Multiple inquiries on my credit.?

Question

Over the course of a year (since turning 18 in January 2011), I have probably applied for at least 10 credit cards. I'm curious how this will affect my credit rating. I was recently approved for a $700 line of credit through my bank, wells fargo, which, to date, I have paid off in full every month. 

I'm looking to build credit, but I am worried that these numerous credit inquiries will hurt me. I am also very ignorant of how credit works, so anything you can fill me in on would be much appreciated.

falsi fiable · Accepted Answer

The credit inquiries are unlikely to have any significant effects for you. Continue making regular, on-time payments, and avoid carrying a revolving balance on any card that exceeds 20% of your credit limit.

More suggestions at http://www.myfico.com

Anna E · Answer

I do know that multiple inquiries into your credit can hurt your credit score.  I also know that you are not building credit by paying off the credit card in full every month.  To build your credit you need to leave an amount on the card and make monthly payments on that balance.  It may cost some money in interest charges and it doesn't have to be a huge amount you are paying on, maybe just a couple hundred dollars.  I would stop applying for credit cards for a year at least so you can build up a credit history with your current credit card.

Genuine Guidance · Answer

Yes, multiple inquiries do hurt your credit and cost on your FICO score.

Since you have been approved for credit, STOP applying for any new credit for about 6 mos to a year and use that line of credit you do have wisely to build your score. 

At that point, if you feel you need more credit go and apply.

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Multiple inquiries on my credit.?

3 Answers