Yes, potentially. Getting a second credit card can boost your score by decreasing your credit utilization ratio.Â
Let's say your credit limit is $5,000 and you spend about $2,500 on your card each month. Your credit utilization ratio is 50%.Â
If you get a second credit card with a $5,000 credit limit but continue to only spend about $2,500 between the two cards, your credit utilization ratio drops to 25%.Â
As you can see, a higher credit limit and a lower balance are key to a good utilization rate. You should aim to keep your utilization ratio under 30%. Under 10% is ideal.Â