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Newbies Corner
Caitlin
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<blockquote data-quote="Ponti" data-source="post: 167856" data-attributes="member: 7944"><p>As to the apply for one credit card and then get 4 more a year later...that is crap advice.</p><p></p><p>You don't want to wait a year to pick up your additional credit lines.</p><p></p><p>loan officers ask for 5 credit lines with atleast 1year of history. so if you get one credit card and wait a year to pick up your additionals then it will be more difficult for you to get a loan for the next two years.</p><p></p><p>ripping up the additionals is a great idea. because it keeps your debt-to-available credit very low. the lower this ratio the better your credit score will be. Which increases your chances of getting approved for car or home loans. And decreases the interest rate which is charged.</p></blockquote><p></p>
[QUOTE="Ponti, post: 167856, member: 7944"] As to the apply for one credit card and then get 4 more a year later...that is crap advice. You don't want to wait a year to pick up your additional credit lines. loan officers ask for 5 credit lines with atleast 1year of history. so if you get one credit card and wait a year to pick up your additionals then it will be more difficult for you to get a loan for the next two years. ripping up the additionals is a great idea. because it keeps your debt-to-available credit very low. the lower this ratio the better your credit score will be. Which increases your chances of getting approved for car or home loans. And decreases the interest rate which is charged. [/QUOTE]
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Newbies Corner
Caitlin
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