The Five Factors of Your Credit Score: FACTOR THREE

The Truth About Credit Inquiries - Can They Really Hurt You?

Brought to you by Kenneth Castro

We are bombarded daily with new credit offers! It seems that everywhere we turn, someone is advertising a “special offer” for a new credit card, a new interest rate, or even a new spending limit. These days, its gotten so bad that we can’t go to the mall, a department store, or to our own mailboxes without someone asking us to apply for an additional line of credit. Have you seen the one that says, “YOU have been PRE-APPROVED for a $5,000 credit card?” We all have. No matter where you live, its almost impossible to escape this marketing frenzy. 

Regardless of the reason you respond to a credit offer —the holidays, an emergency, a great sounding offer—you should always be aware that credit card companies will immediately run a credit inquiry which may cause you, depending on your circumstances, to lose between....

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