Curt F asked:
Hi everyone.
I’ve been spending alot of time contemplating credit score issues and I am now considering applying for 4 new credit cards at once. However, I plan on never activating the cards for use or charging anything to the accounts.
I know my score will take a big hit for this one day of hard inquiries, but I think that in the long run it will greatly benefit my score because of the large increase in available credit with no increase in used credit.
But at the same time i’ve heard that when I go to apply for a mortgage, the banker will probably notice my available credit and use that against me.
My question is – what are all of the possible downsides of having many credit cards besides the obvious temptation of spending money you don’t really have?
Hi everyone.
I’ve been spending alot of time contemplating credit score issues and I am now considering applying for 4 new credit cards at once. However, I plan on never activating the cards for use or charging anything to the accounts.
I know my score will take a big hit for this one day of hard inquiries, but I think that in the long run it will greatly benefit my score because of the large increase in available credit with no increase in used credit.
But at the same time i’ve heard that when I go to apply for a mortgage, the banker will probably notice my available credit and use that against me.
My question is – what are all of the possible downsides of having many credit cards besides the obvious temptation of spending money you don’t really have?
Thanks so much for your help and I’m looking forward to your advice.
Thanks for the great responses – my score averaged from the three bureaus is 736 and all the offers were approved. In all honesty, my company’s stock just hit a 3 year low, so I am going to 0% cash advance the credit into my corporate discount ESPP program and flip the shares. I know this is not encouraged by most corporations – but hey the free money is hard to pass up.
Then I will reimburse the cards and let them sit until I see another opportunity of this sort. Thanks again!
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