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When a friendly bank offers you the opportunity to reopen a closed credit card account at a low rate, will accepting the offer and transfering balances lower your credit rating?

4 Responses to “Does accepting a credit card offer lower your credit rating?”

1. adamfullman says:

   October 5, 2008 at 4:37 am

   Yes, it does. The credit card company will run your credit in what is called a “hard inquiry” and these lower you score for one year. Adam Fullman
2. Dorothy D says:

   October 8, 2008 at 1:18 am

   It could. You need to get your line of available credit to no more than 30% of your annual income…$30,000 a year, = $9,000.
   Be cautious about those credit card offers.
3. Chane says:

   October 8, 2008 at 3:24 am

   It depends if they make a hard inquiry or not. Sometimes they don’t. Hard inquiries can lower your score 5-50 points, usually only temporarily though.

   And inquiries stay on your credit report for 2 years, not 1.
4. J J says:

   October 10, 2008 at 7:49 pm

   Don’t take it if you don’t need it. On the other hand, unless you pay late or carry a balance over 50% its limit, it shouldn’t hurt your score. Good luck!