Does credit score improve with every new credit card you open or is it the other way around?
Does anyone know how many open credit cards you should have and what the total unpaid balance should be?
Financial companies use very complicated formulas to generate credit scores and your question cannot be answered unequivocally.
Your credit score is updated continuously as the company that estimates it gets new information. What this means is that when new information that can affect your score (whether negatively or positively) comes in, it is included into your database and the credit score formula generates the result. So your credit score may change even more often than once a month, it all depends on when the new information is received.
The biggest company that generates credit scores for the most of the US banks is FICO and they offer a free trial period. It gives you not only your credit score, but information on what influences it and how you can improve it. Unfortunately, they don’t give any info on the formula they use, but I guess they can do that. If you choose to use that, don’t forget to contact them and cancel the trial before it expires.
Watch this before opening a new credit card