Need a Credit Card with a Low Interest Rate? (cont.)
Contributed by Stephanie Litaker
Just because there are a lot of companies offering credit cards doesn't mean you have to apply for every one of them
You pass a dozen restaurants on the way home from work every night, but does that mean you stop at each one of them for dinner? If you do, you're probably having trouble getting out of your vehicle by the time you get home. And just like you only stop at the place you really want to eat at, you shouldn't apply for every credit card that is offered.
If you go to what is your first choice, and it's packed to the gills with other people really wanting to eat there, you may choose to go to your second choice for dinner that night. If the second place is busy too, you will probably go on to your next choice. This process could gone on for a long time, or you could just decide to call it quits and throw a frozen pizza in the oven when you get home.
This is just like a credit card shopping spree. When you apply for the credit card that is your first choice, you should always wait until you hear back from that company before you apply for the credit card from the second company. The more inquiries that are made into your credit history, the more of a negative impact this will have on your credit score.
