topic Re: cc...how often do u apply in Credit Cards

cc...how often do u apply

Anonymous — Fri, 04 Jul 2008 00:46:36 GMT

how often do u apply without hurting your score...like all around the same time or 1 a month...i have no intention in using but i looking to buy property and want a lower interest rate..i'm paying down (and hopefully in 3 months -off) my current cc's...and take care of some 5 yr baddies too.but i don't want inq to hurt me

Re: cc...how often do u apply

Anonymous — Fri, 04 Jul 2008 02:34:28 GMT

destiiny99 wrote:

how often do u apply without hurting your score...like all around the same time or 1 a month...i have no intention in using but i looking to buy property and want a lower interest rate..i'm paying down (and hopefully in 3 months -off) my current cc's...and take care of some 5 yr baddies too.but i don't want inq to hurt me

There are very few options for applying without hurting one's score. Every time you apply (with only one exception that I can think of), you will receive an inquiry.

One new inquiry a month is excessive. If you got approved for all those new accounts, your lower average age would kill your score anyway.

In any case, if you're planning on getting a mortgage soon (did I read that correctly?) you don't want to be opening any new credit accounts, anyway! The rule of thumb is to avoid applying for new credit for at least six months before mortgage shopping.

Re: cc...how often do u apply

Anonymous — Fri, 04 Jul 2008 11:26:36 GMT

ok thanks...thats what i thought.i was just curious...i only got the one cc they sent me in the mail approved...i just see in some of the threads people applying for cc's to help their score so i was confused.

Re: cc...how often do u apply

Anonymous — Fri, 04 Jul 2008 15:08:42 GMT

destiiny99 wrote:

ok thanks...thats what i thought.i was just curious...i only got the one cc they sent me in the mail approved...i just see in some of the threads people applying for cc's to help their score so i was confused.

If you have only one CC, one or two additional CCs will probably help your score right away.

If you have high utilization (carrying high balances), an additional CC may help your score by adding more available credit.

Otherwise, a new CC (or any new account) usually hurts one's score in the short term, but will more than make up for that temporary hit over the long term, as long as the account is treated well.