the more credit cards you request the lower your credit score becomes? even if you are not using the credit cards!
2006-12-27 07:18:52 · 7 answers · asked by Jan l 2 in Business & Finance ➔ Credit
Absolutely true. And it isn't just about the inquiries on your account ... it's also about the fact that creditors can't tell if you're trying to request a BUNCH of NEW credit ... of just working to restructure debt or whatever, so they assume that you're taking out a ton of new debt. Not a fair assumption in my opinion ... but ... it is, what it is.
2006-12-27 09:03:01 · answer #1 · answered by Informed1 4 · 0⤊ 0⤋
Yes. My advice is 2 have 1 credit card 4 emergencies. It will make your life easier.
2006-12-27 12:35:13 · answer #2 · answered by Very Unique 2 · 0⤊ 0⤋
Yes. Beware of the credit card booths at sporting events that have you sign up to get a souvenir. My old roommate signed up for one while we were in college and just never activated it when it came in the mail. However, when she ran a credit report, there it was, and it had lowered her score. NEVER SIGN UP FOR ANYTHING YOU ARENT GOING TO USE!
2006-12-28 07:02:24 · answer #3 · answered by Gretchen 1 · 0⤊ 0⤋
to an extent. it will make it a few points lower, but then you have too much open, revolving credit. which makes it nearly impossible to get things you need... like mortgages and auto loans. have a few open and used to get yourself established, but not too many.
2006-12-27 07:23:44 · answer #4 · answered by Amanda 2 · 0⤊ 0⤋
yes. more hits on your credit.
2006-12-27 07:20:47 · answer #5 · answered by Anonymous · 1⤊ 0⤋
I have heard that yes.
2006-12-27 07:23:10 · answer #6 · answered by J. 4 · 1⤊ 0⤋
Yes, it's true.
2006-12-27 07:22:51 · answer #7 · answered by jseah114 6 · 1⤊ 0⤋