Credit Card Application

Question by Michael H: If I apply for a credit card for the incentive, will it hurt my credit score to cancel it quickly?
If Amazon is offering a $ 30 credit for applying for their credit card, will I be able to apply, use the card (including their $ 30), then cancel the card with my credit score in-tact? I would have only made one or two purchases, and it goes without saying that I would be fully paid up on those purchases.

Best answer:

Answer by jayjayji
cancelling credit cards does affect your credit rating, so just keep the card and either don’t use it, or use it and pay it in full every month

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Question by something: Why is it when someone runs a credit check against like (like when you apply for a card) it hurts your score?
Is it a business tactic? In the fact that they force you to pay for checking your credit score before you apply, so you know what it is and can decide before hand if you qualify for a loan or credit card. That’s my assumption. It seems very detrimental in my opinion, in the sense you can’t give apply for credit a shot without it really screwing you over.

Best answer:

Answer by bdancer222
For starters, a hard inquiry only dings your score a few points and your score rebounds quickly from it. People worry waaaaayyy to much about credit inquiries hurting your score.

The reason a hard inquiry has any impact on your score is not because the credit bureaus want to sell you scores or reports. It’s part of the FICO formula which the credit bureaus really don’t control. Applying for new lines of credit means you are taking on new debt obligations. If you apply for a lot of new credit, you could be taking on too much new debt which would make you a bigger risk.

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Question by Sara: Can credit card companies close your accounts without warning? How does it affect your credit score?
I received a letter in the mail from Juniper (iTunes Rewards) stating that they have closed my credit card account due to inactivity. I opened the account about 18 months ago and have never actually used it. Can they close my account just like that without any warning? How should I handle the situation? (Is there anything I can even do?)

Also, I know that closing credit card accounts lowers your credit score. Does anyone know how much mine will be affected?

Best answer:

Answer by Steve L
You can talk to the credit card company However considering the current times I don’t know if it will get you the answer you want. The answer to the first question is yes they can

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Question by confused: How and where to apply credit card with zero credit score?
Due to my zero credit score and i have difficultly in getting one credit card. I have applied from some of the banks available but their said that they couldn’t approved any of my application because their is some error but no further information was given after that.

is there anybody out there facing the same problem and know manage to solve it? Please help.

Best answer:

Answer by Pat
A zero credit score card would be a card from orchard bank. You have to put money into the card to secure the card but you will begin to build a credit score. That solved our problem. We were in our mid 30′s and did not have ANY credit established. Usually banks are more lax on 18 year olds, but not 30 year olds without credit.

If you are trying to build credit to get financing on secured things such as a car, house, boat, RV or whatever, (that they can repossess if you default) that is a bit easier. Here is a good read on “bad credit financing” (same as none just about) and you can build credit that way.

http://www.livingpress.com/articles/money/badcreditfinancing/badcreditfinancing.html

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Question by Dennis Z: How to open check account and apply credit card if no income and credit score?
My wife has SSN, but no job and income. Is she eligible to open a checking account in the bank like Citi, and how? and as she has no credit score, can she even apply a credit card?
Thanks.

Best answer:

Answer by redwormchuck
you need money to open a checking account and you need income to get a credit card.

If you need a job, well go get one…

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