If I apply for multiple credit cards for the rewards, will it hurt my credit score?

I have applied for several different credit cards recently that offer various rewards. I use them to make one initial purchase, collect my reward (typically a gift certificate of some form) and then cancel the card and close the account.

I may do this a few times a month. How will this affect my credit score if at all? I currently have a credit score around 720.

Thanks!

If I apply for multiple credit cards for the rewards, will it hurt my credit score?student finance

Actually, the ideal number of cards to have is 3. Keep balances low. I usually recommend keeping a balance - but a very low one. Make a 10$ purchase once a month and pay the balance down. Cancelling accounts does hurt your score temporarily. It%26#039;s better to keep the accounts open - for one, it doesn%26#039;t hurt your score like closing it will. for another, the average age of your accounts keeps getting more recent (which also has a negative impact on your score).

Clearly, your credit is not in that bad shape, but I wouldn%26#039;t sacrifice points just so I could get a day-planner or whatever the %26#039;rewards%26#039; are.

Good luck!

If I apply for multiple credit cards for the rewards, will it hurt my credit score?

loan

A credit score of 720 is good but many closed accounts do not look good on your credit report even when you are the one who closed them.

Also, many inquiries reduces your credit score also.

I would not continue this practice if I were you.

Get a few good cards and use them wisely if you are concerned with your credit score.|||It only knocks your score down a couple points for a few days so it shouldn%26#039;t hurt it.|||the more credit cards you open the worse it looks on your credit report. keep one or 2 but close the rest as if you don%26#039;t close them it also makes it worse on you.|||Yes, it can hurt your score plus if you keep opening and closing these accounts, you will end up with no score at all because there will be TOO much information trying to be processed that the scoring system will overload and will just kick out that you can%26#039;t be scored.