Does your credit score get hurt if you accept a credit card offer?

Your credit score gets hurt if you request credit, but does it get hurt if you accept a credit card offer made to you?

By | 2013-08-27T21:19:23+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|5 Comments

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  1. gdubs123 August 28, 2013 at 12:14 AM - Reply

    Having too many credit inquiries in a short period of time makes it look like you are desperate for cash.
    So it can definitely cause a drop in your credit. Even if you are sent the application, it will work the same as if you request new credit.

  2. Todd S August 27, 2013 at 11:46 PM - Reply

    Either way, your credit score is hit.

    If you simply apply and are denied, it’ll count as a hard inquiry and nothing in your credit profile will really change other than the request for new credit.

    You may see your score fall 5-10 points in the short term, depending on everything else in your report.

    If you apply and are subsequently approved, you’ll have the hard inquiry and the new line of credit. You’ll still be hit for that new credit request, but you’ll also have a new line of credit, meaning greater credit availability and lower utilization, assuming you don’t go maxing it out.

    So over time, you’ll see your credit score rise if you keep the balance low and pay it on time.

  3. Jay August 27, 2013 at 11:03 PM - Reply

    Theres a soft credit inquiry and a hard inquiry — soft inquiries dont impact your credit score (those preapproved offers in the mail do promotional soft inquiries so that they can get your info in order to send you the offer, if you check your own credit report then thats also soft so it wont hurt your score)

    Hard inquiries are when you actually apply for credit (credit card/car loan/home loan/etc) or sign up for services (cell phone contract/cable tv/utilities/etc) — each hard inquiry will ding your score by a few points. Hard inquiries will stay on your report for 2 yrs but they’ll only impact your score for 6 months

    So for these preapproved CC offers they’ll do a soft inq to send you the offer so that wont hurt your score, but once you decide to apply for the offer then they’ll do a hard inq which will ding your score for 6 months

  4. Fritz August 27, 2013 at 10:24 PM - Reply

    Generally, credit scores will decrease if there a search is done on your credit. Companies are not allowed to check your credit without your approval because the search can decrease your score.

    When you are pre-qualified, the credit card company has not actually run a search. They have other factors they use to decide if you pre-qualify. If you accept, they then check your credit. if they approve you for the card, then your score is not affected. If your credit is checked and a new account is open within the next 30 days of that same company, then it will not hurt your score.

    If on the other hand, it is not approved, then then the search that the credit card company runs, will affect your score.

  5. Wolf Harper August 27, 2013 at 10:03 PM - Reply

    Yes, it has the same effect, because they run your credit report after you accept.

    Basically what they are doing, is they’re doing a rough pre-qualify to see if you’re likely to have good credit. Then after you accept (which is really apply), they run your real credit report to make sure their earlier information was accurate. If they find out your credit is no good, then you find out you were not as “pre-qualified” as you thought.

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