Step 6: Avoid New Credit
The number of hard inquiries on your credit reports does effect your credit
rating.
So, if you’re trying to improve your credit, don’t apply for
more credit cards than you need—even if they do want to give you a free
toaster oven just for filling out the application form.
A large number of credit card inquiries makes lenders think you’re
planning to run up a lot of debt. Plus, they can’t tell how many of
those accounts you’ve actually opened, since there’s a delay before
new accounts show up on your credit history.
Another consideration: Having new accounts will lower the average age of
your accounts. The longer your credit history, the better your credit score.
Next: Other Steps |
