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Answers (2)

Balancing responding to credit card offers with concerns over credit rating

Balancing responding to credit card offers with concerns over credit rating

  1. Liz90909

    Dear Lucky, In one of your intro essays you state:

    “I pick up 2-3 cards every three months or so, so I’m constantly on the look out for the best sign-up bonuses. [B]I earn upwards of 500,000 points each year from credit card sign-ups alone[/B], so taking advantage of the best offers is key for me.”

    However, as someone with a high credit rating, who would like to maintain that rating, I wonder about the tactic of applying for new credit cards. Each application for a card typically means an investigation of one’s credit, and I know from experience that credit inquiries have (at least temporarily) lowered my rating.

    For example, I spent an interim year in a rental apartment after selling my place while I looked for a new place to buy. The rental agency ran a credit report on me, and my rating dipped by about 10 points. I think it took several months for my rating to regain those points. I’m uncomfortable at the idea of applying for 10 credit cards a year; I do not know how long it would take for my credit rating to rebound — or even if my rating might be permanently dinged for such practices.

    Any comments (from Lucky, or fellow travelers)?

    Thanks,
    Liz

  2. Gaurav

    [USER=1316]@Liz90909[/USER] consistently following this process will actually raise your credit score. This primer provides a good place to start:

    [URL]http://onemileatatime.boardingarea.com/credit-cards-credit-scores/[/URL]

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