Hi everyone -
New to the forums, but I like a lot of what I've read, so I wanted to ask a couple of questions. Let me start with some background - I currently only have one Visa Credit Card with a $500 limit. I've had this since I started college. I'm now a couple of years out of college, with a full time salaried job, saving money while paying off student loans. I really don't use that first Visa card very often - a lot of purchases are made in cash or debit card.
I figured it was about time to apply for a new card - something that can earn me some points, cash back, etc. After doing some research, I liked the "it" card and decided to apply. After doing so, I'm worried about a couple things. #1 - my credit score. How does applying for a new card affect my score? Will it go down drastically? Right now, I believe my score is in the 750 range. Will I see negative affects from applying for this card and opening this card? And does this really matter in the long term?
#2 - does applying for the card automatically open the card if I'm approved? Or will the come back with approval and then I need to agree to additional terms before opening the card?
#3 - assuming I'm accepted for the card, I plan to start using it much more often than I use cash. It will probably by my primary payment method. Does switching from rarely using a credit card to using it all the time have any influence (good or bad) on my credit score? I will be paying it off every month.
Thanks for all the help! Sorry that I'm such a forum/credit newbie