Sunday, January 1, 2012
Will getting a new credit card improve my credit score in the short term?
No......The second your credit report is pulled, that inquiry is posted on your report. That inquiry transaction can lower your score as much as 8 pts. More if you apply to two or more credit card companies. If you do apply and are approved for a new card, it will be a minimum of 45-60 days before that new , open account even appears on your report and that's if you charge something within that time frame. A 710 credit score is a very GOOD score. 760+ score is EXCELLENT. 680 and below is FAIR/BAD You said you are applying for a college which means you are most likely in your early 20's. With a 710 credit score, you should have no problem getting any of a half dozen or more type student loans. Hope that helps! Good Luck and God Bless!
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