You need to know how the credit bureaus are perceiving frivolous attempts at obtaining credit!
Applying for a whole range of different credit obligations in a short period of time point blank sends red flags up to the credit bureaus, and your score is lowered - perhaps in an attempt to slow your role with adding too much new debt in a short period of time, potentially creating a financial disaster.The credit bureaus can hit you with up to approximately 5 points per credit application. There is not a specific number of points that are subtracted, with dealing with your credit report and score remember that all the various records on your credit report are looked at as a hole to determine your credit score, so if your are already on the edge you are going to want to really watch your step!
There are many offers out there ranging from home loans, and auto loans to credit cards that offer discounts or spiff's when you apply for credit - don't fall for the sales tactics. It's not worth the risk of lowering your score.
In certain instances such as shopping for a automobile loan or home loan you may create several inquiries within the same month, you may not experience a score subtraction as the credit bureaus do allow some room for consumers to shop for the best loan possible before your credit score is affected. Keep in mind the credit bureaus are looking for signs that you are mishandling your credit.
Read through the credit inquiry section of the Credit Strategy Guide to learn some crucial information regarding applying for credit and some very important actions you will want to avoid like the plague!