Powered by Yahoo! Answers

Is it harmful to your credit to apply for 2 credit cards within a few weeks of each other?*

I have no problem being accepted but I changed my mind on the type of credit card I wanted after applying and I would like to apply for a different card.

Answers:

1) Yes, that will take a big ole bite out of your score. If your FICO score is high enough and your credit history long enough, you will probably get approved for both.

2) Yes, not a good idea. It makes you look 'desperate' (though I don't know your circumstances......) Like the other poster said, it does lower your credit and every inquiry shows up on your credit report (if you buy it from equifax you can see who requested a copy) but not by much. A mortgage broker told me only apply for credit when you need credit, and to try not to apply to so many places as it looks bad on your credit score.

3) Well, It would be bad credit built in the short time but not for a long term. Next time, you should do some homeworks about these good Lenders or financial institution as MBNA, CHASE, CITIBANK, DISCOVERY, AMERICAN EXPRESS... before applying a credit card. If you fill up the applications for many times at 5,6,7 in the short period of time that will effected to your credit score. Good Luck! QL

4) Yes, but how much it will hurt is hard to gauge. The card companies take a very negative view of multiple applications due to the possibility that you may be in financial trouble and are desperate for money.

5) the more credit you apply for the more "inquiries" are made on your credit report file account. the more inquiries you have on your report, the lower your credit score goes. the reason is because it looks like you are applying all over the place which means you are hurting. remember banks only like to lend money to people who don't need it cause when they lend it to someone who does need it, that person might not be able to pay them back.

6) Yes it is harmful to your credit score. Wait at least 2 months. Only get 2 or 3 credit cards at the most per year.

7) Do what's best for you.Put an end to the first one and go with the second. Remember that your credit is always good when you pay your bills.

8) no its not that bad... but i recommend you are certain about the next credit card you apply for. try a credit card comparison site to help you decide. http://www.cardlister.com is a great website that provides detailed information and comparison features on major credit cards

*The answers on this page are supplied by users of the Yahoo! Answers forum or by visitors to this site. CreditOptions does not necessarily endorse or agree with the answers provided.