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When we apply for any credit card, is it the instant we click "submit" that the INQ hits the report ?
If so,
For Eg, if v click submit for BCE at 8.00am, and click for CSP at 8.01am, will the Amex credit analyst not be able to see the CSP INQ ? Any thoughts would always be helpful.
its pretty much instant....
The longest I saw from my recent spree was about a week; the shortest was next day.
@Anonymous wrote:The longest I saw from my recent spree was about a week; the shortest was next day.
Where were you seeeing them? Directly on the reports from the CRAs or through 3rd party monitoring?
I would have to say pretty much instant if you pulled it form whereever they pulled you from.
Thank you so much for your responses.
My actual doubt is this :
I am almost at the 6 month mark seeding next month. Can I apply for the card with the higest priority first and then go with the ones with lower priority and then when I recon the card that I applied,, (bcoz mostly I wont get instant approval), will they be able to see the cards I applied for after the first application?
Scenario:
Day 1, 8am - Applied for Card 1
Day 1, 12pm - Applied for Card 2
Day 1, 3pm - Applied for Card 3
The doubt is this :
Day 2 - I am reconing one by one - will the card 1 people be able to see the card 2 and card 3 inq ?
In the recon, do they again pull another report during the call ?
Thanks alot again in advance. U guys are gr88.
they could pull another report depending on lender. and yes they will see that you have applied for 2 other cards as well
The will see it if they do a SP of the CRA that you applied for the other cards with, if card 1 you apply and they pull TU on you and card two they pull EX on you, then you recon and they use the same CRA's they won't see it, but if both are tu and they actualyl do SP you vs. looking at the original HP then they will see it. Will it make a difference? No clue, depends on the lender I suppose and how big of APP spree you are going on
In my experience, it's usually between 0-2 hours.
When a company does a HP to obtain one of your credit bureau reports, that bureau's computers have to access the database. It basically works like this: The computer requests a semaphore lock on your records, to prevent anyone else from accessing them. That request either succeeds, or it is denied because someone else has exclusive access. Once access is granted, it will send the data to the company making the request, it will update your records to show the new HP, and finally it will release the semaphore lock.
So, if you are hoping that multiple HP requests from multiple companies will all receive the same count of the number of HP's from the same credit bureau, that isn't going to happen. Its just how databases are designed.
But, that isn't the reason people do multiple applications at the same time! Sure each HP can affect your FICO score, but multiple companies could pull from different credit bureaus. Of course, they can pull multiple bureaus as well. However, you might have used an HP and then been denied additional credit. Or you might have gained a limit increase on an existing card. Or you might have obtained a new credit line/card. IF you obtained a new credit card, that will also affect your FICO score, but not until the company reports the new credit line/card to all of the credit bureaus. New credit lines are not instantaneously reported to the credit bureaus. Often it requires a human to at least glance at what the computers approved, so that they can correct any major errors that may have occured. So this can take hours, or days. Or even longer on rare occasions. But at least "hours" is a pretty safe bet. Unless you are trying to apply for multiple cards from the same company, then every second might count
So if you do multiple applications at once, the different companies might see some of your HP inquiries if they pull the same bureau, otherwise they won't. But they definitely won't see any new credit cards or credit increases, at least not if you are quick about applying.
Of course, once a company gives you a credit line/card, they can do SP audits whenever they want. And if they check up on you, and see you did WAY too many applications, they may decide to stop doing business with you.
So a small App Spree can be beneficial if it fits with your card strategy. And if you are flexible and can STOP when you get an unexpected denial. Multiple apps that are generating denials and toy starting limits isn't a good strategy. Waiting until its been 6 or more months since your last application or cli, plus also waiting until your FICO scores are strong enough to give your likely instant approvals with good starting limits, is a good strategy.
So, its a tool. You can use a hammer to build something, or destroy something. Similarly you can use an App Spree to build your credit, or destroy it. Its your choice.