Applying for Credit Cards
Chase and AMEX turned me down 2 months ago. Credit Sesame continues to present these as offers because my score has increased. If I apply again and they turn me down how will that reflect on credit profile?
Thanks
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Hi Sandy Szabo, When applying, issuers will pull your credit report because they want to determine your creditworthiness. When they do this, it's called a hard inquiry and this will temporarily lower your credit score a few points and the inquiry can usually stay on your credit report for about 2 years. The number of points the inquiry will have depends on the rest of your credit history and on your recent credit activity. If you would like more information please watch this video on Credit Score Tips: Understanding Credit Inquiries or take a look at this blog/article that explains “hard” inquiries” vs “soft” inquiries.
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Searching and Applying for new credit cards can be especially tough, when you are just trying to build a positive history and relationship with the institution. Now getting approved for can be even more of a challenging case then most people think, when you don't have any history established you always get hit with high interest % and fees. Best option for this is do your research with company, find out your credit score and requirements for the card you applying. Keep in mind not to apply for same cards over and over the chances are if you didn't get approved first time you won't a second time unless you fixed your credit. But definitely don't get discouraged in looking at the other institution that might not be in big leagues of companies but they sure can help you build and aquire positive and consistent credit report for when you want to apply again
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