Question
Applying for Credit cards will deduct points from your score?
Hi, When you apply for a credit cards, and they will check your credit score ,will points be deducted from your score? I have three credit cards and two ATM's. I'ved never applied for a credit for the past year. So I applied for a Walmart as it is a basic consumer card. They approved me for $900, so I'm sure I have an average score. Its been ten days and I have not yet receive my card. I want a big TV beacause I have visitors this week, So I would like to apply in store at Bestbuy or Sears. In such way I can have the TV right after the application in store. But I am also hesitant if points will be deducted from my credit score. I am a good payor and is confident that other stores will approve me also. Is there a big impact in your credit score when someone will check it?
6 months ago - 3 answers
Best Answer
Chosen by Asker
Yes, applying for too many open end accounts (credit cards) will lower your score. This indicates you may be assuming more debt then you can handle. As to the comment that any numerous inquiries within a specified period of time only counts as a single hit on your credit and does not hurt, well that ONLY pertains to mortgages, autos and student loans. Credit cards and lines of credit are different. Under Running of Reporting Period - Section 605 [15 U.S.C. § 1681c] credit inquiries will remain on your credit report for 2 years. For the true answer check the source I have used to back my answer. Hope this helps answer your question
Source(s)
by Sgt Big Red
6 months ago
Asker's Rating: 
Other Answers
I'm pretty sure that every time a place checks your credit score, you lose a few points. That's why they say not to apply for too many cards at once, but you only lose a few points, applying for 2 cards within 10 days shouldn't really make any kind of major impact on your credit score.
by fmxkrazyone- 6 months ago
Inquiries are 15% of your total score. All inquiries in a 6 week window are considered as one. You would have to apply for at least 20 cards a year or more to mess up that 15% of your fico. Enjoy your new TV - the ding on your credit is minor.
by Madoff- 6 months ago