does applying for too many credit cards hurt your credit score?

Question

I have excellent credit and do not need any more cards, but some of the offers we receive in the mail look too good to pass up. Is it harmful to obtain them and then later cancel them, if you maintain a good record?

Answer 1

Yes, it might. Each credit card increases your available credit. It might be assumed that you would spend to your limit at some point. Thus, if you have 4 cards that you do not need with credit limits of $25,000.00 each, you could potentially spend $100,000.00 dollars. The credit reporting agencies would take this into consideration, although with excellent credit it probably wouldn't have too bad an effect.

Answer 2

Yes it can. Everytime your credit score is pulled, it takes, points off off your score. The mailings you receive have already had a look at your score and thats usually why they say you are pre-approved or whatever. If you already have good credit adn you already have cards, don't get any more. So many people fall into that trap and then they are left paying ridiculous interest rates and late fees. Just keep what you have now and throw theother ones away. Another thing is having too many credit cards hurts your score as well.

Answer 3

Your score will possibly pass down yet how plenty relies upon on various factors. 2 of the climate are length of credit historic past and new credit. in case you have a short historic past and function in simple terms utilized for 2 enjoying cards your score will drop a stable quantity. additionally, you utilized and have been authorized for that different card so it is going to show up on your checklist no count if or no longer you activate it. So i could in simple terms keep that one open and don't use it. i would not possibly trouble approximately your credit plenty. in case you do get the two enjoying cards. Use them properly by utilising paying them off and protecting the useage under 30% of the whole limits and your score will pass up over the years.

Answer 4

Inquiries into and applications for credit can effect your credit score. The number of times a person has asked for credit or has had an inquiry into their credit record affects the credit score; frequent requests for credit or frequent inquiries in a short period of time bring down the credit score.
Also, closing a credit card account could hurt your score. If you are considering closing an account that you’ve had for a long time, you may want to think again. According to myFICO.com, your length of credit history accounts for a full 15-percent of your credit score.
Opening several accounts close together can lower your score. MyFICO.com advises opening accounts only as you need them, to avoid this pitfall.

Answer 5

yes as they r linked to each other.u may not use so many cards at one time so some cards r active n some inactive,n this w'd hurt ur credit score at the end of the day.it's better to have 1 or 2 credit cards easier to utilise n maintain.

Answer 6

First, make sure that the bank or institution offering you the cards are not charging any annual rate. But, other than a few cards, I would shread the offers. And, it's not harmful to cancel them, it just makes the bank, et al, want to make you a better offer.

Answer 7

when you apply they show up on the 3 credit services. if you apply to too many it makes you look like a risk. but it does not hurt or help your score. as long as you do not have late fees on them every thing will stay fine if your not using them. but to build the # make the payments on time everytime.

Answer 8

Yes it does hurt your credit because even though you may not be using those cards you still have yet another open branch of credit that is setting inactive

Answer 9

Yes. Having too many queries on your credit report can have a negative affect. Also having too many lines of open credit can have a negative affect.

Answer 10

Yes as it will look like your desperate to open so many cards at once... one or two may be okay per year.... each inquiry makes your score go down