will that hurt my credit score?

Question

i don't have bank account nor a credit card
and now, i want to open a keybank student checking package, which includes a free student checking acc. and a no annual fee crdit card with 1 percent cash back. but since there's no keybank branch in nyc, i want to open another acc like hsbc or citi...will that hurt my credit score if i open 2 bank acc within a month or few weeks? and what about opening 2 credit cards within a month?

Answer 1

Yes, but only in the short term, and not by much.

Every time you apply for a credit card (or other type of credit) there is an inquiry on your credit report. It nocks your credit score down 5 points.

If you are shopping for a mortgage, then all the mortgage inquiries in about a 2 week window count as 1 as far as the 5 point dock goes.

You will over the long-term increase your credit score if you have 2 cards open, and you keep them current.

For more information about your what goes into your credit score, see the pamphlet put out by fair isaac corp (the creaters of the credit score)

http://www.fairisaac.com/NR/rdonlyres/DA689E4A-08E8-42C7-9DD0-1D87FA6ED726/0/UnderstandCreditScoreBklt.pdf

I hope that helps.

Answer 2

The impact for the checking accounts will be none since banks do not report checking accounts to the credit bureaus.

As far as the credit cards it will be very small and you will recover in 90-days.

When you get your credit cards use them for every day things like gas and food being careful not to exceed 30% of your credit limit in any given month and pay them off in full before the due date.

This will do two things, first it will establish a payment history and second it will keep your debt to cerdit ratio low. These two things alone make up 65% of your credit score.

Answer 3

If you open 2 cards within a month, that's going to be noticed, but won't hurt.

Unless you opened the second card right after you maxed out the first. Then you'd have a problem.

Answer 4

not that much. It will hurt it badly if you just open it and close it real fast. So if you're opening two accounts make sure you know you want them both so you can start building good credit. Just don't max them.

Answer 5

There won't be much of an impact and you should get started on that. They look for how long you have had an account that you paid promptly so timing does count - get on it soon.