does my credit score get affected if im denied in credit card application?
by Author on Monday, August 23rd, 2010 | 7 Comments
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Yep, listen to your mom. Every hard pull inquiry on your credit report (as in what happens when you apply for a credit card) can ding your FICO by as much as 5 points. Wait 6 months before you apply again.
your mom is correct
if you don’t qualify now then wait a few months before applying again.
Your mom is half right. Your credit score will take a hit every time you apply for credit and your credit report is pulled. It doesn’t matter if you are accepted or denied though. The hit to your score is the same every time you apply.
Yes.
As a former banker for Wells Fargo and marketer for Citibank, I’ve had to learn a lot about how credit scores are calculated. If you are getting denied for a credit card, it’s because you either have poor credit from past credit management, or haven’t established enough credit to qualify for the type of card you want. Simply applying and being denied doesn’t affect your score very much. If fact, the amount it may drop is pretty insignificant and will rebound in a couple of months. My advice is to call the card company directly and ask them which card you qualify for. Be honest with your answers and request a low credit line, like $500. On another note, debt is dangerous so I suggest never putting more on the card than what you can payoff. Good luck
it does affect ur score. thats why when you go to stores in the mall and they ask me if i want to open a charge with them i say no….regardless of my credit being good or not because you can be approved for one store but be declined at another simply because they look for a higer credit score and boom, ur score goes down. everything is reported.
my advice, get one card only and thats it. credit card companies make money off of peoples inability to afford things….you buy one thing and pay almost double in fees and interest. why let someone rob u like that?
credit is great for emergenices but to me, the material crap most people buy with them can wait.
Drat……Mom knows Best. Get a Savings history and no debt then a card might be granted but you may need to wait two years dependent on what sort of credit balance and income to retain monthly over the term.