My credit score is around 730ish sometimes higher sometimes lower. I have 14 Hard Inquiries on my credit report because I was not aware of the inquiries and how it will effect my score when trying to build my credit. I currently have 0 limit for Kays Jewel, &300 limit for a regular Credit Card and recently a 0 limit for Peir1. I recently got accepted for peir1 in May after going through a process of faxing extra information to Chase bank. They said, that they did not have enough information to continue. After sending I was surprise I was accepted to received a credit card after my previous turn downs and not having background for them to look upon. I was wondering how far apart could I apply for another Credit Card? I wish to get a Best Buy credit card to purchase a Flat Screen TV with credit. Can you tell more information or your experience and how long should I wait with my score and background history?
Thanks in Advance!!
Are you carrying balances on these accounts? Store cards tend to have high interest rates and limit use. You would be better off just getting a couple major credit cards and forgetting all those store cards.
Hard inquiries only ding your score for a few points, UNLESS, you apply for a lot of new lines of credit in a short period. Then it can really hurt you. Not just your score but the fact that you are applying for so much new credit will get you turned down. And the types of store cards you are getting certainly look like you are getting in over your head.
If you are carrying balances on any of those cards, pay it off before you take on any new credit. Wait 6 months before you apply for any more credit cards.
If you have a FICO of 730 you shouldn’t have a problem getting a Best Buy card now.
Just use credit wisely (pay off the balance each month and never pay interest) and you don’t have to worry about your credit score. It takes care of itself.
You sound like you are out of control. How many card do you think you need? Why do you think you have to finance everything?
I’d suggest you save up and pay cash for a TV. You don’t finaince TVs – that’s crazy.
The problem you will likely run into is too many active accounts, basically what that means is too much of your money is wrapped up in debt, lowering your credit score. If you do not intend to use any of your other cards or if you don’t have balances on them, your score will not drop much at all opening another account.. But if you owe out too much your score will begin to drop quite a bit.
Doesn’t matter if you pay on time or not (which of course is good), but too much debt will lower your credit.