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Thread: How Many Is Too Many?

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    Featured Member exotica17's Avatar
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    Default How Many Is Too Many?

    I really want a credit card so I can begin building better credit. I already have two marks on my credit (for recent inquiries). They won't go away until a couple of years from now. So, how many times can I apply for a credit card before it makes my credit worse? I have an excellent score for one of the credit bureaus, and I don't want it to fall too much because I'm applying for too many cards. Thanks in advance for anyone's help.

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    Banned Melonie's Avatar
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    Default Re:How Many Is Too Many?

    I believe that having 2 cards maybe 3 is the optimum where credit rating is concerned.

    Every 'merchant' credit inquiry which does not result in a new credit/loan account is bad for your credit rating, because it implies that you are having problems getting the credit you want/need and are being forced to shop around.

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    Default Re:How Many Is Too Many?

    BTW...although the inquiry hits stay on your credit for a few years...the banks do not look at them after 90-180 days. HOWEVER, if you are indiscriminately filling out credit applications, I would suggest you stop that. Shop around and eliminate any card you KNOW you don't want. Then pick one or two cards that you do want and apply for them. I would suggest pulling your own credit and checking your credit score. So many times there are errors on the credit report that should be cleared up (which can affect your score). Also, you want to make sure that everything on your credit report is, in fact, yours. (You do not get "penalized" for pulling your own credit report). The best type of report to get is called a Tri-Merge (it combines the scores, history, and accounts from TransUnion, Equifax, and Experian).

    1-3 apps won't hurt you...anything more than that and it'll raise a red flag.

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    Default Re:How Many Is Too Many?

    go to www.artofcredit.com and learn absolutely everything imaginable about credit scoring. IN my opinion www.artofcredit.com is the most useful site on the net and shares many insider secrets about credit scoring models.

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    God/dess NinaDaisy's Avatar
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    Default Re:How Many Is Too Many?

    I'd recommend just getting an American Express (you gotta pay it in full each month, so it kind of forces you to be responsible) and one Visa/Mastercard with the lowest rate you can find, which should be between 6.99%-12.99% fixed, NOT introductory.

    Read the fine print of the credit apps!
    "She has written so well, and marvellously well, that I was completely ashamed of myself as a writer...But this girl, who is to my knowledge very unpleasant and we might even say a high-grade bitch, can write rings around all of us who consider ourselves as writers"

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