

    Many retail credit cards have rewards associated with them. Some are points-based systems that will send you store credits while others give you cash-back credits or travel points. Finding a card that provides the most lucrative rewards can make using credit really work for you.

  6. Always be on time

    The largest portion of your credit score, 35%, is based around payment history. No matter what kind of credit account you have, it's important that you make your payments on time.

With anything related to money and credit, the right answer depends on your habits and goals. If you exercise healthy habits and need to build more credit, getting another credit card might be a good idea. If keeping things simple and avoiding temptation are priorities for you, then consider forgoing a new card. Make a plan, make a decision and follow the right path for you.

Scooter Hendon
By Scooter Hendon, GM Financial

Scooter Hendon might work indoors, but his heart is in the outdoors. Whether he's with his family or flying solo, he loves a good camping, backpacking or hiking adventure. When Scooter’s not hitting the road in his Chevy Silverado to a state or national park, he’s saving up for his next trip.


Ready to get in the driver's seat?

See if you prequalify for financing.

Apply Now

Related Articles

People sitting around a table looking at form with a person pointing to a specific spot on the form; text reads "What's a co-buyer — and do I need one?"

What’s a Co-Buyer — And Do I Need One?

Having a co-buyer can make your car-buying experience easier and help you save money. But does a co-buyer make sense for your situation?

Find out
elder couple relaxing on a lake dock with text overlay “Budgeting for an empty nest”

Budgeting for an Empty Nest

Head count is important when managing a household. But when the last child moves out, budgeting can be a whole new ball game. See how you can reallocate your funds.

/content/gmf/en_us/search-results.html /content/gmf/en_us/financial-resources/articles/getting-a-credit-card/jcr:content true /en-us/resources/lease-end/get-going.html /en-us/resources/lease-end/get-inspected.html /en-us/resources/lease-end/get-started.html /en-us/resources/lease-end.html