2006-08-17 12:00:49 · 16 answers · asked by sexy luv 1 in Business & Finance ➔ Credit
Yes. It is assumed that the only reason for getting a credit card is because you don't have enough money to pay for stuff without it. So they assume that you will be going further into debt, so the credit rating goes down.
2006-08-17 12:07:07 · answer #1 · answered by dewcoons 7 · 0⤊ 1⤋
Yes cause if you apply for 5 credit cards and the all tell you know what makes tou think someone will say yes. When you apply for a lot of credit the creditors think you are thirsty. And inqiuries are part of your fico score.
2006-08-17 20:08:16 · answer #2 · answered by Luckys Charm 4 · 0⤊ 0⤋
Nope, it won't.
In this case, the credit will be affected only when you pull money against the credit card and do not pay towards them on time, meaning you default on your payments.
However having too many credit cards is also not advisable.
The ideal situation is to have 5-7 open tradelines on your credit with a balance around 5K.
And my friend if you don't have enough cards and want them then go ahead and get it, don't you worry about the credit, it's gonna be fine.
Good Luck!
2006-08-17 20:30:30 · answer #3 · answered by Tom 2 · 0⤊ 2⤋
Yes, if you are a frequent applier for credit it will affect your FICO score. Pretty important that when you are establishing credit to limit the number of accounts you keep, so that when it comes time for a major purchase like a car or a house...you are not overextended (debt ratio), and keep your payments on time.
2006-08-17 22:51:16 · answer #4 · answered by Marilyn C 4 · 0⤊ 0⤋
Yes, each time they check your credit score, it will go down. So don't apply to all and sundry. Read the following article:
How to choose the right Low Interest Credit Card
http://www.askaquery.com/question/How-to-choose-the-right-Low-Interest-Credit-Card.html
2006-08-18 06:07:05 · answer #5 · answered by pied piper 1 · 0⤊ 0⤋
Applying for credit, especially many times close together, seriously affects your rating. It says two things--you're desperate for money and you keep getting turned down. That may not be what is actually going on, but those are the flags raised to creditors.
2006-08-17 23:48:14 · answer #6 · answered by misslabeled 7 · 0⤊ 1⤋
Yes your FICO score goes lower when you apply for a card but will get back up as you build history meaning pay at least the minimum on the the due date.
2006-08-17 19:06:04 · answer #7 · answered by rajatharjani 4 · 1⤊ 0⤋
Yes- but it goes down slowly. It will go down a lot quicker if you don't make your payments on time. It is best to not apply for credit unless you absolutely have to.
2006-08-17 21:34:00 · answer #8 · answered by mks6128 2 · 0⤊ 0⤋
everytime u apply for a credit card it is a hard pull, which can and will bring ur score down.
2006-08-17 20:21:20 · answer #9 · answered by KISH KISH 2 · 0⤊ 0⤋
Credit cards will help you build your credit. If you pay your bill on time or early, you will get good credit.
2006-08-17 19:07:29 · answer #10 · answered by jadenn 4 · 0⤊ 1⤋