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Does accepting a credit card offer lower your credit rating? |
When a friendly bank offers you the opportunity to reopen a closed credit card account at a low rate, will accepting the offer and transfering balances lower your credit rating? It depends if they make a hard inquiry or not. Sometimes they don't. Hard inquiries can lower your score 5-50 points, usually only temporarily though. And inquiries stay on your credit report for 2 years, not 1. Source(s): Credit Scoring Basics: http://aacreditguide.com/forums/beginner... Introduction to Credit Repair: http://aaacreditguide.com/forums/beginne... Yes, it does. The credit card company will run your credit in what is called a "hard inquiry" and these lower you score for one year. Adam Fullman It could. You need to get your line of available credit to no more than 30% of your annual income...$30,000 a year, = $9,000. Be cautious about those credit card offers. Don't take it if you don't need it. On the other hand, unless you pay late or carry a balance over 50% its limit, it shouldn't hurt your score. Good luck! |
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