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?”
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.
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!
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
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.
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.
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!