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A single credit card application won't hurt your credit score much. But if you apply for multiple cards within a short period of time, your score may drop noticeably.

Your credit score may be affected because every time you apply for a credit card or a loan, a lender reviews your credit report from one, two, or all three major credit bureaus (Experian, TransUnion, and Equifax). This is known as a hard inquiry or hard pull. Hard pulls may stay in your credit report and therefore affect your credit score for up to two years. The more inquiries and denied credits you have on your credit reports, the more risky you are considered by banks and lenders.

tags : Credit Score Limited Credit

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