answersLogoWhite

0


Best Answer

Every time you apply for credit and a creditor pulls a report it hurts your FICO score. The rule is to have no more then 6 inquiries on your credit report with in six months. They say a hard inquiry pulls your score down 3-5 points. There are 2 different inquiries hard and soft. A soft inquiry is when you pull your report or a creditor you already have pulls it to make sure you still have a good profile. The hard inquiries are the ones that hurt your score. It means that you are applying for credit.

User Avatar

Wiki User

โˆ™ 2015-07-15 21:23:48
This answer is:
User Avatar
Study guides

The law is derived from three main sources what are they

If there is an erroneous payment then

These funds last 5 years have limited use and cannot pay for new obligations

How do you know which transactions are awaiting your approval

โžก๏ธ
See all cards
3.76
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
34 Reviews

Add your answer:

Earn +20 pts
Q: Does applying for new credit cards hurt your score?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Does applying for school loans hurt your credit?

It should not hurt your credit score unless you don't pay.


When should you close unused credit cards and will this hurt or help your credit score?

Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.


Does having multiple credit cards hurt your credit score?

Having the cards does not. Having large debts on them does.


How does a company running a credit report hurt your credit score?

Too many inquires on your credit report can hurt your score since it may appear that you are applying for too much credit at once.


Can closing paying off credit cards hurt your score?

In Some Cases Yes It Can Lower Your Score.


Does applying for a credit card hurt your credit score?

Having and using a credit card wisely can be beneficial to your credit rating. However, if you're constantly applying for new credit cards, it can hurt your rating, especially if you're getting turned down for them. Applying for too many credit cards, in a way, shows that you don't have enough capital to afford your cost of living on your own income. And if you're getting turned down by creditors, it's an indication that your credit standing just isn't up to par, and other creditors will weigh these rejections against you.


Should I get several credit cards?

Having a large credit limit can help your score but do not apply for several cards at the same time. Doing so can hurt your score and make you unable to get any new credit offers.


Does your debt hurt?

Debt can help or hurt you when applying for credit.


Does bankruptsy hurt your credit score?

OF Course it does! IF you just got bankrupt it does hurt your credit score really badly!


Do student credit cards help college students build up their credit and prepare for their future?

Yes and no, as all credit cards will help build their credit score but at the same time if they do not pay their credit bills it can hurt their credit score and diminish the amount of credit that banks will allow them. So, if they pay on time then yes it can help them build credit and prepare them for their future.


If you have three credit cards would it hurt your credit score to close two out of the three cards?

It may. The target range for maximum points to your score is two to four revolving accounts. Managed properly and paid on time will cause points to be added.


Do medical bills on credit report hurt credit score?

yes they do, they impact your score greatly

People also asked