2007-11-30 11:50:03 · 7 answers · asked by I Inquire 3 in Business & Finance ➔ Credit
Yes...for the most part.
You are allowed a "shopper grace" when applying for credit. If you want to get a car or truck...you can shop around town and have multiple people pull your credit, and the bureau counts it all as one "hit" instead of 5 "hits" (assuming you went to 5 car lots and filled out 5 loan applications to calculate a rate. This only works if you do it all in one day.
The same goes for credit cards. If you're going to do it, do it all in one day...so it'll only count as a single hit instead of multiple hits.
I hope you aren't denied a credit card, but the "hit" to your "beacon" score should be the same no matter if you are approved or declined...because the only reason your credit score is going down is due to an inquiry. Your credit bureau doesn't know if you were approved or not...people apply for credit all the time and once they are made the offer, turn it down...and the credit people don't know if you made the decision to decline the credit or if the lender did.
Good luck!
2007-11-30 12:03:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes. In fact, multiple applications for credit cards, even ones made online, will look really bad on your credit rating, and will result in you being denied credit because they already think you have too many cards and are a credit risk.
2007-11-30 11:53:49 · answer #2 · answered by Goonhilda 6 · 0⤊ 0⤋
it goes into an area of your credit report known as "inquiry". if lender A, B, C and D look into "inquire into" your credit report, B will think you were turned down by lender A, C will think you were turned down by lender B and so on. Assuming you went past lendeer A in the first place. it is unfair to those who are "realistically shopping" for a good rate. next time have a good understanding about who can lend you money and for how much, b4 you shop. don't apply for every offer that comes in the mail.
2007-11-30 11:59:57 · answer #3 · answered by 27ysq 4 · 0⤊ 0⤋
Yes...it's true...What you really want to avoid is applying for a lot of new cards at once....Doing this can cause a significant drop in your credit score. Being approved for new credit isn't a numbers game....so never mindlessly fill out a bunch of applications for new credit thinking that at least one will approve you.
2007-11-30 11:55:43 · answer #4 · answered by CatDad 7 · 0⤊ 0⤋
check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates and rewards. GOOD, BAD OR NO CREDIT they they have the right card for you.
2007-12-01 10:34:59 · answer #5 · answered by GTW 3 · 0⤊ 0⤋
Doesnt matter if your denied or accepted, applying counts against you.
2007-11-30 12:00:41 · answer #6 · answered by TNguy 6 · 1⤊ 0⤋
It can and does hurt it, however I believe it is only a temporary drop that falls off within 30 days.
2007-11-30 15:53:48 · answer #7 · answered by Crazyjester9 6 · 0⤊ 0⤋