Does getting a new credit card lower your score?

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asked 6 days ago in Credit by legientcrow (210 points)
Does getting a new credit card lower your score?

1 Answer

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answered 6 days ago by linda (6,530 points)
When you apply for a new credit card your credit score will be automatically checked by the credit card company.

When your credit score is checked a hard inquiry is put on your credit report which temporarily lowers your credit score by a few points for at least a few months to 6 months.

When you get approved for the credit card and use it correctly and pay the payments on time then your credit score will increase again.

So although a hard inquiry will lower your credit score and affect your credit rating when applying for a new credit card it only affects it for a little while.

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