679 Credit Score good enough for a major credit card? Hurt me??
I'll be attending college this fall, I'm 19, have only one US Bank credit card open, and a credit score of 679. Should that get me like a Discover or CITI credit card? Also, does it hurt me to fill out an application for credit? Thanks!
Public Comments
- I am not sure. You should be able to get something.. yuo just may have to pay annual/ monthly fees. However, why do you need more than one card. I have frinds who have finished paying college loans but are still paying for credit cards they used in college. And yes, creditors are aware of how many times you have applied and may hold this against you.
- Actually, that is a very good score. You will easily be excepted for a good interest rate, somewhere below 11%. Credit scores are effected when applying for more than 3 accounts in a six month period. So, six a year would not hurt too much. Also, to counteract too many inquiries, close accounts that you don't need. Use low interest credit cards for purchases rather than dept store cards (Sears, Target etc.) as these cards are usually high interest
- Too many inquiries for credit in a short time is seen as a risk, so yes, it will lower your score if you apply for too many cards. You should apply for no more than 1-2 in a six month period. You could apply for more, but remember, inquires stay on your report for 2 years from the date you reply and count for 10% of your credit score, so you are looking at loosing 60 points or so, which will put you in the high risk category. Go slow, and only apply if you need it. One or two won't really hurt, but don't go overboard.
