EPISODE 65~ TOP TIP: Want to Maintain a Healthy Credit Score? Don’t Apply for Multiple Credit Cards

Bankers grow suspicious if you suddenly apply for multiple credit cards. They think, Hmmm, does this guy have a gambling problem? Is this woman trying to finance an independent film? The FICO scoring model takes this into account and dings your score several points if you apply for a slew of cards at once. AND, by the way, applying for lots of credit cards at one time I can almost guarantee you that you won’t be approved for ANY of them. Why? See banker’s fears above. This happened to me once years ago in my 20s when I was afraid nobody would approve me, so I applied to everybody. Instead, use online tools to research what sort of credit record different cards require and then apply for just one you are likely to qualify for. By the way, next week, in a related top tip, I’l tell you whether closing existing credit card accounts helps or hurts your score.

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