For starters, you need to know which types of credit checks can lead to problems and why.  If you are a student applying for a loan, or an adult with established credit looking to purchase a car or a home, you generally won’t see any change in your credit score, regardless of how much you shop around (and how many inquiries are made), at least not during the process of securing such a loan.  However, multiple requests for your credit report made by credit card companies could certainly have a negative impact on your credit rating.  But why?  Everyone is requesting the same information; why does it matter if the lender is a bank or a credit card company?

The difference lies in the intent.  If you’re looking to go to school or make a large purchase such as a house, the money you’re borrowing is sort of like an investment in the future.  With a college education, you can hopefully obtain gainful employment down the road, which will allow you to pay off the debt accrued in the pursuit of a degree.  And a house (or even a car) comes with built-in collateral that the bank can seize in lieu of payment should you fail to meet your financial obligations.  In each case there is a reasonable expectation of repayment of loans.  But people who are applying for multiple credit cards in a short period of time are certain to raise red flags.

If you’re shopping around for a credit card, you might think that applying for many to find the lowest rate is the sensible way to go.  But keep in mind that the entities that compile credit reports don’t know what you’re up to.  They may see a bunch of inquiries from credit card companies and operate under the assumption that you are going to take them all, potentially racking up multiple thousands of dollars in debt that you cannot possibly hope to pay off.  In short, you suddenly represent a much higher risk to lenders.

But what is the actual impact to your credit score from such activity?  It varies from person to person, depending on your credit history and the number of inquiries made (along with the time frame in which they arrive).  As a general rule, you can estimate a loss of five points per inquiry if you want to be on the safe side.  How long this drop is in effect depends entirely on you.  If you end up accepting a credit card, you spend responsibly, and pay your bills on time, your credit will rebound quickly (within a few months).  And you can probably guess what happens if you go the other way.

Emma Martin writes for Granite Card where you can find articles on all things credit related, including bad credit credit cards with high interest rates and hidden fees.

In this economy the most informed life decisions should be made according to where you are in your professional life. Say you have several years of experience in your trade of choice. You are probably in a good position to expect reasonable pay, however, switching employers may not be a sure thing.

Although many employers seek experienced candidates, it is evident that the market is still saturated with the unemployed, many of whom weren’t lucky enough to retain their jobs through the recent economic plunge. With a lot of talented unemployed candidates in the job pool, this may be a better time to consider either sticking with your current position or getting that college degree to add to your competitive edge.

Alternatively, you may be fresh out of high school and thinking about your next steps. While starting a job out of high school provides a good respite from the academic experience, you will eventually want to consider where that job is taking you. If you like what you do and there is some likelihood that you will have room to grow and succeed professionally, it may be the place for you. However, the drawback of this situation is that you may hit a glass ceiling at some point where you can no longer proceed without a degree.

Additionally, there is an element of uncertainty in any situation like this, where others may be promoted above you. If you are prepared to exercise patience and act with confidence, sticking with a job that can turn into a career may be the correct path, otherwise you may want to consider a degree.

Going to college is bound to be rewarding so long as you have a clear idea of what you want to do with your degree. The potential debt that taking out loans will cause you won’t be worth it unless you have defined plans on how you are going to pay it back.

Whether you are considering an associate, bachelor, or master’s degree you want to think about the amount of debt you may incur as a result.  Without doing an in-depth cost-benefit analysis, you can assess your projected financial situation by going to a site like mappingyourfuture.org. The budget calculator function of this site allows you to take into account both assets and liabilities you may have during a typical year living as a student. This gives a realistic idea of how much money you should expect to need to live on during school. The pay wizard option also gives the potential student a good idea of what their loan payments will look like for after college and helps assess how much money should be borrowed.

Emma Martin writes for Go College where you can find helpful information on graduate fellowships and learn how to write a college admissions essay.