Will my credit get worse just for applying for credit cards?
Answer:
Yes. It is assumed that the only reason for getting a credit card is because you don't have enough money to pay for stuff without it. So they assume that you will be going further into debt, so the credit rating goes down.
Yes your FICO score goes lower when you apply for a card but will get back up as you build history meaning pay at least the minimum on the the due date.
Yes. Every time your credit history is accessed for whatever reason it goes against you.
Credit cards will help you build your credit. If you pay your bill on time or early, you will get good credit.
if you apply for many of them in a short amount of time it can negatively affect your credit and credit score
They will show up as "inquiries". Lenders frown on too many inquiries because it looks as if you are desperate or that others may have turned you down for some reason or both. It will NOT affect the score.
I've heard from the bank that it will, because it shows your credit report being looked at.
Yes cause if you apply for 5 credit cards and the all tell you know what makes tou think someone will say yes. When you apply for a lot of credit the creditors think you are thirsty. And inqiuries are part of your fico score.
everytime u apply for a credit card it is a hard pull, which can and will bring ur score down.
Nope, it won't.
In this case, the credit will be affected only when you pull money against the credit card and do not pay towards them on time, meaning you default on your payments.
However having too many credit cards is also not advisable.
The ideal situation is to have 5-7 open tradelines on your credit with a balance around 5K.
And my friend if you don't have enough cards and want them then go ahead and get it, don't you worry about the credit, it's gonna be fine.
Good Luck!
Yes- but it goes down slowly. It will go down a lot quicker if you don't make your payments on time. It is best to not apply for credit unless you absolutely have to.
Yes, if you are a frequent applier for credit it will affect your FICO score. Pretty important that when you are establishing credit to limit the number of accounts you keep, so that when it comes time for a major purchase like a car or a house.you are not overextended (debt ratio), and keep your payments on time.
Applying for credit, especially many times close together, seriously affects your rating. It says two things--you're desperate for money and you keep getting turned down. That may not be what is actually going on, but those are the flags raised to creditors.
Yes but not much
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http://www.bestcreditrates.net
Yes, each time they check your credit score, it will go down. So don't apply to all and sundry. Read the following article:
How to choose the right Low Interest Credit Card
http://www.askaquery.com/question/how-to.
Yes.your credit score would go down:
Credit Score Explained
http://www.debt-loan-refinance-mortgage-.
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