'Will My FICO credit score drop if I'm interested in applying for new credit cards?'...
As a financier, I often encounter this age old and question.
I'd say multiple credit cards are intriguing.
They're not a hassle IF you can run checks on them through reliable and absolutely free My FICO credit score websites.
The process is cost effective, and takes a lot less time than an average official credit report proceeding.
Technically, FICO manages your score through a secret formula, which is processed by high-tech computers.
This unknown process is to predict your potential for credit worthiness.
FICO, like other companies, never reveals the formula to anyone.
If it does that, the purpose of establishing the company would deter.
So to solve the question, you need to get a free FICO credit score copy first.
Why? Because the process is quick and it'll save you money.
After skimming through the report, you'll notice an outline that sort of points out FICO's way of calculating your credit score.
They judge a person's creditworthiness through capacity factors, spending habits and payment history.
Capacity Availed;
It is about managing them with utmost responsibility.
" Let alone, if a lender sees too many open credit card accounts, he will at least acknowledge the fact that you have been paying on time.
Your application for a PH.
D level student loan, car insurance or any other thing will not be turned down.
Yes, you can apply for new credit cards.
No, you cannot max them out or fall behind payments.
Doing so will affect your FICO credit score.
As a multiple credit card owner, it is solely your responsibility to keep checks on your reports.
It's the best way of assessing your capacity for handling different credit cards.
As a financier, I often encounter this age old and question.
I'd say multiple credit cards are intriguing.
They're not a hassle IF you can run checks on them through reliable and absolutely free My FICO credit score websites.
The process is cost effective, and takes a lot less time than an average official credit report proceeding.
Technically, FICO manages your score through a secret formula, which is processed by high-tech computers.
This unknown process is to predict your potential for credit worthiness.
FICO, like other companies, never reveals the formula to anyone.
If it does that, the purpose of establishing the company would deter.
So to solve the question, you need to get a free FICO credit score copy first.
Why? Because the process is quick and it'll save you money.
After skimming through the report, you'll notice an outline that sort of points out FICO's way of calculating your credit score.
They judge a person's creditworthiness through capacity factors, spending habits and payment history.
Capacity Availed;
- Every credit card you're hooked to, it has a spending capacity.
By all means, go for 15 cards at once.
No one is stopping you from filling in new application forms.
Just make sure that your multiple cards are not maxed out.
As long as there are no delayed payments, your credit score will be unscathed.
Also, don't leave tid bits of due payments on your credits.
That small payment factor automatically grows to be a liability, once compound interest starts to pile up.
- Don't be scared of getting refused by mortgage dealers just because you have multiple credit cards.
Yeah, those cards will show up as "Inquiries" but loan officers normally run your payment history against delays (if any).
The process does take time, but it has a high approval probability.
As long as you've been upfront with your payments with "Zero" balance, there is nothing to fear.
It is about managing them with utmost responsibility.
" Let alone, if a lender sees too many open credit card accounts, he will at least acknowledge the fact that you have been paying on time.
Your application for a PH.
D level student loan, car insurance or any other thing will not be turned down.
Yes, you can apply for new credit cards.
No, you cannot max them out or fall behind payments.
Doing so will affect your FICO credit score.
As a multiple credit card owner, it is solely your responsibility to keep checks on your reports.
It's the best way of assessing your capacity for handling different credit cards.
Source...