FundRobot » Funds » Should I open a new credit card if no new hard inquiry required?

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Old   #1 (permalink)
 
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Default open a new credit card if no new hard inquiry required

Do you really want another credit card? Then get it. Don't let a hard inquiry be the deciding factor. Hard inquiries only ding your score a few points. In 6 months your score starts to rebound. By the 12th month, it no longer impacts your score and ages off completely in 2 years. Definitely not something to be concerned about.



You should understand that you will need to actually use all the credit cards periodically to keep them active. Otherwise, the do nothing to build credit and the card company will close the account due to inactivity.

By the way, another new card won't hurt your score in itself. However, opening new accounts lowers the average age of accounts which can lower your score. If there is less than 4 years difference between your oldest account, it won't make much difference.
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Old   #2 (permalink)
 
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Default open a new credit card if no new hard inquiry required

Having more than one credit card does not build your credit score any faster.I suggest you payoff all 3 credit cards and just keep the older one and close the other 2
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Old   #3 (permalink)
 
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Default open a new credit card if no new hard inquiry required

I went to a local credit union and refinanced my current car loan. They said since they ran my credit report they could give me a credit card for 3500 with no annual fee at 5.98 percent. I currently have 3 credit cards open totalling 9k. Will it hurt my score to take the extra 3500? I am responsible and pay my cards to reasonable balances or all the way off by the end of each month but I like having the security of more funds in case of an emergency. I just got one of the BOA cards last week
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