applying for various store credit cards lowers credit score?

Question

with approvment to the application.

Answer 1

If you have a lot of inquiries on your record, you will be less likely to be approved for a loan or credit card. When you sign up for a store card, they do an inquiry to credit bureaus, to find out your credit history and score. Too many of these can sometimes be an indicator that a person is not reliable, so some places will deny you if you have too many. If you get this response, simply wait a month or two and try again.

It will not damage your actual score.

Answer 2

Whether it is a store credit card inquiry or a bank credit card inquiry, it still is an inquiry, which will lower your credit score, even if you are approved. Managing your credit is more important than having many credit cards. If you have multiple store credit cards (which often have a high interest rates), keep the ones you are currently using and close all other credit cards. Also consider this fact. If you are carrying balances on your store credit cards, you may want to transfer the balance to a bank credit card with a lower interest rate and close the store credit cards. As I mentioned earlier, store credit cards carry a high interest rates after their low introductory rate. If you bought an item on your store credit card to save 10% but you end up carrying the balance of your purchase in that store credit card for a year at 18%, the item that you tried to save 10% initially end up costing you 8% more for the year. No need to have your credit exposures to be high in the eyes of lenders, so it would be in your best interest to close those credit cards that you are not using.

Answer 3

The more cards you apply for whether you get them or not will lower your scores so only get qualified cards that you really want that will help you. Store cards traditionally have higher interest rates than standard Visa or Mastercard so try to avoid them. You really only need ONE card with a decent limit that you never reach. Pay the bill on time. The Visa or Mastercard should be accepted at most places or I would find another store. Use credit only for emergency needs and a sale on jeans is not an emergency. Consider how much you will repay with interest... cash is your cheapest option and will keep your credit score up there.

Answer 4

Though store cards are advantageous, they can be very expensive type of credit. Most store cards carry interest rates of 25-30% APR that is higher than the rates of credit cards. This means unless you repay the entire balance every month, you could be saddled with debts that will force you to pay exorbitant amounts of interest. Besides most store cards are highly restricted, since they are valid only in that specific stores. So this is not worth it, unless you shop a lot at the store.

Answer 5

Every inquiry deducts about 5 points, if you get the cards do not let the balance go over 30% of what your limit is, and/or pay them off before the due date, this will raise your score. If you run up the cards, that again will lower your score

Answer 6

too many credit apps at once will lower your credit period.
3 things throw up a red flag to a credit manager

1. length of job(under 1 year, no go)
2. length of time at residence(under 1 year ,no go)
3. lots of credit applications being made

other things we look for is
credit history performance recently
public records
current debts
ability to pay

Answer 7

If you get approved its fine, it can even help raise your credit score. But you have to play atleast the minimum amount due on time. And dont spend more than half the limit.

Answer 8

I would highly recommend staying away from department store cards in most situations. Stick with a Visa, Mastercard, or Discover card.

Answer 9

Hi Chris you can't borrow your way out of debt ..Write down all your debt everything.. Those so called consolidation companies are losing their non profit status with the government.. I don't think student loans can be part of this anymore ,,but take all your debt information to a lawyer and declare bankruptcy..Get out your mess and forget about it .. Start a new and spend only the money you earn..