to get credit you have to apply for things like credit cards student loans and such. but im being told it can also effect w/e credit you have if you apply for to many what the F gives!?!?
Why does applying for loans hurt you credit? i dont understand it seems unfait....?
STOP THIS.
Before you do ANYTHING, listen to this man. This is like getting financial wisdom from Bill Gates, except this guy has a radio show.
I will say that just this single audio clip CHANGED MY LIFE when I heard it.
Half way down click %26quot;Listen to Dave%26quot;. JUST listen.
http://www.daveramsey.com/tdrs/index.cfm...
Why does applying for loans hurt you credit? i dont understand it seems unfait....?
Because the more times you have someone do a credit check the more it seems you are wanting to spend more money. It is not bad to have your credit checked. Just if it is several times in a short amount of time. It looks suspicious.
Why does applying for loans hurt you credit? i dont understand it seems unfait....?
When you apply for a loan it does not hurt your credit the way you think it does
On the income you make and the existing bills you have set the limit of your available credit for -- %26quot;monthly payments%26quot;
When you get a new car that cost $35,000 You have taken that amount of monthly payment out of your available credit
That is why when you go look for a new home you try and have as few outstanding loan credit card payments already there
Why does applying for loans hurt you credit? i dont understand it seems unfait....?
If you have several credit cards it can hurt your rating because you have more means to get in trouble. If you start applying for several loans it will show up through the credit companies and may indicate you have problems. It isn't logical, it's only a fact.
Why does applying for loans hurt you credit? i dont understand it seems unfait....?
Each time you apply for a loan or credit your are demonstrating your intent to become indebted.
Why does applying for loans hurt you credit? i dont understand it seems unfait....?
You are confusing two separate issues, credit and credit score. Simply applying for a loan can't hurt your credit. It can lower your credit score, which could mean you may not get as favorable a rate. Applying for too many different sources of credit in too short a time can hurt your credit, though. It raises red flags for prospective lenders.
Why does applying for loans hurt you credit? i dont understand it seems unfait....?
If you apply for too many types of credit, One or more of the companies are going to decide that you don't earn enough income to pay it back as well as paying off existing credit. The company will then reject your application, and this will show up on your credit report as a black mark. The important thing is to only apply for credit when you are confidant of being able to make the repayments.
Why does applying for loans hurt you credit? i dont understand it seems unfait....?
If your young and starting out with no credit history, lenders do not know your spending and paying habits. A number of inquiries for credit gives the impresion that you do not know how to budget your money, and may get into trouble if the cards are maxed out. Lenders look at this and may not take the risk of giving you a student loan (which you may need but cant get because you apply for every card offered to you, (just to save $10 on your purchase)). The best thing to do is keep maybe 2 credit cards that charge no annual fee. Pay off your balance each month on time. After 6 months, contact the lender and ask if they can raise your credit limit if they have not already done so. As your credit limit increases, lenders will see you dont carry a balance each moth, that you do not max out your cards, and you are a better risk to lend to. It will help you in the long run as the next time you go for a student loan, you may only have to go to one lender to be approved as before you were applying for a loan with anyone who would take an application and thus all the inquiries.
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