2 cc's approved, 2 to go in 1-3 week window

[Anonymous]

Prior to my last 2 cc applications, my Experian score was around 745 with no credit cards/activity in the last 4 years (all cc's closed years ago w/ 0 balances), except for my Diner's MC from work (used periodically in the last 6 months).

Last week I applied for 2 card and was approved:

1. Sallie Mae World MC - $7,500 CL
2. Discover It - $3,500

I want to apply for 2 more cards (maybe 3), they are:

1. Chase Freedom (I actively use my Chase checking account)
2. Fixed cash back card (i.e QS, Citi Double Cash)
3. Chase Sapphire Preferred (maybe)

My questions:

1. How much demage do you think 2 applications have done to my credit history?
2. Should I be still OK to apply for Freedom (I'd like Visa Signature) and another Fixed cash back card in the next 0-2 weeks?

Thank you

[twist7d7]

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@myjourney wrote:

Bravo agreed I've always been the same way plan your apps and work your plan..

Mine was always 6 months GC .....app....6 months GC .....app 

Did that for a 1 1/2 years ...it works 

added benefit every 6 months an INQ turns a year old no fico scoring wise

every 6 months a INQ drops off...or in my case a group of them 

Wash rinse repeat 

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[twist7d7]

That was posted in one of my threads.

Dont know why it got so messed up. Basicaly app wait 6 months, app wait 6 months. repeat. You will mostlikely get higher CLs this way

[Anonymous]

Thank you. If I do apply for 4 cards in a 1-3 week window, aside from possible rejection or lower CL, what are some of the other negatives? Sorry, I am newbie in this stuff.

[twist7d7]

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@Anonymous wrote:

Thank you. If I do apply for 4 cards in a 1-3 week window, aside from possible rejection or lower CL, what are some of the other negatives? Sorry, I am newbie in this stuff.

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Rejection due to inqs. CL could be argued. If you app multiple times before a TL hits your report you might get a higher CL due to the fact the CCC cant see your limit on the card you were just approved for. Also your AAOA wouldnt have taken a hit yet. However if you are applying for two cards from within the same bank they will know.

[twist7d7]

This is why people go on app sprees. Also inqs fall off around the same time in the future.

[CreditDunce]

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@Anonymous wrote:

Prior to my last 2 cc applications, my Experian score was around 745 with no credit cards/activity in the last 4 years (all cc's closed years ago w/ 0 balances), except for my Diner's MC from work (used periodically in the last 6 months).

Last week I applied for 2 card and was approved:

1. Sallie Mae World MC - $7,500 CL
2. Discover It - $3,500

I want to apply for 2 more cards (maybe 3), they are:

1. Chase Freedom (I actively use my Chase checking account)
2. Fixed cash back card (i.e QS, Citi Double Cash)
3. Chase Sapphire Preferred (maybe)

My questions:

1. How much demage do you think 2 applications have done to my credit history?
2. Should I be still OK to apply for Freedom (I'd like Visa Signature) and another Fixed cash back card in the next 0-2 weeks?

Thank you

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It is almost always better to wait 6 months between apps.  

Right now you have 1 TU HP from the SM card.  Not sure about Discover, let's assume it was EQ.  Damage to your TU and EQ reports probably in the 3-5 point range.  Could be less, could be more.   Until the two new TL's report, your EX score will still be 745 since nothing is on there yet.    FWIIW, Discover took a couple of months to report for me.  However, Barclay reported fairly quickly.

Once the new TL's report, you score will take a hit due to a lower AAoA.  For example, let's say you just have the one Diner's Club on your CR with a 9 year history.  Once you add the 2 new accounts your AAoA will go from 9 years to 3 years.  AAoA below 6 months is really bad.  1 year and 2 years are not very good either.  AAoA is always rounded down to the nearest whole number.

Note, FICO likes for you to have a couple of open CC's.  You might gain a couple of points to help offset the lower AAoA once the new CC's report.

If you apply for more CC's now, you will probably be approved with a mid 700's CS.   While your starting limits may be higher if you wait, the real reason to wait is the more TL's you add at one time, the bigger the hit to your AAoA in the short term.  If the new CC's will be useful (i.e. save you a substantial amount of money), I would app for them and take the hit now.  If not, I would wait.   Be especially careful that you can meet any spend requirements to qualify for a sign up bonus before applying.  The freedom $500 spend isn't much, but the CSP can be several thousand.

PS.  Chase doubled pulled my EX & EQ CRA's, but they are YMMV.  For me BoA and Amex are exclusively EX pullers.

[Anonymous]

Thanks a lot.

[Anonymous]

Thanks. I applied for Sallie Mae i think last Wednesday and Discovery last Friday, so they probabely have not yet reported. With the 4 credit cards that I want, I will be pretty set as far as rewards are concerned (Sallie Mae + Discover IT + Chase Freedom + 1 Fixed Cash back card). I am thinking of taking out a mortgage in 1-2 years. So the idea is to get all of these cards at once, take the hit and work on improving credit history in the next 1-2 years. Does this make any sense?

[twist7d7]

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@Anonymous wrote:

Thanks. I applied for Sallie Mae i think last Wednesday and Discovery last Friday, so they probabely have not yet reported. With the 4 credit cards that I want, I will be pretty set as far as rewards are concerned (Sallie Mae + Discover IT + Chase Freedom + 1 Fixed Cash back card). I am thinking of taking out a mortgage in 1-2 years. So the idea is to get all of these cards at once, take the hit and work on improving credit history in the next 1-2 years. Does this make any sense?

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Very much! if you wait 2 years the inqs will be gone completly! They stop affecting your score after 6 months and drop off after 2 years