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MoBi
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Joined: 08 Feb 2008
Posts: 38
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creditmix
U POSTER
Joined: 07 Feb 2008
Posts: 55
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 Posted: Thu Feb 28, 2008 11:58 pm Post subject: |
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Hi, MoBi
Thank you for your question. I guess many credit card holders have this question in mind.
You should understand that credit cards have expiration dates, but the account relationship does not. Credit card companies always send you a new card prior to the expiration of the old one.
Asking for an increase on the credit line can help and hurt your credit score. The credit review process usually occurs prior to an increase in your credit line that may cause a dip in your score.
I hope you'll find this information helpful. |
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bigD
Joined: 05 Feb 2008
Posts: 50
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| Posted: Fri Feb 29, 2008 12:03 am Post subject: |
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Good topic!
I have another question:
How often can I apply for credit cards or ask for an increase in my line of credit in a given year without damaging my credit score?
Thanks. |
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Steve B
Joined: 06 Feb 2008
Posts: 46
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| Posted: Sat Mar 01, 2008 7:47 pm Post subject: |
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How often can I apply for credit cards or ask for an increase in my line of credit in a given year without damaging my credit score?
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Dear bigD,
You should know that every time you apply for credit, the loan application generates a credit inquiry on your credit report. Called a hard inquiry, it stays on your credit report for two years but only impacts your credit score for the first year. Your credit score is based on the information in your credit report. You can have you credit report for free evry 12 months.
Well, i think every time you apply your credit score is going down, so there is no way you apply on credit card without damaging your score.
Stay with those cards that you already have. |
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MoBi
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Joined: 08 Feb 2008
Posts: 38
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| Posted: Sat Mar 01, 2008 9:12 pm Post subject: |
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hi fellas,
thanks for your replies, i see that not only me aware of new credit cards applications.
So, it is better to keep up you your current credit cards. I knew that in some way new credit card or request of cretit line increase will affect your credit rating.
Your answers made the picture much more clear.
Thanks. |
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Plastic
Joined: 20 Feb 2008
Posts: 10
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| Posted: Thu Mar 13, 2008 2:12 pm Post subject: |
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 Between requesting an increase in the line of credit on your Visa card and opening a new American Express card account, I think you've applied for enough credit at the moment.
Take a breath. Work on staying current on your credit card with timely payments and keep balances low to nonexistent.
Take care. |
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I had a Visa Platinum Plus with Bank of America. Two months before the card's expiration date, the bank sent a new card without asking me first. A week later, I applied for an American Express Preferred Rewards card and qualified for it. I also called Bank of America to ask for an increase in my line of credit, which they approved. Will these actions hurt or bring down my credit score in any way?
