Each time I apply for a credit card, does it lower my credit score?
539214
Not necessarily! Despite what others have said here. If you have too many inquiries in a short period of time, then DEFINITELY, it will lower your score. It shows signs of desperation. In my own opinion, the fewer cards, the better off you are in the long run, and the easier it will be to remain in control of your personal finances. Good luck!
1002759
If you are talking about loan and mortgage credit, then the answer is "probably not."\n\nIf you are talking about credit cards, then it will improve some but it is impossible to tell whether it will go from "fair" to "good" because it depends on what you mean by "fair" and "good". If your credit score is very close to the "good" range, then it's possible.\n\nYour individual and total credit utilization is only about 35% of your credit score (depending on which system is used).
1044328
Yes Closing out open credit cards will lower your score. It's all based on Credit Utilization, i.e. what percentage of your open credit lines are you currently using. FICO credit scoring adds up all your balances and all your credit lines to determine part of your credit score. The best is to have zero utilized but up to 25% is OK. If your utilization is higher than 25% it will definitely lower your score.\n\nI would look at your whole revolving debt picture before closing any accounts. Put the cards away in a safe place and don't use them for 6 months and then decide if you still want to close those accounts.\n\nGood Luck
907558
I recently closed one and the person who was dealing with my account told me specifically that it will affect my credit score negatively (Visa).  I did my own search and most people seem to think that it actually affects your credit score in a positive way.  Personally, I closed the card anyway because I believe it makes you look more responsible  when you don't have half a dozen cards with balances on each.
250133
By "membership fee" what's that?  A monthly fee you pay regardless if you use it or not, line an "annual fee".\n\nGet rid of the card. One card won't lower your score that much.
477230
THE FIRST CREDIT CARD I GOT WAS FROM THE WOMEN'S EXPRESS STORE ABOUT A YEAR AN A HALF AGO. IT WAS A CREDIT LIMIT OF $150. AFTER I PAID ON IT FAITHFULLY FOR ABOUT 6 MONTHS, I STARTED GETTING CREDIT CARDS OFFERS IN THE MAIL. I FOUND SOME GOOD ONES WITH A FIXED RATE AND I WAS APPROVED FOR ONE OF THEM WITH A $1000 CREDIT LIMIT. I PAID THEM OFF, BUT LEFT THEM OPEN WITH A $0 BALANCE. THAT'S THE BEST WAY TO RAISE YOUR CREDIT SCORE. SO NOW I GET AT LEAST 2 CREDIT CARD OFFERS A DAY AND HAVE A CREDIT CARD WITH A BALANCE WITH $3000 NOW. (DON'T WORRY, I CAN PAY FOR THAT) :-) BUT JUST MAKE SURE YOU CAN PAY FOR THE BALANCE CUZ YOU DON'T WANT TO GET YOURSELF IN CREDIT CARD DEBT. SO START OFF WITH A SMALL RETAIL STORE, THEN EVENTUALLY YOU'LL MOVE INTO BIGGER CREDIT CARD COMPANIES. GOOD LUCK!\n\nPS. SO WITHIN A YEAR AN A HALF, I WENT FROM HAVING NO CREDIT TO VERY HIGH CREDIT SCORE. JUST LEAVE CREDIT CARDS OPEN WITH A ZERO BALANCE. THAT SHOWS THE CREDITORS THAT YOU HAVE THE CASH TO BUY THINGS WITH, INSTEAD OF USING YOUR CREDIT CARD. I KNOW A LOT MORE TOO BECAUSE I WORK AT A MORTGAGE COMPANY. EMAIL ME IF YOU HAVE ANYMORE QUESTIONS!
246842
Only if you stop paying off your credit cards . . . it will.  Keep your payments up and it will not affect your credit score.
894202
As mentioned above, what lowers credit scores are "hard" pulls...that's when you give someone permissible purpose to pull your credit. When you pull it, it's known as a "soft" pull, which doesn't affect your score NOR does it show up in the inquiries list. So no one knows how much you pull your credit except YOU.
686768
This is an online simulator that lets you punch in variables to see how it will effect your FICO score.  I've found it very helpful & your score does quickly rise when you pay on time & more than the minimum balance on credit cards.\nhttp://www.providian.com/cmc/fico_simulator.htm
925526
KEEP THE CARD!!!!  Part of the calculation of your FICO score is legnth of credit history. IF you close a card that you have had for several years, it will LOWER YOUR FICO SCORE.  \n\nBest thing is to keep it open, charge something on it each month, and pay it off.
511805
Many credit card companies do report monthly. Especially the larger ones as it is fairly cheap to do so. Axe is also incorrect in that they all wait for six months to report. As someone who works with clients on their credit problems on a constant basis, I can tell you I see plenty of customers who have only had a credit card account for two or three months and it is already on their credit report.\n\nAs far as it helping you, it doesn't really help. The information that is important for your score is how long the account has been open, what the balance to credit limit ratio is, and whether you have paid on time or not.\n\nI usually have a client start building their credit with a finance company as well as the secured credit cards. However you must be certain that the company will report positive information and not just negative. Many of the companies say they report to the credit bureaus, but what they don't tell you is that they only do so when you are late. Make sure you ask if they report positive information and have them put it writing.
134094
Yes, Apply with three or four lender and compare loans to see which one is more attractive.  When you're house hunting, all the inquiries are lumped together, so they will not affect your credit score for having too many inquiries.  However, do them all within a period of two weeks, otherwise they will start counting against your credit score
67065
It depends on several factors; mainly your credit rating and how many "points" you can put down when you apply for the loan. I visit bankrate.com when I want to research banking info.
1001322
The thing that hurts your credit is the inquiry when you apply for the card. But, the inq will hurt less and less as time goes by. By 6 months, it will hardly have any impact and at a year, no impact at all.\n\nAs for your balance, it is best if you keep it below 25%. If you can afford it ONLY if you can afford it, charge it up to the 25% mark (once) and then either pay in full or pay it off in a couple payments. \n\nThat will show that you are not only using your credit, but using it wisely.\n\nBut generally, pull it out once every 6 months or so, buy a tank of gas and stick the card away for another 6 months. And pay in full when you get the statement.
1046872
As long as you do it all on the same day, no. If you do it all on different days, then yes, you're score will drop slightly. \n\nI'd recommend you go to your bank or credit union first. Don't rely on the dealer unless they have some great financing terms.\n\nIf you still can't get the rate or credit report you want I'd choose either Equifax or Experion.
42721
Getting good credit is not an easy road. Whether you choose to get a Credit Card, A Store Revolving Credit Card, or even purchase a car, you've got to be very very disciplined. \nI suggest never purchasing anything with a credit card that you couldn't with your bank card. At the end of EVERY month, pay off the entire balance.\n\nDo not apply for many credit cards. Find the credit card with the best terms and interest rate, apply once, and watch it carefully. \n\nYou're Credit Score is determined by your credit limit, your credit/debt ratio, length of time of your credit history, payment history, credit inquiries, etc.\n\nI suggest checking your credit report for free. You can check it once per year per reporting agency. I suggest checking one agency every 4 months (=12 months). Checking your own credit report does not hurt your credit score. If you purchase a score with your report, usually they'll give you suggestions to improve your score.
317585
One credit pull should only have a slight effect on your credit score.  True this matters more if you are on the border of a score category.\n\nThe good news is that the effect should not last very long.