Applying for too many credit cards can lower your credit score. One of the aspects of your credit report/history that affects your credit score is your average account age or the average amount of time that you have had open accounts.
Each time you are approved for a new account, it reduces your average account age, since the new account has only just been opened. By opening several new accounts within a short time period, the average is decreased even more drastically, which can result in a lower score.
For more info and to order your credit report with FREE credit score please visit http://www.reliacredit.com
Thursday, April 12, 2007
Posted by Administrator (ReliaCredit.com) at 10:59 AM