Store credit cards seem so inviting when you are at the check-out and the possibility of savings arise if you get approved. Many people fall into the trap of signing up for a new card without out ever reading the fine print for interest rates or rules behind their promotions. Any type of financial decision made in a hasty way could become a problem.
If you look at the pros for signing up for that extra 20% at the register, saving money on your immediate purchase sounds great! The cashier will also tell you about the possibilities for future savings with coupons mailed or emailed directly to you. Who does not want to save money? It doesn’t hurt to apply, right?
Actually, applying for too many credit cards can hurt your credit. Each time someone other than yourself checks your credit history, it does take away from your credit. Each of these inquiries will stay on your report for a year or so. Creditors do not like to see that you are trying to expand your credit too much. I wouldn’t want to lend to someone who is constantly looking to get further in to debt with others. When it comes to credit history, it is good to think like a creditor and who you would want to loan money to.
Having some credit is a good thing. In order to build QuickQuid credit you have to use it. People with no credit cards are shocked to discover that their …