Will it hurt your credit score to have multiple cards from same bank?

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Raevyn
 
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Will it hurt your credit score to have multiple cards from same bank?

Postby Raevyn » Tue May 08, 2012 4:53 pm

Hello!

I have bad credit from the economy going bust and be being a part of it :( I have a few unsecured "starting out/bad credit" cards from 3 issuers but the limits obviously are way low, as in cant really even use them from more then $20 or so unless I want to go over the 10% maximum you should charge in any given month.

My debt utilization is awesome.. only 89% but that is because my parents added me to their credit card with a limit of $8000 and only $800 owed.

In any case, I am aware with my score I will not get a decent unsecured card. So then my question is, will it hurt someone's score to have multiple cards from the same issuer?

I have an unsecured card with Capital One and I am thinking about getting a second card with them (since I have history) secured if need be but I don't want to hurt my score.


sfoboy85
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Score....

Postby sfoboy85 » Wed May 09, 2012 9:31 am

Hello Raevyn,

I do not know how an 89% debt utilization could be awesome, but here is my 2 cents :

Having another hard inquiry on your credit report does not necessarily mean that your credit score will automatically go down. Some cases it does (when it does, that's only a few points) and some cases it does not.
Just because you are applying for another line of credit from the same bank, they WILL pull your report again (unless your last card application was within 30 days which I doubt).
TIP: Ask your bank if they do a soft or a hard hit, but more likely they will have a hard pull on it.

Best of luck!

Raevyn wrote:Hello!

I have bad credit from the economy going bust and be being a part of it :( I have a few unsecured "starting out/bad credit" cards from 3 issuers but the limits obviously are way low, as in cant really even use them from more then $20 or so unless I want to go over the 10% maximum you should charge in any given month.

My debt utilization is awesome.. only 89% but that is because my parents added me to their credit card with a limit of $8000 and only $800 owed.

In any case, I am aware with my score I will not get a decent unsecured card. So then my question is, will it hurt someone's score to have multiple cards from the same issuer?

I have an unsecured card with Capital One and I am thinking about getting a second card with them (since I have history) secured if need be but I don't want to hurt my score.
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Crashem
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Postby Crashem » Wed May 09, 2012 10:30 am

Don't think original poster understands utilization. It doesn't mean you can't use the card. Cards typically report your balance to credit bureau once a month ( when statement generates is good guess). Find out when. As long as you pay your balance before it reports, it will report 0. For example, if you have $500 dollar visa card that reports on 13th, you could spend 500 and pay before 13th and then keep spending after it reports. Not sure if I understand the 89% util comment. Also what are scores right now and are they fico or fako
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JCarter
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Postby JCarter » Thu May 10, 2012 10:39 am

Crashem wrote:Don't think original poster understands utilization. It doesn't mean you can't use the card. Cards typically report your balance to credit bureau once a month ( when statement generates is good guess). Find out when. As long as you pay your balance before it reports, it will report 0. For example, if you have $500 dollar visa card that reports on 13th, you could spend 500 and pay before 13th and then keep spending after it reports. Not sure if I understand the 89% util comment. Also what are scores right now and are they fico or fako


He probably meant availability not utilization.

PopiLopi
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Postby PopiLopi » Thu May 10, 2012 11:28 am

I agree with JCarter, this person probably meant available credit...

As somebody said you can pay the balance before the closing date and only the left over will be reported. When I started over a year ago I only had $500 CL in a Cap One card and I used to charge over $2k a month on it (better get 1.25% cash back than using debit)... you just have to make sure you make a payment before you hit your limit and the payment amount will become available credit
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