Doing the Right Thing
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For each new credit card you apply to, your score will be reduced by 3 to 5 points and it will stay that way for 1 full year.
It is not bad to apply to multiple credit cards. It shows other companies that you have lots of credit to use, so they want to give you more credit.
Bad things about getting many credit cards: You going to get hammered with bunch of different credit card offers from the same company. You put yourself in high risk of identity theft if you lose one of your cards. It will make it difficult to manage your money. If you max out all your credit cards, you going to be in debt for a very long time, maybe for life. |
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corky0906
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most definatly |
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fred g
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Everytime you apply for something that involves your credit report it dropps your beacon score each time resulting in bad credit, I process mortgages and I see it happen all the time |
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the_falcon_1987
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I dont even know what a credit rating is, but i got 2 points on yahoo! |
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deadly
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Very much so. However credit checks need to be checked by you. They are not always right so you may get a no when you should get a yes. |
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Lori A
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Yes it is a bad thing and it is highly likely that when they see multiple inquiries in a short period of time, they will likely reject your credit altogether. Even separating them by a few weeks or months is going to be viewed negatively. They don't like seeing you pile on credit too fast.
It is a bad idea to have 4 cards anyway. 1, maybe 2 maximum is all anyone should have or carry. Any more than that, you obviously have cash management problems and you are asking to bury yourself deep in debt.
Debt is a bad thing. It will keep you from getting wealthy and may well keep you from even being financially stable. |
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Suzi
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YES!!!!!!!!!!!!!!!!!!! |
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STEVEN F
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Under current scoring methods multiple inquires for the same purpose in a short period of time are supposed to be treated as 1 inquiry. |
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trancegoddess2001
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Yes, it is bad. Everytime you apply for credit, it decucts points from your credit rating. |
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futurehero5200
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i would wait in between applications, like a week or two just to be safe |
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SHAHAB6
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Everytime you apply you lose one post from your score
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http://www.bestcreditrates.net
http://www.online-discount-pharmacy1.com |
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Cheyenne J
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when you turned down for approval it shows up on yer credit report. I hope you get the cards, just don't be stupid with'em :) |
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American Werewolf
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yep it affects your credit rating too.Too many cards too many bad ratings |
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oracle
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if you do not have a previous bad credit rating, you may get yes from all 4. Any negative answer you receive will affect your credit rating negatively and vice versa. |
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wackadoodlepoodle
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You betcha!!!! Only apply for what you know you'll be approved for and limit it to 2-3 max! |
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Johnny
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Hell yes it does, inquiries stay on 2 years, and excessive numers lower scores.
If you have excessive inquiries on the same day ( as say a car dealer is sending your app to many banks) you can usually have them removed due to the logical reason it was done, by contacting the three major bureaus. |
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moikel@btinternet.com
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HELLO! applying for 2 in 2 weeks marks you are a BAD RISK
applying for 4 in 1 day Marks you as either a attempted FRAUDSTER or simply puts and automatic blacklist on you.
to get a good credit score you should have at least one and no more than 3 credit cards and ideally only one should have a small amount on it..
the idea the more you borrow and have makes you a better risk is wrong - its the more you PAY off and less you borrow |
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nakitars
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YES. Every inquiry on your credit report affects your credit score. You should always be very selective about applying for anything that requires a credit check. Be careful. |
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KELLY S
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yep... |
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...yoU knOw u nEed Me baYbeE...
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yes oh god yes only do about one a week it will make you look like you cannot get credit... |
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