Our research shows that opening several credit accounts in a short period of time can affect your score.
The information on your credit report indicates that you have been applying for multiple new credit lines in a short period of time, is generally a red flag. When applying for too many revolving accounts such as credit cards lends see this a possible change in financial status and will likely flag your credit report.

If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit scores.

How much will credit inquiries affect my score?
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries average a 2-5-point drop on your credit report per item. Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. Inquiries often can play a part in assessing risk, about 10% of what makes up a FICO Score. This means if you are at a 640-credit score, those points might be the difference between qualifying for that loan or not.

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*Individual results may vary. Please call for more details and to discuss your own individual situation.