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Apply for all on same day??

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Anonymous
Not applicable

Apply for all on same day??

I have a question that I'm sure has been asked here before but here goes. I plan on applying for a 2-3 credit cards and was thinking it would be better to apply for them all on the same day as my credit report wont be updated to the following day and the inquiries won't effect my score on that day as each of the creditors will not know that I recently applied for credit??? I just paid down my utilization down to 20% and my experian score shot up to 741 (as per discover card credit monitoring) and thinking its time to add to my credit card portfolio. I really don't need the credit but like the peace of mind of having a cushion available. Had major credit problems 9 years ago (all off file) and its taken lots of hard work to get this far. I already have the following:

Amex Green Charge (4 months)

Discover $3500 Cl (8months)

Capital One $ 500CL (3years and never a CLI!)

Orchard $ 900CL (5years)

Only balance I carry is $900 on discover and I PIF at least $1k per month on my amex green. I'm hoping amex will give me a blue or clear. Is one easier to get than the other??? I would also love a chase card and/or citi card. I tried the pre-approval link to BOA and HSBC and BOA had nada for me and HSBC wants to give me a secured card.  I did have a charge off with citi 9 years ago and hoping they forgot? Discover forgave me. Thanks in advance for the advice and I have learned so much from the great people who contribute to this site! Will let you know how things go.....

 

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Apply for all on same day??

Too many Amex cards too soon has triggered F/R for some in the past. However Amex generally likes to approve for existing card members from what I used to read. If your income/expendable cash can easily support overall credit lines the F/R is only an annoyance. (carry a back up card besides your Amex card as F/Rs tend to freeze cards until completed). F/R if happens is pretty much a phone call and a fax of financial info, ect, then cards are reinstated.

 

As to apping all in once day... Used to be an advantage when inqs didn't update, now they seem to update right away. The advantage would be new accounts if approved won't be reflected for usually 30 days. So actually you have a 30 day window advantage. Of course it's possible if someone sees a bunch of inqs on one day they may assume you were denied and assume you won't have other cards on the way. That is a far guess at best.

 

If you app to banks that check a different credit reports (TU, Exp or Equifax), they won't see each others inq. Smiley Happy No time restrictions that way.

 

There are also mirror servers, at least last year there was, that sometimes don't update instantly. So while your inq may post to one, it might not be reflected on all instantly, which may give the edge you are questioning a

 

Score drops with each CC inq up to the max amount of point loss. Point loss stays for 12 months with inq's.

 

If you are carrying debt with Discover, let it update to a "smaller amount" before applying for maxium results.

 

 

 

Message 2 of 9
Uborrow-Upay
Valued Contributor

Re: Apply for all on same day??

+1

Message 3 of 9
Anonymous
Not applicable

Re: Apply for all on same day??

Ok, went on my application binge and here's how it went. Got instant approval from Amex for both a clear and a blue card and both with 1k limits. Applied to both Citi and Chase and received the dreaded 7-10 day message. Cabelas visa gave me an instant approval but didn't state credit line. Walmart instant approval for $900 thru GEMB. Juniper denied for a Barnes&Noble mastercard citing limited credit history ( ??) Decided not to waste anymore inquiries at that point. Was VERY happy to be approved for both the amex blue and clear as the blue card was the one I really wanted so all things considered I'm happy with results. I would like a visa or mc with a 3k plus limit as I travel overseas a few times a year and run into a few places that don't take amex. Will be curious to find how much Cabelas likes me (as far as CL).  Gonna wait at least 9-12 months before applying for anything else and hope for a few CLI's in a few months.  Checked my score and it hasn't dropped yet from the inquiries and GEMB (walmart) is already reporting so my utilization is better. Maybe that will help offset the damage done by the inquiries?

Message 4 of 9
jaysdad2k
Frequent Contributor

Re: Apply for all on same day??

Congrats on the new accounts! I count seven apps! I would bet you have a good spread among the CB's. I saw this earlier, and would have recommended Kroger 1-2-3. They seem to check EQ and give a good starting CL.

 

 I did 3 in a row last May; Nordstrom, Kroger, and Chase Amazon. I had to recon all of them. They all pulled EQ. Kroger gave me 6K, Nordstrom 3K, and Chase 400 bucks. My EQ dropped 14 points, and it has only recovered 3 of them since. TU dropped about 30 points, but it gained it all back in 6 months. Now my TU is about 5 above where it was last May. That wait for a year has been long, but it accomplished the goal.

 

Looking back, I wish I had done a couple more.

 

Great job!

 

 

 

 

"Knowledge is of no value unless you put it into practice."- Anton Chekhov
4/11 TU 743 4/11 EQ 763
Message 5 of 9
Anonymous
Not applicable

Re: Apply for all on same day??

Well, hopefully it won't happen to you, but be aware that some people have reported getting accounts closed within a month or two after approval, when the CCC did a periodic review of a credit report that reflected all the new tradelines. And not just AmEx.

 

More institutions are putting greater importance on individual factors (such as new accounts or high utilization), and taking adverse action based on a specific factor, even when that customer has a high score ...

Message 6 of 9
score_building
Senior Contributor

Re: Apply for all on same day??

+1

 

congrats on the approvals Smiley Happy

 

GL with the new TLs!

 

keep in mind any additional app in short time period can increase further the likelihood of AA and so is inadvisable.  

 

7 apps at once incl 2 amex revolvers can be risky business in today's climate.  YMMV.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 7 of 9
Anonymous
Not applicable

Re: Apply for all on same day??

On my credit report it shows that amex only pulled one inquiry so hopefully it will only count as six inquiries. I doubt amex would do a financial review on me becasue my income that I declare is certainly not anything to write home about or out of the norm. I should also be able to pay my utilization down to zero next month. Won't be applying for any new credit for awhile as I'm actually content with what I have now. Hoping the cabelas visa gives me a decent CL. Will share when i find out. Thanks for all the good advice gang!

Message 8 of 9
orl2185
Established Contributor

Re: Apply for all on same day??

Congrats on the new trade lines.

 

On the other hand.... AOR = AA, plain and simple.

 

 

 

Message 9 of 9
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