Why you shouldn t change credit cards too often
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Why You Shouldn't Change Credit Cards Too Often
Summary
Discover top tips to prevent credit card changes from impacting your credit score.Switching credit cards frequently might seem tempting with all the enticing offers available. However, there are essential factors to consider to protect your credit score.
Understand the Impact on Your Credit Report
Before you apply for a new credit card, carefully review the terms and conditions. Applying for credit can leave a mark on your credit report for 12 months, potentially affecting future applications. If multiple inquiries appear on your record, new lenders may view this negatively, thinking you've been rejected for credit, have excessive debt, or have been a fraud victim.Seek Quotes, Not Full Applications
When researching new credit cards, request quotes instead of submitting full applications. Quotes don't impact your credit score, whereas full applications do. Ensure that any searches done are clearly identified as quotes on your record.Be Strategic with Applications
Only proceed with a full search when you've settled on the best deal. This approach is especially crucial if your credit history isn't perfect. A reputable broker can guide you to the right card without unnecessary searches. Remember, companies need your consent to perform a credit search.Manage Existing Credit Cards Wisely
It's common to shift balances to cards with zero interest for introductory periods. As long as you make timely payments and formally close old accounts, this should not harm your credit rating. Simply cutting up old cards isn’t enough; you must inform the issuer. Not closing old accounts can lead to excessive available credit, deterring future lenders. Also, be aware that lenders profit when you remain after the promotional period ends at a higher interest rate.Action Steps if Your Credit Is Affected
If you suspect that inquiries have harmed your credit rating, contact credit agencies like Experian and Equifax. Check your report for errors and address them promptly.By taking these steps, you can navigate credit card offers wisely without damaging your credit score.
Author: Colin Warburton CMap
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