Sentences with phrase «several new lines of credit»

FICO attempts to distinguish between a search for a single loan and applications to open several new lines of credit by the window of time during which inquiries occur.

If you apply for several new lines of credit in a short period of time, this can indicate that you may be a greater risk for potential lenders.

Although it increases your total available credit, opening several new lines of credit in a short period of time can actually hurt your score.

So if you have recently applied for several new lines of credit, or worse, failed to make on - time payments to one or more of your accounts, your credit score will suffer and your application could be denied.

Not exact matches

After posting an entry last week on consolidating several Chase credit cards and reallocating the credit lines to a new Chase Freedom card * in order to take advantage of the 0 % balance transfer offer, I got the following comments from John regarding the practice:

Going forward, pay all of your bills on time (create automatic reminders or set up automatic bill pay if you have trouble remembering to pay them), don't take out several new credit lines at one time, and pay down your total debt load, especially if you've nearly maxed out all your lines of credit.

On the other hand, if you have a high credit line and several Citi cards, you may want to gradually winnow them down so as to have a better chance of getting instant approval on new card applications.