Reply
Established Member
Posts: 11
Registered: ‎03-31-2010
0

Applying for multiple cards at once!?! Good? Bad?

Hello Fico'ers! I have read and been told that applying for multiple credit cards in a short time (week or less) will count as only one inquiry on your credit report. For some reason this smells a little fishy and thought I would put it out there. My eq : 723, TU 680, Ex: 677 and I would like a discover, amex, or chase but have been nervous to apply. Thanks for the help as always!


Starting Score: 723
Current Score: 723
Goal Score: 750


Take the FICO Fitness Challenge

TU 713
EX: 723
Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
0

Re: Applying for multiple cards at once!?! Good? Bad?

 


jjoyce wrote:

Hello Fico'ers! I have read and been told that applying for multiple credit cards in a short time (week or less) will count as only one inquiry on your credit report. For some reason this smells a little fishy and thought I would put it out there. My eq : 723, TU 680, Ex: 677 and I would like a discover, amex, or chase but have been nervous to apply. Thanks for the help as always!


false.  this is only true for auto inquiries & possibly mortgage inquiries, not sure on that one.

 

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Valued Contributor
Posts: 1,616
Registered: ‎01-05-2010
0

Re: Applying for multiple cards at once!?! Good? Bad?

I don't think that's the case. It applies to loans only.

 

Are you living within your means?
Regular Contributor
Posts: 231
Registered: ‎08-07-2009
0

Re: Applying for multiple cards at once!?! Good? Bad?

Yes, within a 14 day period...

 

However it might be held against you by credit card companies underwriting guidelines!

 

-800 or Bust...!
Valued Contributor
Posts: 1,616
Registered: ‎01-05-2010
0

Re: Applying for multiple cards at once!?! Good? Bad?

 


-RED wrote:

Yes, within a 14 day period...

 

However it might be held against you by credit card companies underwriting guidelines!

 


 

"Fortunately, the credit scoring system most lenders use, FICO, doesnt punish you if you do your mortgage shopping in a relatively condensed period of time. All credit inquiries made within 14 days are lumped together as one, and your score doesnt reflect any inquiries made within the last 30 days."

 

7 secrets to refinancing on the fast track

 

I'm not sure if that's for credit cards too.

 

But if so, which major CCCs will hold you against it?


Are you living within your means?
Regular Contributor
Posts: 231
Registered: ‎08-07-2009
0

Re: Applying for multiple cards at once!?! Good? Bad?

Like I said within 14 days...


my-own-fico wrote:

 


-RED wrote:

Yes, within a 14 day period...

 

However it might be held against you by credit card companies underwriting guidelines!

 


 

"Fortunately, the credit scoring system most lenders use, FICO, doesnt punish you if you do your mortgage shopping in a relatively condensed period of time. All credit inquiries made within 14 days are lumped together as one, and your score doesnt reflect any inquiries made within the last 30 days."

 

7 secrets to refinancing on the fast track

 

I'm not sure if that's for credit cards too.

 

But if so, which major CCCs will hold you against it?



 

-800 or Bust...!
New Contributor
Posts: 71
Registered: ‎02-24-2010
0

Re: Applying for multiple cards at once!?! Good? Bad?

The 14 day rule does NOT apply to credit card inquiries: http://www.myfico.com/crediteducation/creditinquiries.aspx


Starting Score: 737
Current Score: 770
Goal Score: 800


Take the FICO Fitness Challenge
New Contributor
Posts: 59
Registered: ‎08-29-2009
0

Re: Applying for multiple cards at once!?! Good? Bad?

Each will count individually. If you apply all at once, the lenders should not see any of the others when they're pulling, although they may not like all the new inquiries/accounts if they do a review later.

Established Member
Posts: 11
Registered: ‎03-31-2010
0

Re: Applying for multiple cards at once!?! Good? Bad?

Thanks for the help! With those fico scores do you think i will be elgible for any  of those cards?


Starting Score: 723
Current Score: 723
Goal Score: 750


Take the FICO Fitness Challenge

TU 713
EX: 723
New Contributor
Posts: 71
Registered: ‎02-24-2010
0

Re: Applying for multiple cards at once!?! Good? Bad?

How clean is your report? I was just able to get my hands on an Amex Zync with my 737 and 6 months of credit history.


Starting Score: 737
Current Score: 770
Goal Score: 800


Take the FICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.