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Posts: 6,794
Registered: ‎09-29-2007
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Re: Q's about requesting two limit increases and applying for credit

[ Edited ]


WTFSEAN wrote:
But going back to the original Q, let's assume here that I'm responsible enough to pay off both of my cards in full and that I get a free trial at freecreditreport.com so I can check my score for 14 days and see when Chase and FNBO report (by the way, how long does it take for them to report, anyway?).
Scores you get from freecreditreport.com are not FICO scores.  They are essentially worthless.  Please read the first post of the Credit Scoring 101 thread linked in my siggy for an explanation of the differences between FICO scores and non-FICO scores.
 
Chase takes 3-4 weeks to report.  They will report for the first time whenever they generate your first statement on the new account.
 


WTFSEAN wrote:
When the credit bureaus know that my slate has been wiped clean, how badly will two CLI's and an application for another credit hurt me?

The only way a CLI can hurt you is if the creditor pulls a hard inquiry.  Chase will always pull a hard inquiry on a CLI request, as other posters have stated above.
 


WTFSEAN wrote:
I guess I just want to know what happens if I do them on the same day. If I do one CLI, then another 5 minutes thereafter, and an application 5 minutes after that, will my latest hard pull show the two previous already, affecting my chances?

Yes, inquiries show up immediately.  If you submit two applications even two minutes apart, the second creditor will see the inquiry from the first creditor, assuming they both pull from the same CRA.
 


WTFSEAN wrote:
Also, is it true that hard pulls within a certain amount of time are treated simply as one hard pull?

Only inquiries for mortgage loans and auto loans.  Even then, those inquiries are only deduplicated for FICO scoring purposes, but still show as separate inquiries on your reports.  Creditors will still see every individual inquiry, whether FICO deduplicates them or not.
 


Message Edited by cheddar on 07-29-2008 10:23 PM
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
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Registered: ‎07-16-2008
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Re: Q's about requesting two limit increases and applying for credit

Wow, thanks for that post cheddar! Those are basically most of the questions I've been wondering the past month or two. However, about the 3-4 weeks for Chase to report... I actually have two cards right now: Chase and First National Bank Omaha. Let's say I make my payments on August 4th. How long will it be until the credit bureaus see my accounts are clean?
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Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
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Re: Q's about requesting two limit increases and applying for credit



WTFSEAN wrote:
Wow, thanks for that post cheddar! Those are basically most of the questions I've been wondering the past month or two. However, about the 3-4 weeks for Chase to report... I actually have two cards right now: Chase and First National Bank Omaha. Let's say I make my payments on August 4th. How long will it be until the credit bureaus see my accounts are clean?

You're welcome.  Happy to help.
 
Not sure what you mean by "clean."  Do you mean, how long will it be before your reports reflect your lower balance after you've made a payment?
 
If that's what you're asking, your accounts will report to the CRAs on the statement date, and then it can take anywhere from 3 to 10 days (usually) for the CRAs to update your CRs with the new information.
 
So assuming your Aug 4 payment posts to your account in time to be reflected on the next statement, you can expect to see the effects of that payment on your reports within about 10 days after that next statement is issued.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
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