App'ing for my second card in same week

[tatterz]

I was just approved for BCE everyday and I'd also like the Chase Freedom. Should I apply now before the Amex shows on my credit report? I'd like to have it within a few months. I'm also planning on paying my car loan off in full next week so I was thinking that applying for the Freedom in a few months while not having a loan would be a good idea.

What do you guys think?

This board seems so helpful and has great members.

Also, I'd like to pull my credit scores from this site. I already purchased a car a few months ago and they shopped for a good interest rate for me but that should only count as one SP. Plus, my approval for BCE is considered a HP? I don't want to check my score and add yet another inquiry on my report but it shouldn't hurt right?

[Epcot]

Congrats on your BCE approval!

I'm afraid you have the hard pull and soft pull reversed. The car shopping cost you (most likely) several HP's, but if they were done in a short period of time they will count as 1 for FICO scoring purposes. Also the BCE was a HP. When you pull your own credit reports and scores it is a soft pull.

[tatterz]

Really? I thought multiple car loan inquiries counted as 1 SP within a 14 day period. Edit: yeah, its a hardpull

I just did the trial of myFICO Score Watch to check my score - 738. How do I check HP and SPs?

I'm fixing to apply for Freedom, should I?

[enharu]

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@tatterz wrote:

Really? I thought multiple car loan inquiries counted as 1 SP within a 14 day period.

I just did the trial of myFICO Score Watch to check my score - 738. How do I check HP and SPs?

I'm fixing to apply for Freedom, should I?

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I just bought a car almost a month ago, and this is what happened to me.

I applied for the minimum financing amount, and the dealership itself did 1 HP. BMW financial, Citi, Chase, Bank of America all pulled my CR as well (4 additional HPs).

As a result I have 4 HP on Experian, 3 Equifax, 4 Transunion just from applying for ONE auto loan.

I have no idea why my dealership did it either. I qualified for the best rate with BMW Financial, but for some reason they also submitted apps to the other banks without telling me. The salesman and manager didn't even know until I called and told them I saw 5 inquiries on my CR.

I have asked about this on this boards (and other places).

For scoring purposes, it will be counted as 1 HP.

However, on your record, it is still gonna show as multiple pulls.

But.........maybe your dealership didn't inquire with so many banks. Best way to find out is to pull a 3 bureau report because certain banks pull reports from certain CRAs.

[SamsungHDTV]

I say you should apply

[tatterz]

Oh damn. Hm, I think they tried a lot of banks. I kept getting things in the mail from a variety of banks thanking me for my interest, blah blah. My loan was ultimately obtained through some local credit union that I never heard of. I'm sure they tried many big name banks as well as local.

I do know that my EQ right now is the lowest I've seen it in a few years but once I pay off the car loan and use my new Amex it should start going up.

[enharu]

I am planning to apply for BCP/BCE once my CRAs are updated with my new balance.

I have a feeling those inquiries are going to bite me in the a** when I apply, since I have a 92 cents late payment from 2006 as well.

If AMEX already approved you, you should be fine! 

If I were you, I would just apply right away as long as it doesnt the chances of getting 3x CLI with Amex later on.

[tatterz]

Hopefully they won't. I bought my car a few months ago and I'm positive they shopped more banks than your dealership did and I'm sure have a bunch of HPs though they only technically count as one against the score. I just app'd for a new checking account which I think is a HP. Plus my recent BCE app..HP. I had bought another car 9 months ago so there's another HP.

With all that said..my low income and being only 21, I still got approved for BCE. I hope you get it, man.

I most certainly want to still get my 3x CLI since I'm sure it'll be $2k at the most. I have to call when they open tomorrow to find out.

[enharu]

is BCE and BCP same requirements to get? 

hopefully i get approved too. have a good feeling i'm gonna have to call recon however.

[tatterz]

I'm not sure. I could see BCP being a little harder to get but I have no idea.

If you don't get instant approval, don't fret. I didn't get instant approval but 5 days later my App status said approved.

In other news, I just app'd for Freedom and I did get instant approval