Nov
16
2009
What Happens To My Credit Score When I Apply For About 5 Or 6 Credit Cards? Does It Affect My Ability To Get?
Posted by: Alan in Credit Score, tags: About, Apply, Cards, Credit, Does, Happens, Score, What, When
What happens to my credit score when I apply for a few credit cards and are not approved because they require brilliant credit? Does it affect my ability to get approval on another credit card? How long is this for?
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November 16th, 2009 at 9:13 pm
A large number of inquires will decrease your credit score. The effect will reduce with time. How much is hard to determine, because credit scoring algorithms are secret. The best thing you can do for your credit score in the small term is to lower your credit card balances. Other excellent behavior(like paying on time) takes longer to increase your credit score.
November 16th, 2009 at 11:39 pm
Multiple inquiries can lower your credit score. You should only apply for one at a time, and after you get it, you should wait a month before applying for another one. If you’re denied because of too many inquiries, you should wait six months before applying for credit again.
November 17th, 2009 at 4:21 am
yes it will affect your rating. Somethings don’t, like now if you shop around for a car and multiple dealers pull your report, it won’t cause yoru score to go down. But your score does go down with each credit inquiry. I am not sure for how long.
November 17th, 2009 at 7:23 am
i don’t reckon that it affects your actual score but people might not be so interested in lending you money if you have over a certain number of inquiries and 6 is alot. it usually stays on there for 3 years.