Applying for multiple lines of credit at once

Question

Hi all, So I have fair credit (667TU/669Equifax) with ~5 years repayment history on 15 open student loan accounts (ugh), all in good standing with no bad marks on my report.  I want to refinance a few of my high-interest private loans, and before that I'm planning to boost my credit by opening up a credit card, my very first in my 27 years.  I have an irrational fear of credit cards, as I've seen too many family and friends abuse them and get into a lot of trouble, so it's taken a lot to work myself up to get this far.  I'm not sure which would be the best card for me to apply for, and I would be very grateful for any suggestions, but that is not why I am making this post.  My s/o approached me last night with a proposition to get a new livingroom couch that we really do need.  Apparently Bob's Furniture is having some amazing 4th of July sale that she wants to take advantage of, so she wants me to try to apply for a line of credit with the store in order to finance the purchase (since I don't already have a credit card, and she has literally NO credit whatsoever).  I have no doubt that the balance could be paid off within a few months, or even by the end of this month.   Would this be a good idea for me, keeping in mind my ultimate goal of getting a credit card and keeping a low balance on it in order to boost my score?  Would my application even be approved?  And if so, would it negatively affect my score or otherwise affect my chances of applying for another credit card at around the same time?  If she tried to apply instead of me, would she be denied (I'm thinking probably, she applied for a Kohl's card earlier in the year to get the discount on her purchase and was immediately denied)?  Basically, should I go through with this, advise her to try to open a line of credit herself and start rebuilding her own credit, or tell her to wait until they have another sale and I've had time to apply for a proper credit card?

Answer 1

Murphys-Law wrote:
Hi all, So I have fair credit (667TU/669Equifax) with ~5 years repayment history on 15 open student loan accounts (ugh), all in good standing with no bad marks on my report.  I want to refinance a few of my high-interest private loans, and before that I'm planning to boost my credit by opening up a credit card, my very first in my 27 years.  I have an irrational fear of credit cards, as I've seen too many family and friends abuse them and get into a lot of trouble, so it's taken a lot to work myself up to get this far.  I'm not sure which would be the best card for me to apply for, and I would be very grateful for any suggestions, but that is not why I am making this post.  My s/o approached me last night with a proposition to get a new livingroom couch that we really do need.  Apparently Bob's Furniture is having some amazing 4th of July sale that she wants to take advantage of, so she wants me to try to apply for a line of credit with the store in order to finance the purchase (since I don't already have a credit card, and she has literally NO credit whatsoever).  I have no doubt that the balance could be paid off within a few months, or even by the end of this month.   Would this be a good idea for me, keeping in mind my ultimate goal of getting a credit card and keeping a low balance on it in order to boost my score?  Would my application even be approved?  And if so, would it negatively affect my score or otherwise affect my chances of applying for another credit card at around the same time?  If she tried to apply instead of me, would she be denied (I'm thinking probably, she applied for a Kohl's card earlier in the year to get the discount on her purchase and was immediately denied)?  Basically, should I go through with this, advise her to try to open a line of credit herself and start rebuilding her own credit, or tell her to wait until they have another sale and I've had time to apply for a proper credit card?A furniture store card is essentially useless to you once you have the couch. I would apply for a card that you can use long term. You will get a score boost when you open a credit card, and it will further help build your profile and score. Unless the sale is insane, I would skip the store card and do some research on what credit card would work best for you (rewards structure). Are those scores FICO scores, or FAKO scores (CreditKarma etc)?