Has a credit card company or maybe even a store waived a shiny new credit card deal in front of you lately? If so, you may be considering getting it, especially if there’s a great discount or special offer coming along with it. But, even for a great deal, you might think twice before getting one.
Why? Well, when you apply for a new line of credit, lenders perform what’s called a hardy inquiry on your credit report. What many people don’t understand about credit is that if you open multiple credit accounts in a short period of time, your score can take a hit.
Hard inquiries negatively impact your credit score and can remain on your report for several years.