(Tip 5) Be Careful When Timing Your Applications
It is important to note that every time you apply for a new line of credit, a hard inquiry is pulled on your report. Likewise, this type of inquiry lowers your score temporarily. According to TransUnion, the effects of a hard inquiry may generally last from 6 to 12 months. In turn, that inquiry is only on your credit report for up to 24 months. Therefore, it is best to do your homework first. Research your likelihood of approval to ensure you are a good candidate before applying for a new credit card. You would not want to risk lowering your score for a denied application, right? So, patience is key. Furthermore, try to refrain from applying for several credit cards within a short time frame or before taking out a large loan like a mortgage.
