DOES APPLYING FOR MULTIPLE CREDIT ACCOUNTS HURT YOUR CREDIT SCORE?

Applying for multiple credit accounts can often damage your credit score more than simply applying for one credit account. The fewer accounts that you apply for the less damage will be done to your credit score.

Be sure to research the features and terms of each card that you are interested in, and then apply only for the credit card that offers the best features.

WILL ACCOUNTS THAT ARE NOT ON MY CREDIT REPORT AFFECT MY SCORE?

Your credit score presents a fairly accurate picture of your credit history, but not every account is recorded. Certain things like your good history of rental and utilities payments are not listed on your credit report. Positive information from your landlord, cable, and cell phone providers is not reported to the credit bureaus.

WILL MY CREDIT SCORES CHANGE MUCH OVER TIME?

No, in general credit scores do not change that much over time.

There are a variety of factors that impact changes to your credit score over time, such as:

  • Your current credit profile – your history of managing your credit will affect how a particular action impacts your score. Opening a new account will have a much greater impact on someone with a limited credit history than on someone with a more established credit history.
  • The change being reported – the “degree” of change being reported will have an impact. Someone who pays their bills on time and continues to do so will not see much change to their report over time. However, if this same person files for bankruptcy, there would be a serious impact to their credit score.
  • How quickly information is updated – there can be a lag between when you perform an action and when it is reported by the creditor to the credit bureau. It’s only after the credit bureau has received the updated information that it will have an effect on your FICO score.