Take my 1 question IQ Test –
What’s the best way to apply for and get approved for multiple credit cards?
A) Apply for several credit cards in 1 day? B) Apply for 1 card every 30 days? C) Apply for 1 card every 90 days?
The Correct Answer is C – did you get it right? Here’s why:
After you fill out an application for a credit card, the store submits your application to the credit bureau to review your existing credit. This creates an inquiry on your report and it will show the name of the vendor as well.
This inquiry stays on your credit report for 2 years, and can have a negative effect unless managed properly. If you have no credit whatsoever and they do not see inquiries from any vendors at all, you will most likely get approved. Let’s say you do get approved for a $250.00 credit card and you use it to make a purchase. Now the correct thing to do is STOP- do not apply for any other cards for 90 days. (Unfortunately credit education was never offered in our school systems, so consumers are not aware of this rule.)
“Well,” you think, “That was a breeze, and as long as I’m at the mall, I’ll just apply at another store. It sure was easy to get the first one. This is fun!” So you fill out another application. The vendor submits it to the credit bureau, and they see the inquiry from Store #1. Now Store #2 doesn’t know whether or not you were approved at Store # 1. All they see is the inquiry. It will take from 30-60 days for your actual store card to show on your credit report. So, Store #2 is likely to assume that you were denied credit at Store #1 and thus deny you also, unless you have good strong existing credit. But, as I mentioned, people don’t know any better so they try store after store and keep getting turned down. Remember all these inquiries stay on your credit report for 2 years, and each inquiry that you add will further lower your credit score.
Here’s where common sense is imperative: Do not apply if you have already tried and failed a few times. Instead, get a secured credit card that reports to all three bureaus. To have a credit card report to the bureaus every month, you need to show some activity. Just a small purchase of $10.00 to $20.00 is the secret. Then, when the bill comes, PAY IT OFF EARLY! In 30 to 60 days your account will show on your credit report. Now wait another 30 days to apply for another credit card, and your chances of getting approved go way up!
Now just repeat the process! Check out this great secured card (EVERYONE IS APPROVED) www.kqzyfj.com/8p105ar-xrzEJHHJMJOEGFMFLIOJ. Use your cards wisely to build credit, not to buy goods and services and you will be on your way to building a great credit score.