Applying for a credit card without hurting your credit ?
I was in my local bank branch (BB&T) when one of the bankers suggested I apply for their credit card. I said no I don't need another credit card and I don't want to hurt my credit. She told me it would not hurt my credit because it would not count as a hard inquiry. I still declined and did not believe her about it not hurting my credit score.
About a week later I received some junk mail from HSBC wanting me to apply for one of their card and it also said you could see if you qualify without hurting your credit. I'm not looking for a credit card I'm just curious to know if something has changed where you can apply for a credit card, and not get hit by a hard inquiry.
Re: Applying for a credit card without hurting your credit ?
I would strongly recommend avoiding credit cards... particularly during the recession. The laws are changing and some of the credit cards are being really scummy now (even more than they were before) with how they operate. Basically the credit card companies are now changing to really high interest rates because they won't be able to do it later as easily as they could before. Some are going up to like 28% interest! They are also adding on monthly fees NOW because they won't be able to change their rules as easily later. Read these:
http://www.examiner.com/x-648-Baltim...Disclosure-Act
http://banking.senate.gov/public/ind...5-85621d0a8d69
Re: Applying for a credit card without hurting your credit ?
There are two different types of inquiries: A soft, and a hard. A soft inquiry shows your credit to the company pulling your credit file without putting an inquiry on your credit file. While a hard inquiry lets everyone who pulls your credit know how many times you have tried to apply for credit in the last two years. Companies usually feel that a new inquiry is within the last six months. My advice is to hold off on applying, but if you do HSBS is one of the worst. I would definately ask about a secured card with your bank, under the pretenses that it will go unsecured in the future (year or two). Your bank is less likely to pull your credit, depending on what you are asking for secured/unsecured, or amount. A few years back, I was able to get a gas card, and three major credit cards in one day....I was online applying happy....but have applied for nothing since. My advice is to not carry a balance and if you do do not carry more than 30% of your credit line availability. I hope this helps...I have learned a lot through the years through my own mistakes.
Re: Applying for a credit card without hurting your credit ?
I can't see how applying for a CC would not show up on your credit report. If you get the card you don't want that would defiantly hurt your credit.
CC companies are going to be doing something to get the money back the new rules are going to cost them; I would avoid all CC until the dust settles.