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Why was this voted down? Is this inaccurate? Another layman question, what does this do to your credit score?
by kajecounterhack 11y ago
Why was this voted down? Is this inaccurate?
Another layman question, what does this do to your credit score?
- eru 11y agoYou'll be opening a lot of credit cards, that might suppress your score. But since you are paying off all of them, it should only be temporary.
- trentmb 11y ago> Why was this voted down? People that engage in churning are a bit self-conscious (source: recovering churner). Simple fact is you don't churn if you don't have to- it's not worth your time. > Another layman question, what does this do to your credit score? Opening new credit cards lowers your credit score- it adds weight to the single debt category(mortgage has a house backing it, a credit card doesn't), lowers the average age of credit lines (someone that has paid a home loan on time for the past 20 years is more 'reliable' than the naive 18-year old college student das company is preying upon), and, if you open too many at once, gives the impression you're desperate, insolvent.