“Opening a credit card can really hurt your credit score.”
While this isn’t wrong, it also isn’t something you should worry about. Opening a credit card will only drop your credit score by a handful points, usually about five points. If you open a new credit card and max it out, it will hurt your score and can damage your overall financial health. Applications for credit take, on average, 10 points off your score. But, so long as you behave responsibly, the impact of that reduction wears off quickly.
See Also: 10 Easy Cheats To Up Your Credit Score
There is one exception to this, however. If you’re applying for a mortgage or another loan, you should hold off any applying for any forms of credit or doing anything that may cause a drop in your score. The higher your credit score when applying for a loan, the lower your interest rate may be.