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Credit card app'ing

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Anonymous
Not applicable

Re: Credit card app'ing


@CreditMuppet wrote:

@Anonymous wrote:

@Bluerain wrote:

I like to know this answer myself but I think you

get a hard hit for each app.

 

I only had one CC app a year ago (denied) and one this week with cap one approve $2000.

So 2 hard inquiries for me in 1 year. I have a kohls card ($300) 0 balance.

 

I need 1 or 2 more CC's but afraid of being denied and getting the hit.

 

I wonder if I have 3 windows open for 3 different cards and hit submit at the same time will each

CC company see the other inquiries..hmmmm...anyone know the answer to this ?


No, the other banks would not see those inquiries. Inqs typically take a few days before they are reported to the Credit Bureaus.


Actually that is not correct, inquries are in fact instant and do not 'report' they are instantanous when you hit that submit button and your report is pulled.  If lenders are pulling different CRA's then they may not see other inquries, its the actual reporting of the account which is NOT reported immediately.

 

Also with regard to browsers, opening multiple or different browsers doesnt make any difference, the browser has nothing to do with how the app is submitted.  Some people will try to tell you that it will give you a better chance of approval however that is not the case, the form POSTS to the server the same regardless of the browser or timing of it, just FYI


You are probably right, but then if that's true, then why does it take a few days for new inquiries to post to my CR even if a new account is not opened?

Message 11 of 17
john398
Senior Contributor

Re: Credit card app'ing


@Bluerain wrote:

@Anonymous wrote:

That's pretty much what I thought.

 

Thanks everyone for their responses.

 

So I guess that they thing to do is to sit back and continue to make on-time payments and after 6 months to 1 year try to increase my current car limits or apply for more credit.  The only reason I wish to have more credit is to lower my CC utilization.  If I have a better ratio that helps my score right.

 

Thanks again for everyone's information -- great board. 


Yes it does help with CC utilization and that's what I'm trying to do. One of the negatives on my report says I have no major CC's.

 

Hey does anyone know if Cap One is considered a major CC..it wasn't on the list of the ones they mentioned.I also didn't have

the Cap one listed on report because it's brand new and haven't even recieved it yet.

 

Rhanks



Is that a fico report that says that ?

Message 12 of 17
MarineVietVet
Moderator Emeritus

Re: Credit card app'ing


@Anonymous wrote:

Just a thought. If you will stop using these cards for a year and pay down the balances then your utilization will also go down without asking for any kind of CLI or applying for new credit. It's not the amount of the credit limits that's important. It's how you manage the limits you have that matters and what is scored.

 

 

That's a good point.  I usually pay the balance in full each month but my limits are pretty low, $750 on each card, so if I do carry a balance at all it eats up a chunk of of the utilization.

 

 

Does having more credit and/or higher limits that you don't use have any affect on positive FICO scores? FICO doesn't score CL's; just the usage of those CL's.

 

Is a zero balance on a $750 limit card the same as a zero balance on a $5000 card?  I guess my question is: does available credit limits factor into FICO in any other manner besides the utilization ratio?  Can I get a high credit score with lowly $750 balances?  I know that as the FICO goes up, the credit limits will probably follow, is it just a waiting game?


As far as managing monthly utilization everyone's situation is different and there is no one size fits all approach to this but what seems to work well for most people is to have only one of their cards report a small (<9% of it's credit limit) balance each month and then pay in full before the due date. You can use it as much as you want during the month but what's important is the reported balance because for most cards whatever is reported on the monthly statement is what is used to calculate utilization for the month.

You might have to play around with the percentages for a few months to see what works best for you. Some people say that 1-3% utilization helps the most. For others it might be 5-9%. As I said it's not one size fits all.

On any other cards always try and have them report a zero balance each month. That doesn't mean you can't use them just make sure that the desired zero balance on these accounts is achieved several days before their statements post.

Along with individual and overall utilization, FICO also scores the number of all types of accounts reporting a balance.at any one time Making sure less than half of all your accounts report a balance helps most people.

Now this approach really isn't necessary if you're not looking to apply for any credit in the near future or unless you are trying to tweak your score for maximum effect but some folks do this as a hobby just to see how high they can get their score.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".





Message 13 of 17
Ms-Kato
Contributor

Re: Credit card app'ing

I been playing with the tools on EX EQ and TU and I found the sweet spot to be at 1-3% where my scores rose the highest. Anything after 4%

it pretty much dropped by a good amount and not just a few points.

Message 14 of 17
Ms-Kato
Contributor

Re: Credit card app'ing


@john398 wrote:

@Bluerain wrote:

@Anonymous wrote:

That's pretty much what I thought.

 

Thanks everyone for their responses.

 

So I guess that they thing to do is to sit back and continue to make on-time payments and after 6 months to 1 year try to increase my current car limits or apply for more credit.  The only reason I wish to have more credit is to lower my CC utilization.  If I have a better ratio that helps my score right.

 

Thanks again for everyone's information -- great board. 


Yes it does help with CC utilization and that's what I'm trying to do. One of the negatives on my report says I have no major CC's.

 

Hey does anyone know if Cap One is considered a major CC..it wasn't on the list of the ones they mentioned.I also didn't have

the Cap one listed on report because it's brand new and haven't even recieved it yet.

 

Rhanks



Is that a fico report that says that ?


I don't remember which report said it..I have so many it's not funny. I will look later and report back. I have to head out to the store now.

 

Later

Message 15 of 17
CreditMuppet
Frequent Contributor

Re: Credit card app'ing


@Anonymous wrote:

@CreditMuppet wrote:

@Anonymous wrote:

@Bluerain wrote:

I like to know this answer myself but I think you

get a hard hit for each app.

 

I only had one CC app a year ago (denied) and one this week with cap one approve $2000.

So 2 hard inquiries for me in 1 year. I have a kohls card ($300) 0 balance.

 

I need 1 or 2 more CC's but afraid of being denied and getting the hit.

 

I wonder if I have 3 windows open for 3 different cards and hit submit at the same time will each

CC company see the other inquiries..hmmmm...anyone know the answer to this ?


No, the other banks would not see those inquiries. Inqs typically take a few days before they are reported to the Credit Bureaus.


Actually that is not correct, inquries are in fact instant and do not 'report' they are instantanous when you hit that submit button and your report is pulled.  If lenders are pulling different CRA's then they may not see other inquries, its the actual reporting of the account which is NOT reported immediately.

 

Also with regard to browsers, opening multiple or different browsers doesnt make any difference, the browser has nothing to do with how the app is submitted.  Some people will try to tell you that it will give you a better chance of approval however that is not the case, the form POSTS to the server the same regardless of the browser or timing of it, just FYI


You are probably right, but then if that's true, then why does it take a few days for new inquiries to post to my CR even if a new account is not opened?


How/where are you getting your Credit Report?  If its taking a few days you are not seeing the latest information, a credit application can not happen without an inquiry (assuming they need to pull one), I usually use the backdoor at EX, EQ or TU to verify what was pulled and havent seen an instance where the inquiry wasnt listed except for PSECU who didnt pull hard for my app at all.


Starting Score: 770
Current Score: 765 (EX) 763 (EQ) 756 (TU)

Auto Enhanced: 788 (EX)
Goal Score: 800
Take the FICO Fitness Challenge
Message 16 of 17
MarineVietVet
Moderator Emeritus

Re: Credit card app'ing


@CreditMuppet wrote:
 

How/where are you getting your Credit Report?  If its taking a few days you are not seeing the latest information, a credit application can not happen without an inquiry (assuming they need to pull one), I usually use the backdoor at EX, EQ or TU to verify what was pulled and havent seen an instance where the inquiry wasnt listed except for PSECU who didnt pull hard for my app at all.


A friendly reminder that backdooring any type of information is unethical and discussion of the tactic is not allowed to be posted.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 17 of 17
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