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if i apply for amazon credit card and bill me later type schemes, will it reduce credit score?
I am planning to apply for amazon credit card and also planning to apply for BillMetLater type of schemes. I have heard that they will check my credit history and these termed as hard credit enquiries which reduces credit score?
is this correct?
Asked by
yogswati1980
5 months ago
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It'a all about available credit. The more you have ( payments on time ) the higher the credit score and so if you buy a $2000 item and pay two years later the result is more debt and a lower score. I do not recommend this. Good Luck.
nandog 5 months ago
It's correct that merely applying for these things will lower your score somewhat because of the hard inquiry. But even though the record of a hard inquiry will stay with you for two years, the negative impact on your score lasts only a few months. In the long run, having more credit lines (with low utilization and on-time payments) will help your score. But you do definitely have to avoid running up a lot of new debt if you want to keep a good score. Good luck!
Clairissa 5 months ago
Oh yes, and be careful of making a number of applications at once. If five or six hard inquiries hit your records at once you'll not only have a temporarily lower score, but you could be denied credit because a large number of inquiries is seen as a red flag -- a possible sign of desperation.
Clairissa 5 months ago