If i get approve for a credit card will that bring down my credit score?

Question

I been thinking of getting a credit card but i wanna know if i get approve for a credit card will that still bring down my credit score.

Answer 1

Repairing the credit score is not that difficult provided you take these 5 simple steps into consideration.

1. Check your credit report regularly

This is a must to ensure that you know your current credit score, and what is ailing it. If there are any inconsistencies in your credit report get them corrected. Keeping bills of all the transactions you make can be very handy and helpful in correcting any errors in your credit report.

2. Get rid of those extra credit cards

The temptations to own a new credit card are so numerous in modern times that many of us end up with a purse-full of them without any real need. They stay there and cause a lot of problems in repayment. The confusion that comes with too many credit cards can easy lead to a missed payment and resulting penalties. Frequent defaults will reflect poorly on your credit score. So, keep only the necessary and discard the rest.

3. Repay on time

Every credit card transaction is a loan that has to be repaid on time with interest. Don't ever miss out on any repayment. If you are not able to make full payments, make half, or even the monthly minimum, but don't default. This will keep you in the good books of credit card company and help your credit score. If you are not able to pay anything to the credit card company, don't shy away from them, call them, explain your problem and work out things so that a negative report doesn't land up with the credit reporting agencies. Read more from: http://www.credit-card-gallery.com/article/239,Credit_score_repair_in_5_simple_steps

Answer 2

Your score will probably go down but how much depends on a lot of factors. Two of the factors are length of credit history and new credit. If you have a short history and have just applied for two cards your score will drop a good amount. Also, you applied and were approved for that other card so it will show up on your report whether or not you activate it. So I would just keep that one open and don't use it. I would not really worry about your credit score so much. If you do get both cards. Use them wisely by paying them off and keeping the useage under 30% of your total limits and your score will go up over time.

Answer 3

No. It will not.

A single inquiry will only cost you 2 points or so.

Your score may actually go up if you don't use the card (bear with me) because your current revolving debt ratio to available credit line will be lower. For example, you now owe $1000 and your credit lines are $2000. Your ratio is 50%. You get a new card, with an additional $1000 line - your ratio is now 33%.

The break points for ratio's are 5%, 15%, 25%, and 50%.

So if the new card gets the used / available ratio down - the score will actually go up - quite a bit - more than enough to make up the 2-3 point hit on the inquiry.

Of course is you max out the cards, the score goes down.

Answer 4

When you first apply you could take a small hit if you've done a lot of applications the previous 12 months. Also, when you get the credit card you take a short term hit (3-12 months, depending on your credit) because your POTENTIAL debt to income ratio is higher. (ie, you can borrow more against the card with no notice to make it harder to pay your debts.)

However, after you've had the card, and established a good record of paying it off, it becomes an overall positive after about 3-12 months.

Answer 5

No, obtaining a credit does not adversely effect your credit score long term. It may bring it down for the first 90 days due to it being "too new to rate". Be careful applying multiple times as lots of inquiries would certainly bring your down your credit score. hope this helps

Answer 6

Your score will take a minor hit initially from the inquiry and added credit available, but making on time payments will bring it back above where you were, as long as you don't have too many cards. Two or three should be the maximum, depending on income.

Answer 7

normally not becauses you have opened one. you should also keep your credit cards that you open to a very small amount the more you open the more your credit score goes down. also including loans or any financing you may do etc..

Answer 8

each time you have a credit inquiry for a card or a loan it can lower your score anywhere from 1-4 points.

Answer 9

when u apply for credit card, the inquiry is the one that lowers ur credit score, then the number of accounts open...

Answer 10

It may depends on how many you have. After awhile though of good payments it will bring it back up.