Every time that you apply for new credit, it will cost you 4-5 points from your score. The inquiry will stay on your report for two years, but will only affect your score for the first year. It stays on your report for the 2nd year, so that creditors can see if you are applying for an excessive amount of credit. The less credit that you apply for, the better that you will look to the new creditor.
The 5 Star Credit Group will be providing you with weekly tips, so that you will have a better idea of how to master your credit.
If you have questions about this tip, or want to know any other information about your credit, please call us at 213-923-9999.
You can also e-mail Chuck at
chuck@5starcredit.com
There is no charge for any of this information.
“We are here to help you improve your credit.”