Questions about Credit

RedGlitter · Post by **RedGlitter** » Sat May 03, 2008 9:17 pm

Can someone tell me why one's credit score goes down if there have been "too many" inquiries on their credit report? What is the thinking behind that? I recently applied for a mess of credit cards. Now I'm being declined by some because of "too many" inquiries. How long must I wait until they stop saying that? Thank you.

Dewey2Me1MoThyme · Post by **Dewey2Me1MoThyme** » Sat May 03, 2008 9:31 pm

From what I understand, each thyme you apply, what you are approved for is taken off the summ of what you are good for. Did I say that right? If not, maybe someone can translate it from canadain to american.

Which to me, makes as much sense as, if you've never had debt, you have no credit. Go figger!

Dew

"Anything worth dewing is worth dewing well"

RedGlitter · Post by **RedGlitter** » Sat May 03, 2008 9:34 pm

Oh is that how they do it? Okay, that part makes sense.

Kathy Ellen · Post by **Kathy Ellen** » Sat May 03, 2008 9:37 pm

yes, you're right Dewey,

If you have too many credit cards, especially open ones that you've used , your credit scores decreases because you're a liabilty due to the amount that you need to pay out of your banking account every month.

RedGlitter · Post by **RedGlitter** » Sat May 03, 2008 9:45 pm

Thanks Kathy Ellen, thanks Dewey.

Patsy Warnick · Post by **Patsy Warnick** » Sat May 03, 2008 10:48 pm

Even if you have open accounts - the report will show the last activity.

So - if I haven't used one since the '80's its ok - and not a deduction.

If you have a open account and recent activity - points are deducted.

If you plan on making a large purchase - DO NOT open new accounts - stop using cards. Do not make large purchases - like a TV thru Circuit City Account, they then inquire

Each inquire into your credit is a deduction

Before purchasing my home - I paid for my own credit check

That was points against me - inquiring

any inquire - points deducted

Thats how it works - do I understand it NO

Patsy

Trunk Monkey · Post by **Trunk Monkey** » Sun May 04, 2008 9:45 am

answers.yahoo.com/question/index?qid=20070208092... Has some answers to your question. Hope this helps you out. Sorry, you will have to copy and paste the link!