Applying with Multiple Banks and Hurting your Credit

[Sarah Smith]

I've heard advice through several podcasts that if one bank turns you down, to keep trying until you get a "yes."  Can anyone give more insight on this topic.  My impression would be this would hinder my credit.  How would this effect me if I did not have a business account set in place (or would that be the first step to take)?  

If I did have a business account set up, would that still not cripple by business reputation?  I am new to investing and trying to learn as much as I can.

[Chris Mason]

I've literally never seen someone with bad credit caused by credit inquiries. And I look at a lot of credit reports.

It's a scapegoat that irresponsible people shout from the rooftops, which is why you hear about it so much. The people howling about how credit inquiries 'trashed' their credit aren't mentioning the rolling late car payments, 6 maxed out credit cards and, oh right, the minor issue of the Chapter 13 bankruptcy eight months ago, because that would imply taking personal responsibility for their personal actions and inactions, and responsibility would be a completely crazy thing for this personality type to engage in. So they preach loudly about credit inquiries.

Nope, it's not the car lates, maxed credit cards, or bk... it's the cell phone company person that promised it would be a 'soft pull,' that's why Jack has a crummy FICO. It's everyone else's fault but Jack. Jack is the victim here.

...Don't listen to Jack.

I've got a credit report that I keep at my desk to show people (name/ssn/etc blacked out). Two full pages worth of hard credit pulls. 817 FICO. Under 30 years old.