How does a new credit card affect my credit score?

Your credit score is calculated based on several scoring categories. When you open a new credit card, it has a negative impact on two categories: New credit: Includes how long it has been since you've opened a new credit account, your number of new credit accounts, and recent applications for credit. Makes up 10% of your FICO® Score.

Does applying for a credit card affect your credit score?

Credit utilization, or the amount of the credit you’ve used to the overall available credit available to you, is the second most important factor considered in your credit scores. New accounts may lower your overall credit utilization rate, which is good for your credit score. Imagine you have the following two credit cards:

Why should I check my credit score before applying for a credit card?

Knowing your credit score and reviewing your credit report for errors before you apply will help you identify credit cards that match your creditworthiness, reducing the chances of your application getting denied. Many credit card issuers provide information on the credit scores you'd need for approval.