How "Hard inquiries" effect my Credit Report/Credit Score?
I have NO/Unrated credit history. I want to build my credit score and shopped for credit cards and got lot declines. All of these inquiries appearing in my Credit report as "Hard inquiries"? Currently I have ~9 hard inquiries?
Finally I got a Bank of America Credit unsecured card Feb 2007 with $500 credit limit. How long will it take to build my credit history with this one revolving account. Do I need to open more credit cards?
I did not take any auto or any other loan till now. My Rental application got turned down recently. Can you please advice? Thank you in advance.
Re: How "Hard inquiries" effect my Credit Report/Credit Score?
Above link is great! That will help. But you will also want to hunt for more unsecured credit cards or secured card if you have to. You will build new credit faster with more 3-4 cards if you are responsible, maybe 200%-300% faster. I would also follow the above link on personal loans. As far as I have NO/Unrated, this should disappear after 6 months.