Applying for CC q's and general credit q's

Anonymous · ‎06-12-2008

I know this has been discussed many times but I just want to make sure this is correct. All applications made for CC's made within 14 days will only show up as 1 inquiry?

My current situation as follows, I have a short history (22 years old) with a discover card that is almost at the 1 year point. My CU is ~100% (0% interest, what else would someone do with that?). Currently I am trying to buy a TV and was planning on either A. get a new card with a 0% offer (sears card) and pay off my discover at the end of next month (end of 05) B. BT the current balance from my discover to a new card and use it to buy a TV and pay it off ASAP (the money is in the bank earning 3% and I like it that way).

So when I applied for a Sears card it pushed me into the HSBC (denied for the citi) with a wopping 300 CL, I declined it like an idiot since I needed about 1100 for a TV (discover gave me 1.5K). So I went home and applied for a BoA card with 0% BT and 50 statement credit (covers the BT fee). As usual no instant acceptance.

This was less then a week ago (saturday), and now I am wondering if I should app for a few more cards so I get the most out of these inquiries? I really have no goal besides building credit history and upping my scores. Buying a house is probably 2-4 years down the road, and about the same length for buying a car (65K miles on a civic right now, I should have awhile). I have no debt besides the 1.5K on the discover card, 1 year left in college and currently working FT as a co-op making decent money (for a college student).

So what would you guys reccomend APP for a few more cards, or just hope the BoA card comes thru to carry my 1.5K 0% for another year. My scores are as follows, note the EXP score. My guess is EXP really likes that I have been an AU on a card for 21 years (1 year younger then me) , that card has 13.5K CL with under only 400 UT.

EXP EQ TU
763 653 683

Thanks,

Charles

Creditaddict · ‎06-12-2008

no, application for car loans and mortgages count as 1 when made within I think 30 days.

Credit cards EACH count as there own.

Try Best Buy card

AND call the backdoor number for BofA about your app and if it's declined, ask for reconsideration.

Message Edited by Creditaddict on 06-12-2008 09:56 AM

Anonymous · ‎06-12-2008

keep in mind tho, while the inquiries for a car or a mortgage made within 14 days may only count as 1 inquiry to your FICO score, future CCCs or lenders(if in the new future) will see that there was 10+ inquiries all at once. I wish I would have known that before I went shopping around. I have over 80 inquiries on EQ :'(

thrasher865 · ‎06-12-2008

codeman5022 wrote:
keep in mind tho, while the inquiries for a car or a mortgage made within 14 days may only count as 1 inquiry to your FICO score, future CCCs or lenders(if in the new future) will see that there was 10+ inquiries all at once. I wish I would have known that before I went shopping around. I have over 80 inquiries on EQ :'(

But if you called in after a denial and talked to a person, I'm sure whoever you talked to would understand that all those inquiries were just you being a smart shopper.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760

Take the FICO Fitness Challenge

Anonymous · ‎06-12-2008

@thrasher865 wrote:

@Anonymous wrote:
keep in mind tho, while the inquiries for a car or a mortgage made within 14 days may only count as 1 inquiry to your FICO score, future CCCs or lenders(if in the new future) will see that there was 10+ inquiries all at once. I wish I would have known that before I went shopping around. I have over 80 inquiries on EQ :'(
But if you called in after a denial and talked to a person, I'm sure whoever you talked to would understand that all those inquiries were just you being a smart shopper.

true, in my case though its a little difficult since there are so many. It't a little tough to convince someone that I was rate shopping with that many inquiries.

Anonymous · ‎06-16-2008

Well BoA showed me some love today. Called them up to check on the status of the app, they asked a couple basic questions, also asked if I was a degreed engineer (odd question). They said I was approved and they gave me a 3K CL. I am psyched, figuring I have 1.5K from my discover they gave me double off the bat. Now I am tempted to get a Chase card (offering 18 months 0% on purchases and sent me 3 duplicate mailers over the course of 2 weeks) so I can have 3 prime cards that I will hold onto forever for some FICO account duration luv.

Charles