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30below

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775 score. No current debt. Existing cards r hi interest. Worth it to accept low int with hard inqs?

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Hi 30Below!

You will see an immediate credit score drop (though temporary) when you apply for a card.  This will be a HARD inquiry, resulting in a drop of 2-5 points per application.

You will see another drop (still temporary, but takes longer than an inquiry only) when you are APPROVED for a card.  This will be due to your "Average Age of Accounts" going down.  Ex:   If you have 3 credit cards, 1 is 10 years old, 1 is 7 years old, and 1 is 3 years old, your average age of accounts would be (10+7+3 = 20/3 = 6.66 years).   Adding a card would change the equation (10+7+3+ZERO = 20/4 = 5 years).

In a nutshell, I wouldn't apply without a good reason.   The fact that you are paying off your balances in full every month means that the Higher Interest rates don't really matter to you anyway.

Wait until you need / want more credit for a larger purchase (going on vacation, etc.) and then apply for a card that fits your needs.   Maybe you'll want an Introductory APR of 0% for 14-18 months that is pretty common on the better cards.  Maybe you want a card that offers great rewards (travel, cash back, etc.).

With your upper 700s credit limit, the ball really is in your court.  Congratulations!

I hope I helped  :)

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