Chip Lupo, Credit Card Writer
@CLoop
Yes, a Best Buy card affects your credit score. When you apply for either the Best Buy® Credit Card or the Best Buy® Store Card, it will generate a hard inquiry on your credit report, which can temporarily lower your credit score by about five points, depending on your credit profile. A hard inquiry stays on your credit report for two years and could affect your credit score for up to 12 months.
How you use your Best Buy card can affect your credit score in other ways, too. Responsible practices such as timely payments and not overspending will help raise your credit score, while late payments and maxing out your credit limit will have the opposite effect.
How a Best Buy Card Affects Your Credit Score
- Applying for a Best Buy card will result in a hard inquiry, which will cause a slight decrease to your credit score.
- Making payments on time and keeping your credit utilization ratio low can help improve your credit score.
- Late payments and a high balance will have a negative effect on your credit score.
- The longer you keep your Best Buy card open and in good standing, the better off your credit score will be.
- Closing your Best Buy account will drive down both the average age and combined credit limits of your credit card accounts, which may lower your credit score.
To learn more about how credit scores work, refer to WalletHub’s credit score guide. You can also check your credit score for free when you sign up for a WalletHub account.
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