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06-20-2005, 03:12 AM | #1 |
Scooby Specialist
Member#: 19542
Join Date: Jun 2002
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SCIC
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Bad to sign up for 2 credit cards within a certain time?
Hey guys,
I've recieved my first credit card about a week ago and was wondering, does signing up for one more affect your credit rating at all? I overheard some people saying that, signing up for 2 credit cards within 30 days decreases your credit rating by some degree. I just want to know if this is true or not. ps... lets not get started on "responsibility" of having a cc
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Last edited by wReXeRw; 06-20-2005 at 03:20 AM. |
06-20-2005, 03:14 AM | #2 |
Scooby Newbie
Member#: 7918
Join Date: Jun 2001
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Tri-State
Location: Haterz no like.
Vehicle:2007 FSXT Obsidian Black Pearl |
having 2 cc's effects your score. forget when you aquired them, the available credit lines alone are the issue.
that said, proof of your ability to pay them (via actually doing so) has a much better effect than having available credit lines floating around unused. this is where 4X4GGG comes and bitchslaps me and tells you the truth. |
06-20-2005, 03:50 AM | #3 |
RIP Donny
Member#: 12686
Join Date: Nov 2001
Chapter/Region:
MAIC
Location: Leesburg, VA
Vehicle:2017 Escape SE |
AC, thats great advice. Doesn't answer this question, but I'm sure it helps some where.
Con's of applying for multiple lines of credit. When an analyst see's your applying for credit with them and others, they are going to want to know why. Actually, they won't care, they'll just assume your in some financial trouble and decline you. The CC industry is different from other lending in the fact that They don't like to loan people money when they need it. Needing credit is a sign of financial mismanagement. Now, if you slip thru the time window and get both accounts, I doubt anyone else will loan you $$ for anything until you prove Willingess To Pay. Making your payments for a year or 2, or better yet jack it up a few times and pay it off. Your report will show 1. Date of last activity 2. High balance 3. Payment history. All are determining factors for a car loan, rent application, etc. Lastly, I say don't do it. Read this carefully: With all due respect to you, meaning nothing bad about you personally, know that I speak from experience when I tell you that You can't handle the debt you think you can. I don't say this to judge you, I don't say this to be mean. I say this because I have been working for a credit card company since you were 5 years old. I saw the same thing day in and day out. A majority of 18 year olds get credit, and can't afford to pay it back. If you get the second account, throw the card away, or better yet, give the card to your parents so they can hold it for an emergency. Again, no disrespect, just trust me as some one who not only has been down that road, but some one who travels it every day. -Rick |
06-20-2005, 03:52 AM | #4 |
Scooby Newbie
Member#: 7918
Join Date: Jun 2001
Chapter/Region:
Tri-State
Location: Haterz no like.
Vehicle:2007 FSXT Obsidian Black Pearl |
aw c'mon mr. awesomest doorman in OCMD, i thought i at least took an honest crack at answering his question.
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06-20-2005, 03:54 AM | #5 |
RIP Donny
Member#: 12686
Join Date: Nov 2001
Chapter/Region:
MAIC
Location: Leesburg, VA
Vehicle:2017 Escape SE |
I was just giving you ****. You got it right, I just spelled it out. He edited the ost while I was typing asking not to talk about the responsibility of it all. No idea how much of a factor that is.
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06-20-2005, 03:57 AM | #6 |
Scooby Newbie
Member#: 7918
Join Date: Jun 2001
Chapter/Region:
Tri-State
Location: Haterz no like.
Vehicle:2007 FSXT Obsidian Black Pearl |
totally. i mean, i have a lot of cards, use three regularly and only one ever carries a balance (thanks to the RS taking its 100,000 mile/$4,000 **** on me). i could have lots of toys, instead i have a dyson.
being responsible blows. and when a dyson is involved, it sucks too. |
06-20-2005, 03:59 AM | #7 |
Scooby Specialist
Member#: 19542
Join Date: Jun 2002
Chapter/Region:
SCIC
Location: LA
Vehicle:05 GSX-R 1000 02 WRX Gold |
thx for the advice guys.
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06-20-2005, 04:00 AM | #8 | |
RIP Donny
Member#: 12686
Join Date: Nov 2001
Chapter/Region:
MAIC
Location: Leesburg, VA
Vehicle:2017 Escape SE |
Quote:
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06-20-2005, 04:12 AM | #9 | |
Scooby Newbie
Member#: 7918
Join Date: Jun 2001
Chapter/Region:
Tri-State
Location: Haterz no like.
Vehicle:2007 FSXT Obsidian Black Pearl |
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