Is my credit score hurt if I change my "no interest" credit cards every year? Going from co. to co. every year is the only way to maintain a no interest card.
2007-10-31 03:44:53 · 3 answers · asked by Salgal 1 in Business & Finance ➔ Credit
Yes. Two problems.
(1) One factor that add points to your credit score is an account with a long history. If you keep switching, you have no long history and won't get the points.
(2) Creditors look at more than just the credit score. Introductory offers like no interest are made in the hope of getting new customers that will stay after the intro period. Eventually, creditors will see the pattern and won't want to do business with you because they know that they have no chance of keeping you after the intro period.
2007-10-31 05:04:23 · answer #1 · answered by Ted 7 · 0⤊ 0⤋
It doesn't hurt your credit REPORT. But one of the things in consideration for your credit SCORE, is the length you've held accounts.
If you have 5-6 accounts (car loan, utilities, mortgage) and only ONE of them is getting turned over every year, it's not going to make a difference. But if you turn over more than 10% of your accounts every year, it will ding your score.
2007-10-31 04:00:06 · answer #2 · answered by Anonymous 7 · 0⤊ 0⤋
Sounds like you are one smart cookie! I don't see how it could hurt.
2007-10-31 03:54:14 · answer #3 · answered by p h 6 · 0⤊ 0⤋