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New Member
Posts: 5
Registered: ‎04-25-2014
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Have newbie question regarding multiple credit card applications

Hello - New member here so please bear with me..

Just joined MyFico yesterday. Been working on my credit since being turn down for a Visa/MC CC last year from my Credit Union even though my credit scores were in the 700's. I have since paid down a fair amount of debt and corrected some problem information of the report.

 

As of yesterday my FICO's are: Ex: 782/ EQ: 778/ TU: 765

 

Having had an Amex card for 25+ years (Gold Premier Rewards), I felt I needed another type for diversity and security. I WANTED to apply for Discover IT, but was worried that I might be turned down, so I went out for Chase Freedom and was instantly approved (today). I understand that my overall scores will improve as a result of adding a revolving charge card.

 

So my question is...how long should I wait to apply for Discover IT? I know it can be detrimental to apply too much within a certain time frame. Is Discover really that tough to get approved? I really do not want a rejection at this time.

 

Thanks in advance for your advice.

 

Valued Contributor
Posts: 1,604
Registered: ‎07-13-2013
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Re: Have newbie question regarding multiple credit card applications

[ Edited ]

If your profile is nice and thick you could apply for it, otherwise if you want to stay on the safe side, wait 6 mos. after the chase account being opened and then apply for the Discover Card.

Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: Have newbie question regarding multiple credit card applications

With your scores you should have no problem getting the Discover IT right away

New Member
Posts: 5
Registered: ‎04-25-2014
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Re: Have newbie question regarding multiple credit card applications

Thanks. I am not sure what you mean by  my profile being "nice and thick", but I guess I can wait 6 months.

 

I really do not have very many "assets", and only the 2 cards now (Amex and Chase Freedom.)

I am in the last 6 months of a car loan payment - other than that - no debt.

Contributor
Posts: 219
Registered: ‎04-04-2014
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Re: Have newbie question regarding multiple credit card applications

[ Edited ]

DarkStar, I'd say apply for it now so the inq's can fall off together. No point in waiting 6 months with your scores and long history with Amex.

If you really want to be a worry wart :smileytongue: and test the waters first, give their pre approval run a shot first: DISCOVER PRE APPROVAL

 

Best of luck.

Regular Contributor
Posts: 226
Registered: ‎04-22-2013
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Re: Have newbie question regarding multiple credit card applications

If you're looking at adding to diversify as well one thing to consider is how amex backdates to your MSD. With the history you currently have - if able to find use for it you might be best served by adding in another amex (a revolver like their bce or new everyday card) so it will thicken your file for AAoA purposes - this will help at least marginally for you to absorb some of the "new credit ding" of adding new accounts. Keep in mind new accounts eg AAoA is a lower scoring factor but it's just something else to think about (as every application done adds in a credit score ding for the INQ as well as any approvals now lower your AAoA where another amex would help the AAoA factor).

Contributor
Posts: 219
Registered: ‎04-04-2014
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Re: Have newbie question regarding multiple credit card applications

↑ +1 !!!!!!!!

Established Member
Posts: 75
Registered: ‎03-13-2014
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Re: Have newbie question regarding multiple credit card applications


JustinS wrote:

If you're looking at adding to diversify as well one thing to consider is how amex backdates to your MSD. With the history you currently have - if able to find use for it you might be best served by adding in another amex (a revolver like their bce or new everyday card) so it will thicken your file for AAoA purposes - this will help at least marginally for you to absorb some of the "new credit ding" of adding new accounts. Keep in mind new accounts eg AAoA is a lower scoring factor but it's just something else to think about (as every application done adds in a credit score ding for the INQ as well as any approvals now lower your AAoA where another amex would help the AAoA factor).


+1

 

Your credit scores are awesome btw, you should have no problems in applying for anything you want at this point.

Wells Fargo Student - $2,300 / Discover It - $2,000 / Chase Slate - $1,500 / Marriott Premier Rewards - $5,000 / Citi ThankYou Preferred - $2,000 / AMEX TrueEarnings - $1,200 / Target RedCard - $300

Total CL: $14,300
Util: 28%
New Member
Posts: 5
Registered: ‎04-25-2014
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Re: Have newbie question regarding multiple credit card applications

I must admit I am amazed at how many credit card some of you have. I would be happy with just the 3 (Amex Gold Rewards, Chase Freedom and Discover IT). I will probably apply for Discover IT as soon as I get my Chase Freedom card in hand. I appreciate the advice...guess I am just being a scaredy cat about applying so soon after Chase. Not getting approved last year for Credit Union Visa really did a number on me.

 

 

Contributor
Posts: 219
Registered: ‎04-04-2014
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Re: Have newbie question regarding multiple credit card applications

Waiting to apply until you have your Freedom in hand is going to do nothing beneficial(besides peace of mind for whatever reason you think you have to wait). I'd still say do it now while you're in the month of April so you can let the Inq's age off together. Also, the recommendation of getting another Amex is a really good one. You can app for a NO AF Amex revolver and it will jolt your AAOA to balance off the two new accounts(Freedom/IT) you've opened. You will get approved for both. Most likely INSTANTLY.

 

Again, best of luck in whatever you decide.

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