Credit in a Minute with Dr. Randy Padawer

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Dr. Randy Padawer, Credit Expert and Consumer Advocate

So we were talking about credit report inquiries, those notations that are made by prospective creditors when you apply for credit. And as we talked about, too many of those just makes you look like somebody who’s just, credit inquisitive.. Maybe borrowing money just to get by.

So, the question that follows might be, well, how many credit inquiries are too many?

There’s no set answer for that, but let’s just say, that if you are someone who’s applying for credit three times a year, that’s probably too many. Especially if you have established credit. Maybe once or twice a year, maybe.

Traps That Get You to Apply For Credit

But here’s the thing: and here’s where people really get tripped up. Say, it’s the holiday season and all the department stores are offering really cool incentives to apply for their cards. And the sales agents are really, almost seductive about it. Don’t fall for that, because suddenly you may find yourself applying for credit 6 or 7 times this year, and that really will hit your score.

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