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

Established Member

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
Message 1 of 12
11 REPLIES
Senior Contributor

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.
Message 2 of 12
Valued Contributor

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

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

 

Message 3 of 12
Regular Contributor

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...!
Message 4 of 12
Valued Contributor

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?


Message 5 of 12
Regular Contributor

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...!
Message 6 of 12
Contributor

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: 777
Goal Score: 850


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Message 7 of 12
New Contributor

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.

Message 8 of 12
Established Member

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
Message 9 of 12
Contributor

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: 777
Goal Score: 850


Take the myFICO Fitness Challenge
Message 10 of 12