@namvet wrote:Credit inquiries: Less than 6 months- major effect Over 6 months- minor efect Over 1 year- no effect We are talking about credit score performance but the major problem with inquires is that it will prevent credit approvals in some cases. Remember the rule: Apply for credit when you need it and never more than once each 6 month period.
Good advice, I need to follow that ASAP!
@Anonymous wrote:I guess this answers my question from another thread.
To the OP DON'T do it!
I went on a spree last year. My so-called logic was that if I fish several apps all at once the systems won't have time to see the other inquries and I'll walk away with all the fish that bit. And it worked! UNTIL...
I found that GEMB was my sweet spot because I got approved for all the cards they financed. I got a JCPenny card, a WalMart card, a Paypal card, Old Navy, etc. etc. etc. By the time I was done with my weekend spree (I figured a weekend might slow down the inquiry notices) I had about 8 - 10 lines of credit. The PROBLEM with this was that even though I had received all the cards I started getting notices that the accounts were closed. All GEMB cards, one by one, closed by credit grantor. In the long run I ended up shooting myself in the foot whereas if I had just went with the first few approvals I probably would have been okay--my Paypal credit limit was for $2300 compared to the two $500 secured cards I had at the time.
I recovered. The closures didn't seem to have any affect on my credit and now, about 8 months later I've been approved by two major, unsecured credit lines. The six month rule is probably the one to go by.
Wow, I didn't think GE would close for too many accounts.