Is it true that if you have multiple credit inquiries within a 30 day period, it counts as 1?

Question

Yeah..I want to try applying for these credit cards, but I know the denial rate will be high, as I have no credit history, hence no credit score. I can't even pull up my own credit reports online from Equifax, Experian, and Transunion because I have no records with them. Just want to try to build my credit history by applying and getting approved for ONE department store card, but don't want a penalty for just trying. Thanks. =)

Answer 1

The multiple inquries counting as one inquiry would be if you're shopping around for the best auto interest rate, or house interest rate. not for credit cards,

Each inquiry you have costs you 5 points. However, in the long run, this 5 points doesnt matter.

I personaly wouldnt get a store credit card. I dont know anyone that has gotten approved for one with no credit history (I work at Old Navy and I have to read up on the old navy cards and other cards). I would go to creditcards.com where you can search for cards based on the fact that you dont have any credit.

EDIT::

My first credit card was through 1st financial bank. They're a good card to start out with and easy to get approved through. email me if you have any questions.

Answer 2

No, each one counts separately.  Getting a store credit card with no credit history shouldn't be hard at all - if you had BAD credit, even then, store credit cards are pretty darn easy to get.

Just apply for one at a store you shop at, use it from time to time *if* you know you can pay off the balance that month.  You want to build yourself a good credit history, not a bad one.  Once you have one, trust me, you'll start getting applications in the mail all over the place.  Don't be tempted to open tons to establish a credit history, one or two cards are plenty.