You’re out shopping and as you’re getting ready to pay, you’re offered a credit card – sign up now and get a discount. Sound familiar?
Using credit cards responsibly has its advantages, like helping you build your credit score. But did you know that if you apply for multiple credit cards, that can hurt your score.
Reasons why your credit score can be negatively impacted include:
- With each hard credit inquiry, your credit score can drop a few points.
- If you apply for multiple credit card applications in a short period of time, you can be seen as a risky borrower.
So, if your credit score is already low, think twice before applying for more credit cards.