crazyates
10-02-2006 20:19:51
lets say i signed up for like 10 credit card offers. would that come back and haunt me in the future by lowering my credit score by havning a dozen or so credit card when i'm only 18 (17 oops) thanks
WoRdUp48
10-02-2006 20:22:00
[b5fd5eb4fe9]You opened X account(s) in the past 24 months.[/b5fd5eb4fe9]
This lowers your score. Having accounts listed in your credit reports is a
positive factor because the payment history of these accounts shows
lenders how well you pay your bills. Therefore, having too few accounts
or too few open accounts may be considered negative. However, having
too many accounts or [u5fd5eb4fe9]adding new accounts too quickly may also be
considered negative because lenders worry that you are spending (or
preparing to spend) beyond your means, even if you have never been
late with any payments.[/u5fd5eb4fe9] Note that closing accounts will not improve this.
Also, if you do not currently have credit, getting your first few credit cards
may be difficult and may involve high fees, high interest rates, and low
credit limits. Note that accounts from personal finance companies (which
specialize in lending to people with credit problems) may be considered
negative.
crazyates
11-02-2006 18:36:05
ok thanks i wan't planning on doing any offers like this, but i'm running out of options and thought i might do this. i don't think so howwever...shrug
nate08
11-02-2006 19:14:17
Yeah you can do a couple but I really wouldn't recommend doing more than one or two.
Also They take FOREVER in crediting and basically are difficult altogether so I would stay away if at all possible.