The most comment myth about applying for credit cards that we need to get past is “applying for credit cards will ruin my credit”.  It just isn’t true.

Here’s the truth:

1. Applying for a credit card or loan will result in a “hard inquiry” to one or many credit bureaus which will negatively impact your credit score 2 to 5 points
2. The impact of these inquiries fall off over time … meaning: When you apply for a credit card or loan, within the first 30 days you may see a 5 point hit against your score.  90 days after application (with all other things equal on your credit) you may see your score creep back up 1 point.  180 days out it may go up again.  Over the course of 24 months the negative impact of that inquiry will be completely gone.
3. When you have that new line of credit you’ll have an opportunity to INCREASE your score as you’ll now have the ability to:
1. Establish additional successful / on-time payment history
2. Prove your trustworthiness with additional credit and proper use of it (utilization)
3. Increase your credit depth (how long you have accounts)
4. Availability of credit (If a creditor has trusted you with credit previously you have an established relationship with them that you can use to secure additional credit if needed)
4. Your credit IS one of your most important assets.  If you cannot pay your bills in full every month you should not be applying / seeking additional credit.

Avi also sent over a screenshot from CreditKarma showing how his credit score INCREASED throughout his applications.

I don’t want this to serve as a message saying “apply for credit cards, it will make your credit increase”, that isn’t the point.  Even with Rick’s perfect 990 VantageScore he was still initially declined on a Bank of America Virgin America card. I want to make sure we all understand the facts with an example other than Rick, or myself, or Shannon or Andrew, that by properly using your credit you can indeed increase your score AND see the world at prices we can afford.

Myth: applying for credit cards will ruin my credit … BUSTED.

For today’s Deal of the Day ExpertFlyer is donating One Year of Premium service  ($100 value) for the best overall travel deal submitted. A great mileage run, mistake fare, partner promo, new card sign-up offer, or the special twist you figured out on a deal today. Add it to the comments section of this post (along with your First Name, Last Initial, and Airport Code) or this afternoon’s Deal of the Day post to be eligible to win.

Howie Rappaport As a kid travel meant hopping in the family station wagon and spending a day at the park or the beach. Everyone got older and longer trips were possible; yes that meant driving from New York to Orlando...
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Delta® Reserve for Business

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• Card Type: Travel

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FTG Review	Reward Breakdown	Points Breakdown
Earn 40,000 bonus miles and 10,000 MQMs after you spend $3,000 in purchases with your new Card in the first 3 months.† Earn 15,000 Medallion® Qualification Miles (MQMs) and 15,000 bonus miles after you reach $30,000 in eligible purchases on your Card in the calendar year. Earn 2 Miles per dollar spent on eligible purchases made directly with Delta. Earn 1 mile on every eligible dollar spent on purchases. Settle into your seat sooner with Priority Boarding and enjoy 20% savings on eligible in-flight purchases in the form of a statement credit. Pay no foreign transaction fees when you spend overseas.‡ Complimentary Delta Sky Club® Access.‡ Terms and limitations apply See Rates & Fees Breakdown Earn (pt.) Spend 3 months 0 $3,000 Per dollar on eligible purchases with Delta Purchases 2.00 $1 All Purchases 1.00 $1 Apply Now
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