Many people out there tend to be worried about their credit score.  There are so many myths, as well as questions about your score and how it rises.  While many of us may never know all the factors, most experts know exactly whats going to hurt it, as well as not touch it at all.

When you’re worried about your credit score, you may be finding yourself applying for other credit cards.  Whether you need it for a loan, rewards, or something else, you may find that you’re going to get denied from time to time.

Will a Credit Card Application Hurt My Credit Score?

When you fill out a  credit card application either via the mail or even online, it’s all going to work the same.  It’s going to go through the credit card companies computer and determine if you’re eligible for a card or not.

What they are going to do is check out your credit score and other important factors.  The automated system will either approve, or deny you.  Again, 99% of it has to do with that three digit score.

Now, when you’re applying for a credit card, it’s going to be what is known as an “inquiry.”  This is when you’re inquiring to get credit and yes, this is going to show up on your credit report, but before you start to worry, there are different types of inquiries.

What type of inquiries are there?

• “Hard” — This happens when a company checks out your credit report because you applied for something such as a credit card, mortgage, etc.
• “Soft” — This is when a business will check your credit score to advertise a product to you.  This is generally done without your knowledge.

Can this application hurt me?

Not really.  Unless you start applying for 20 applications each week, it really isn’t going to do much damage.  Experts are going to tell you that your inquiries are going to count for 10% of your score.

Go ahead and apply for a credit card, only when you know that you need the card.  Don’t apply for the free t-shirt or because the logo is cool.  As long as you apply for a card when you need it for financial reasons, you shouldn’t hurt your score at all.