What Happens To My Credit Score When I Apply For About 5 Or 6 Credit Cards? Does It Affect My Ability To Get?
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4 Responses to “What Happens To My Credit Score When I Apply For About 5 Or 6 Credit Cards? Does It Affect My Ability To Get?”
Comment from Jughead1
Time July 21, 2009 at 4:44 pm
Multiple inquiries can lower your credit score. You should only apply for one at a time, and after you get it, you should wait a month before applying for another one. If you’re denied because of too many inquiries, you should wait six months before applying for credit again.
Comment from sunshine
Time July 21, 2009 at 7:26 pm
yes it will affect your rating. Somethings don’t, like now if you shop around for a car and multiple dealers pull your report, it won’t cause yoru score to go down. But your score does go down with each credit inquiry. I am not sure for how long.
Comment from mom_to_4
Time July 21, 2009 at 8:51 pm
i don’t think that it affects your actual score however people might not be so interested in lending you money if you have over a certain number of inquiries and 6 is alot. it usually stays on there for 3 years.
Comment from VATreasu
Time July 21, 2009 at 1:56 pm
A large number of inquires will decrease your credit score. The effect will reduce with time. How much is hard to determine, because credit scoring algorithms are secret. The best thing you can do for your credit score in the short term is to lower your credit card balances. Other good behavior(like paying on time) takes longer to increase your credit score.