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Old 06-20-2005, 03:12 AM   #1
wReXeRw
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Default 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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Old 06-20-2005, 03:14 AM   #2
AC Lerok
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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.
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Old 06-20-2005, 03:50 AM   #3
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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
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Old 06-20-2005, 03:52 AM   #4
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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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Old 06-20-2005, 03:54 AM   #5
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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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Old 06-20-2005, 03:57 AM   #6
AC Lerok
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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.
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Old 06-20-2005, 03:59 AM   #7
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thx for the advice guys.
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Old 06-20-2005, 04:00 AM   #8
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Quote:
Originally Posted by AC Lerok
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.
You're early/mid 20's right? If so you are part of a very small minority that did OK with credit.
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Old 06-20-2005, 04:12 AM   #9
AC Lerok
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Quote:
Originally Posted by 4x4GGG
You're early/mid 20's right? If so you are part of a very small minority that did OK with credit.
i didn't have a CC until i had a career. i looked for zero-interest deals (did my computer, car stereo, and dyson this way with store cards) and have done two balance transfer deals to take advantage of zero percent plans as well. debt makes me feel anxious, even a little smidge of it makes me feel guilty.
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