Dear Creditnet: My son has had his own credit card since his 18th birthday. He is a now a 20-year-old college student, has never carried a balance, and uses his credit sparingly. We taught him well. Under the new credit card laws, will he be required to relinquish his credit card because he will not be 21 until 2011? Answer: It's always nice to find a parent that actually understands the value in teaching their children how to responsibly manage credit from a young age. Unfortunately, parents like you are few and far between. Believe me, your son has an enormous head start on most of his college-age peers.
How Long Will Inquiries Stay on My Credit Report?
A hard inquiry, which occurs when you apply for credit and your credit reports are pulled as part of the application process, will remain on your reports for two years. Your credit score may also take a small hit as a result of the hard inquiry, but you shouldn't see a significant downward swing in your overall scores. A drop of more than five points likely means something else has changed in your credit profile.
