How much does opening a new credit card hurt my credit score?

Having a new credit card should not by itself hurt your credit score.  If you are carrying balances on many cards and then you get a new card and run the balance up on that new one, then that is a different story.

Someone viewing your credit report won't drop it horribly. However if you use the card to change you debt to credit ratio it would probably have a bad result on your credit. If you open a new card, you should pay the balance off every month. i take a look at my credit health regularly to make sure I don't have credit issues. I'd suggest doing the same.

A new credit account can affect your credit score in a few ways. However, it's impossible to say how much because it depends on everything else in your credit report.

First, the inquiry into your credit report will impact your score. Next, the new account will affect the average age of the accounts on your credit report. Third, I presume you are getting this loan so you can borrow, and a new account with a balance will affect your score.

If you need the loan, the terms are decent, and you can realistically pay it back in a reasonable period of time, then proceed. But if your credit is on shaky ground, and/or the loan is expensive, try to explore all your options before moving forward.

There are two ways that opening a new credit card can hurt your credit. 

1) Inquiries.  an inquiries is when a lender/creditor looks up your credit to see if you are eligible.  Under the Fair Credit Reporting Act, Credit bureaus allowed you do have as many inquiries against your credit within a 30 day period for mortgages and auto loans but NOT for credit cards.  These don't do a lot of damage to your credit, but try to deter people from applying for 50 credit cards in one month.

2) Available Credit.  If your available credit becomes extremely high (especially against your income), credit bureaus will view this as a liability and ding your credit for this (They're afraid you might run out one weekend and max them all out at once).

Inquiries (or other negative items) can be removed through credit restoration by disputing them with credit bureaus.  Also, Lexington Law Firm has a free credit consultation phone number to review your credit report; 800-223-7615.

Good Luck

Opening a new credit will barely hurt your credit score as long as that is the only inquiry you have had recently.  Multiple inquires can hurt your score and look like you are shopping around for credit.

Inquires, negative accounts, and high balances are other reasons for lowering your credit score.  Pay on time and help your credit by removing late payments.