im afraid if i get a new credit card might ruin or lessen my credit score. i want to apply for that victoria secret card. i only have two credit card that i used on a normal basis. thanks.
2007-05-21 16:35:40 · 7 answers · asked by pegsny 2 in Business & Finance ➔ Credit
Anytime that you apply for new credit, the inquiry for applying will lower your score several points and the account with it being new altogether will take several months to level out your score. But a good formula for a credit score is that you should have around 3 revolving trade lines (you already have 2, the Victoria's Secret would be the 3rd) and 2 types of installment trade lines(personal, student loans, car loan,mortgage, etc) makes for a good mixture of credit to build a good score. So, having said that, you cna go ahead and apply for the Victoria's Secret CC and that's it, no more cards.
2007-05-22 02:35:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
YES YES YES! WHen in college, card companies would set up tables in the cafeteria and give away free shirts, calculators, etc just for signing up for their card. I always shredded the card as soon as I got it in the mail. A few years later, when I went to apply for a mortgage for a house, they would not give me a loan because I had over 20 credit cards open in my name, even though I had never used them they saw it as available money that could make my house payments harder to make. I spent an entire three days tracking down the stinking card companies and cancelling all the cards I had never used in the first place and had to wait a few months for them all to show a closed account before the bank would loan me money. Other than the cards, I had good credit, never late with bills. Only get the card if you will pay it off each month and since you already have two cards, i would seriously think about how much you would gain from another card!! Good Luck!
2007-05-21 16:48:54 · answer #2 · answered by Barbara B 2 · 0⤊ 0⤋
Whether you have taken a secured loan, unsecured loan or applied for a debt consolidation matters. The loan or credit types also reflects on your credit score. Credit rating agencies give it a 10 % weight to determine your credit score.
Calculation of credit scores is quite confusing and very complex. Exact method of calculation is seldom explained by credit reporting agencies. Get all information about your credit score at: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score
2007-05-21 21:18:29 · answer #3 · answered by brady ewart 3 · 0⤊ 0⤋
Yes, but if you have a good credit score, it is negligible. How long you have had a credit card is one of the things affecting your score, as well as the ration of debt to credit limit. Check with www.annualcreditreport.com and others.
2007-05-21 16:42:36 · answer #4 · answered by Nothingusefullearnedinschool 7 · 0⤊ 0⤋
It won't count in case you shut a credit account - the money will consistently tutor and the score won't replace. i've got have been given stuff from Sir Bernard Law Ward on my checklist and that they went out of organisation. Its greater advantageous to have fairly some money owed, as this provides to the utmost credit you could carry. are not getting over excited.
2016-11-04 23:04:36 · answer #5 · answered by boddie 4 · 0⤊ 0⤋
Getting a new credit card does lower your FICO score a little. I have heard that it's about a 5 point negative. It's a temporary negative. After about six months you'll get the points back.
2007-05-21 16:41:17 · answer #6 · answered by zygote222 5 · 1⤊ 0⤋
It probably shouldn't affect your credit score assuming you've been paying off the balances on the other two cards you own and that you don't run up a huge balance on your VS card and leave it unpaid.
2007-05-21 16:41:35 · answer #7 · answered by MinocStriker 2 · 0⤊ 0⤋