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Be Smart When Applying For Credit Cards

Posted by: RateAPY Bank Rates News
March 29th, 2010

Inquiries Can Hurt Your FICO Score

Applying for several credit cards at once is not a good idea. When you fill out a credit card application, the credit card company will run a credit check known as an inquiry. Each inquiry into your credit history can take up to 10 points off your FICO score. Do your research carefully so that when you fill out a credit card application, you are sure you are getting the card with the features you need.

Why You Need A Good FICO Score

You need a good FICO score if you want to get the best interest rates when applying for a mortgage, auto loan, installment debt, or revolving debt. Any company that is willing to lend money to you will want to check your ability to repay. A good FICO score is normally 620 or better.