Cash Hash » Cash Hash » Cash Advance/ Cash Advances » Does it hurt credit score to keep reapplying for card if you get denied?

  #1 (permalink)
: I'm a second year college student and I got my first student almost two months ago. I also got a part-time job at Target, so I want to get the Target credit card so I can get an 5% off my purchases in addition to my 10% employee discount. I only use my card to pay for things that I could otherwise pay in cash; that way I can pay off my monthly bills in full and avoid APR rates altogether. I got denied the Target card, and I plan on reapplying. I just don't know when, and I'd also like to know whether so many inquiries will hurt my credit score. My only goal with these credit cards is to have a good score when I graduate.

Thanks in advance for the help!

  Reply With Quote
  #2 (permalink)
: You don't need a lousy credit card. Credit cards are the worst thing you can have.
  Reply With Quote
Sponsored Links
  #3 (permalink)
: Yes, they will. If your credit score is inquired to, that hurts the score. This is why it's a bad idea to keep trying again when denied--instead, try to improve your chances before applying. That way, you can keep the amount of tries it takes to a minimum.
  Reply With Quote
  #4 (permalink)
: Yes, applying for credit will lower your credit score for a while. If you were turned down, you need to wait 6 months.
  Reply With Quote
  #5 (permalink)
: New regulations are making impossible for anyone under 21 to get a credit card.
You must also have stable full time employment with sufficient income to substain a credit card. It's not you !
Get your parents to co-sign on that card with you.
I am sure you will use it responsibly - I can tell you wont carry balances.
If your parents are offered a card, they will turn it down (make sure of this).
The parent and student will both have to be on the phone when applying
  Reply With Quote
  #6 (permalink)
: Yes. I would recomend only applying every 6 months. Also if you have been denied credit you are entitled to a free credit report. Make a copy and send it to them requesting your credit report. Credit reporting agencies don't like to share your information with you because they don't make any money from you. So it maybe a hassel. Also all three major ones have different ways of doing things. How credit scores are calculated and how much an inquiry effects your score seem to be secret information. If you can do without the card then don't get it.
  Reply With Quote
  #7 (permalink)
: Every time you apply for a card and is denied, you lose about 3 points each time. Usually you have to be employed at least 6/12 months to get an employee credit card.
  Reply With Quote
  #8 (permalink)
: Every hard inquiry dings your score a few points. If you keep applying for credit cards, it is more likely you will get turned down due to the number of inquiries -- looks like you are trying to take on too many new lines of credit.

If you are under 21, your problem may be that you don't have sufficient income to qualify for the credit card, especially if you just started this part time job. You may need a parent to co-sign.

If you meant to say that you just got your first student credit card, keep in mind that new credit card won't even begin to count in your FICO score till you've used it for 6 months. Wait till that card passes the 6 month point before you bother applying for the Target card again.
  Reply With Quote
  #9 (permalink)
: It always hurts your credit score to apply or reapply. It hurts your score if you get denied. It also hurts your score if you do not get denied. There is no situation in which applying does not hurt your score. A number of inquiries hurts your score. Even one will hurt a little. More will hurt more.

You will not have a good score when you graduate, unless you stop applying.
  Reply With Quote



Thread Tools
Display Modes

Similar Threads
Thread Thread Starter Forum Replies Last Post
payed my credit card 5 days late, will it hurt my score? TheGreat33 Online Cash/ Cash Online 4 11-13-2013 06:01 AM
Will cancelling my Dillard's credit card hurt my credit score? m1ndfr34k117 Cash Back 2 05-29-2013 11:59 PM
Does having a credit card I don't use hurt my credit score? Kiko Cash Back 0 01-22-2013 04:05 AM
Does closing a credit card gonna hurt my credit score? Unknown_User Cash Back 2 07-01-2012 11:05 AM
Is it true that applying for a loan and getting denied will hurt your credit score? Eureka Cash For Cars 5 05-09-2011 02:37 PM

Copyright 2014, All Rights Reserved