2006-07-15 07:53:52 · 20 answers · asked by beo 1 in Business & Finance ➔ Credit
For each new credit card you apply to, your score will be reduced by 3 to 5 points and it will stay that way for 1 full year.
It is not bad to apply to multiple credit cards. It shows other companies that you have lots of credit to use, so they want to give you more credit.
Bad things about getting many credit cards: You going to get hammered with bunch of different credit card offers from the same company. You put yourself in high risk of identity theft if you lose one of your cards. It will make it difficult to manage your money. If you max out all your credit cards, you going to be in debt for a very long time, maybe for life.
2006-07-15 08:03:32 · answer #1 · answered by Anonymous · 3⤊ 0⤋
HELLO! applying for 2 in 2 weeks marks you are a BAD RISK
applying for 4 in 1 day Marks you as either a attempted FRAUDSTER or simply puts and automatic blacklist on you.
to get a good credit score you should have at least one and no more than 3 credit cards and ideally only one should have a small amount on it..
the idea the more you borrow and have makes you a better risk is wrong - its the more you PAY off and less you borrow
2006-07-15 08:14:07 · answer #2 · answered by moikel@btinternet.com 3 · 0⤊ 0⤋
Yes it is a bad thing and it is highly likely that when they see multiple inquiries in a short period of time, they will likely reject your credit altogether. Even separating them by a few weeks or months is going to be viewed negatively. They don't like seeing you pile on credit too fast.
It is a bad idea to have 4 cards anyway. 1, maybe 2 maximum is all anyone should have or carry. Any more than that, you obviously have cash management problems and you are asking to bury yourself deep in debt.
Debt is a bad thing. It will keep you from getting wealthy and may well keep you from even being financially stable.
2006-07-15 08:00:48 · answer #3 · answered by Lori A 6 · 0⤊ 0⤋
YES. Every inquiry on your credit report affects your credit score. You should always be very selective about applying for anything that requires a credit check. Be careful.
2006-07-15 07:57:30 · answer #4 · answered by nakitars 1 · 0⤊ 0⤋
Under current scoring methods multiple inquires for the same purpose in a short period of time are supposed to be treated as 1 inquiry.
2006-07-15 13:08:45 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
Hell yes it does, inquiries stay on 2 years, and excessive numers lower scores.
If you have excessive inquiries on the same day ( as say a car dealer is sending your app to many banks) you can usually have them removed due to the logical reason it was done, by contacting the three major bureaus.
2006-07-15 08:00:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Everytime you apply for something that involves your credit report it dropps your beacon score each time resulting in bad credit, I process mortgages and I see it happen all the time
2006-07-15 07:56:44 · answer #7 · answered by fred g 2 · 0⤊ 0⤋
I dont even know what a credit rating is, but i got 2 points on yahoo!
2006-07-15 08:00:07 · answer #8 · answered by the_falcon_1987 2 · 0⤊ 0⤋
Very much so. However credit checks need to be checked by you. They are not always right so you may get a no when you should get a yes.
2006-07-15 10:12:06 · answer #9 · answered by deadly 4 · 0⤊ 0⤋
if you do not have a previous bad credit rating, you may get yes from all 4. Any negative answer you receive will affect your credit rating negatively and vice versa.
2006-07-15 11:18:50 · answer #10 · answered by Anonymous · 0⤊ 0⤋