Originally posted by KokoMerkin:
Originally posted by Kremithefrog:
Will applying for cards hurt my credit? Or does it not really matter seeing as I guess it sucks already.



Most definitely. Each inquiry stands on your credit record for two years. Accumulating enough inquiries in a short period of time will hurt you score.



I am a loan officer and I can check your credit, but KokoMerkin is correct about getting it checked too many times in a short period of time. Usually, you can get your credit checked up to 3 times in 90 days with no penalties. Your score can be docked about 10 points for each additional credit run within the 90 days. This "rule" is only a guideline because there are so many factors that can affect your credit score when getting it checked. The best way for someone with no credit to obtain lines of credit is for them to have a family member co sign on the credit line. Also, the best way to gain good credit is to get 2 or 3 different lines of credit. The reason you should have multiple lines of credit (a Visa Card, a Mastercard, and even a gas card) is because most of the card companies (or banks who give the credit line) only report to 1 or 2 out of the 3 Credit Bureaus. If you only have 1 card reporting to 1 Bureau, you may still have barley any credit even after a year of spending and paying the card off. Also, for those of you who do already have credit and are trying to get a mortgage for a home or a loan for a car, make sure that you pay down (to under 1/2 the credit limit) as many of your credit lines as possible 30 days prior to applying for the mortgage/loan. For example, if your Visa has a $1,000 credit limit, make sure that you owe under $500 on it when you apply for the loan. Keeping the balance due under 50% of the credit limit is crucial to getting a good rate. This is a quick and easy way to improve your credit and get you a better financing rate. Even a slightly lower rate will save you a ton of money over the years.

If anyone has any questions about credit, mortgages, or real estate, please feel free to shoot me a pm. I would be more than willing to answer any of your questions.

Jeff

For Sale - 96 Tour Sport 2.5L MTX with SVT Exhaust, pre 98 trunklid with newer Contour Sport spoiler instead of lip spoiler, newer Contour sport rims. Newer paint job. Brand new floor mats. Rust Free! PM me for details and pics.