bleufuzion asked:
when does applying for credit hurt you? and how many responses to credit card offers is too much?
http://1mortgagecalculator.info
when does applying for credit hurt you? and how many responses to credit card offers is too much?
http://1mortgagecalculator.info
If your up to your limit on all your cards…thats a red flagg!! Only accept 2 to 3 cards. Dont over extend yourself with too many. Take a look at your total monthly income then divide it by your total monthly payments..this will give you a percentage of debit to income. IF IT IS ABOVE 40 PERCENT IT WILL AFFECT ALL YOU OTHER LOANS THAT YOU TRY TO GET!!
Applying to more than 3 credit cards a month looks bad on your credit report.
All of them, before you know it you will be working for them and not yourself! Put the money that you would normally pay on a credit card into a savings then a CD at the bank then if you need money borrow money against your Cd’s at a much lower interest rate.. and when you are done you will still have your CD investment!
each application is an inquiry on your credit. if you have several inquiries at the same time, it looks like you are desparate to get credit…and that you are applying all over the place because people are turning you down. just like if you are car shopping, you should NOT let every dealership you testdrive at run your credit.
Speaking from experience, you only need one card especially when you are young. You are getting all these offers because the credit card companies know how easy it is to overspend and that is how they make their money from the interest you owe. One for emergencies is all you need. THe more you have, the more you will spend.