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I have friends together with the perception of applying a lot of credit cards will hurt or ruin their Credit scores. The Answer: No, however it depends. If I were to convert those benefits into shop price of airfare/hotel nights, it may be approx. ’t hurt/ruin your score within a long term, say six month to 1 year.



3. However, in a nutshell term, it can. 5 points, in case you are doing an app-o-rama with 5-7 cards, my experience 20-30 points drop is extremely likely. By temporary, I mean 3-4 months. Therefore, should you be buying a house, car, hold your horse until it’s done. 4. Breakdown of FICO score.



Please take a look at here. Essentially, you will see the 5 factors of numerous weight really impact your score. Do not cancel a lengthy history card. If it doesn’t have annually fee, freeze your drawer and produce one or two transaction every half a year. Payment, payment, payment by the due date, in the event you can’t, remove pretty much everything kind of blogs out of your blogroll, you won’t make use this hobby by any means.



50,000 as a whole across the board for all your cards, keep your balance at 10-20% level really should be safe. 100,000 J ), I heavily used my credit to 80% level, my score lowered to 640 to get a period of time. You can see that after you have more and more bank cards, it’s actually doing best for your score as you have more credit.







Does it sound right? 2. Don’t open lots of cards in the short stretch of time(banks will treat you as aggressive credit seeker and likely shutdown your cards, not kidding!). 3. Check your credit often to make sure you don’t make application for cards when you have a refinance or mortgage inside coming months. 4. Most importantly, spend the money for balance punctually.