Re: if you a;pply for a credit card;

Posted by mk_378 (164.106.129.130) on July 25, 2004 at 16:41:18:

In Reply to: if you a;pply for a credit card; posted by gt on July 25, 2004 at 02:49:22:

I don't think anyone does that. The Household Bank website (and possibly others) has a feature where they will pull a soft inquiry and recommend the best card that you might qualify for, but if you actually apply there will be a hard inq. The Household cards are OK for those with marginal credit but they don't have any prime ones.

Always start by getting your credit reports to see if there is any bad stuff that can be easily deleted. After such deletions, buy a FICO score and research what cards you may qualify for. Look at the terms closely, read and understand every word so you know which is the best deal. Based on your scores, pick one that is almost certain and one that may be a good chance and apply for only those two. Taking a "shotgun" approach will lower your score considerably for months or up to 2 years afterward.

Also Mastercard and VISA have databases of every application for one of their cards, no matter which bank. More than 6 applications in a 6 month period flags you as very high risk. If you insist on making many applications, be sure to spread them among different CRA's and also different brands of cards.

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