Tuesday, August 16, 2011

Is it possible to apply for 2 or 3 credit cards and then choose the one that fits you the most?

Opening new credit card accounts may seem like a good way to rack up more available credit, but every time a potential lender looks at your credit score, it counts as an inquiry – and stays on your report for two years. Too many inquiries could hint that you’re planning to open up several new lines of credit. If you appear to be going on a credit binge, that will scare creditors. But what if you’re shopping around for a mortgage or car loan and simply want to find the best rate? No worries – as long as you finish your applications within 30 days, your score won’t be affected.

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