Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
jpf18503

1 Contribution
0 People Helped
why do hard inquiries hurt my credit score
also need advise about closing a card in favor of another one with a higher limit

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
713 Contributions
2570 People Helped
Most Helpful Response

Helpful to 5 out of 5 people

Hard inquiries hurt just because the scoring systems are always a little "nervous" when we apply for new credit. It's rather silly because they actually love us to have new debt, but there it is. If we don't apply for credit more than every six months or a year, the impact of hard inquiries tends to be very small -- no more than 5 points as a rule. As to closing a card ... you probably shouldn't unless it has fees you want to avoid. The best course is usually to keep cards alive by using them now and then and managing them well. Then when you're ready for another card, go ahead and apply while still keeping the old one. Doing that greatly helps both utilization rates and average age of tradelines -- and thus helps your score in the long run.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.