One last inquiry to burn or a pre-emptive strike: Is it a good idea to apply for BillMeLater?

Question

I plan on not "openly" applying for any more credit in 2008. The rush is to burn one last inquiry for the rest of this year while trying not to cause adverse actions on new credit. It seems like BML will only pull one hard at the time of initial application/purchase. Subsequent purchases will be softs. See this as offering a couple of benefits. Future BML purchases/credit lines won't be reported to my personal reports (?) and thus won't majorly affect utilization and credit scores. It sounds like a convenience feature not found in a typical credit card. Please kindly list all pros and cons with establishing a BML account. Currently, I have 4 accounts that are less than 6 months old, and 5 in EQ. Other two bureaus are under security freeze. Should I apply?

Answer 1

You are ROYALLY confused about inquiries in general.
1. Calendar years are NOT relevant for inquires. Each inquiry appears on your credit report for a fixed number of MONTHS.
2. Inquiries from ANY current creditor are 'soft' inquiries unless they result from a request BY YOU to increase your credit limit. Most 'purchases' don't even cause a soft inquiry.
3. The 4 accounts under 6 months old are ALREADY affecting your score more that the inquiries will.
4. YOU always have the right to see your credit file even if a 'security freeze' is in place.

NOTE: In my opinion, there are no pros to ANY credit line.