(WWLP) – Personal finance is at the top of Americans’ minds with the economic turmoil of the pandemic and the War in Ukraine continuing.

People are turning to new credit cards to help stretch their money, but what effect does that have on your credit score?

Most issuers will perform a hard check on your credit when you apply for a new card, which can drop your score temporarily.

The drops should only be 10 to 20 points and should correct in three to six months. After that, it all depends on how you use it.

Five main factors can influence your FICO scores such as payment history, the amount owed, length of credit history, credit mix, and new credit. Payment history and amount owed have the most effect.

If you do open a new line of credit, try to refrain from taking on any large loans such as a mortgage, soon after.