Reply
Valued Member
Cryostasis
Posts: 50
Registered: ‎08-08-2009

Simultaneous Applications to Dodge Inquiries? :)

[ Edited ]

Just was thinking, if you wanted to up the chance of getting a better APR or just acceptance or whatever your goal is, how effective would it be to apply to 2 credit cards you want at the exact same time rather than one after another (assuming you ultimately want both)?

 

Of course, this is for online applications only since no reasonable attempt at applying "simultaneously" is possible otherwise. But basically, you'd fill out all the information on both forms, then when they're both ready, click "submit" on both so they're doing that 5 seconds of processing your credit report at the same time. I know there would be at least a fraction of a second between them, but aside from all that nit-picking, is this theory (and subsequently, myself) retarded and stupid? Or is it (and subsequently, myself) awesome and brilliant?  :smileyvery-happy:

 

Possible variations on this topic could include: applying for a loan and a card, applying for 10 cards, or any other crazy combination of simultaneous credit.

 

(And yes, I'm also aware that a single inquiry difference isn't likely to cause any major score difference anyway, and that both will end up on your report in the long run.)

Message Edited by Cryostasis on 08-17-2009 03:26 AM
_________________________________________
EQ FICO: 742 - 01.01.2010
EX FICO: 742 - 10.18.2009
TU FICO: 750 - 01.01.2010
Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008

Re: Simultaneous Applications to Dodge Inquiries? :)

If it works...you're brilliant!

 

 

 

(Now, who wants to go first....?)  

Senior Contributor
score_building
Posts: 3,509
Registered: ‎01-10-2008

Re: Simultaneous Applications to Dodge Inquiries? :)

even if it were still possible to do so as during the times b4 inq were posted in essentially real time- an issuer could still change terms, close, cld, upon A/R- if the application pattern, etc. was objectionable.
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Simultaneous Applications to Dodge Inquiries? :)

Cryostasis, if you do this, will you promise to tape yourself and post it on YouTube? I want to see someone hovering over 10 different laptops, each of them with a different app going, and hitting "enter" on all ten with some sort of Rube Goldberg gadget. :smileyvery-happy:

Anyway, I don't know that it's possible, even with perfect timing. I'm guessing that if both apps go simultaneously to the same CRA, the delay will occur on the CRA end, with them queuing the requests. No telling, though.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Simultaneous Applications to Dodge Inquiries? :)

[ Edited ]

This is appy-spree on steroids. Anyone needing to resort to this extreme has significant issues. The worst part of the deal is that in the long run it won't make one iota of difference.

 

I am gonna laugh my hindquarters off when after the coming credit pinch some of these appy-spree'ers get their cards closed down upon later AR. It is possible to be too clever for your own good!

Message Edited by creditwherecreditisdue on 08-17-2009 08:18 PM
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

Re: Simultaneous Applications to Dodge Inquiries? :)

Here's yet another reminder to be friendly, supportive and respectful.

 

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=172868

 


creditwherecreditisdue wrote:

This is appy-spree on steroids. Anyone needing to resort to this extreme has significant issues. The worst part of the deal is that in the long run it won't make one iota of difference.

 

I am gonna laugh my hindquarters off when after the coming credit pinch some of these appy-spree'ers get their cards closed down upon later AR. It is possible to be too clever for your own good!

Message Edited by creditwherecreditisdue on 08-17-2009 08:18 PM

 

 

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Valued Member
Cryostasis
Posts: 50
Registered: ‎08-08-2009

Re: Simultaneous Applications to Dodge Inquiries? :)

I reaaallllly doubt any sort of account review 1-12 months later would give a flying fruit about some inquiries they missed before, even if it were a fairly large amount. As long as I'm getting them money and my credit report shows no history of any kind of delinquincy, I figure once you're approved, you're gold. Unless your account(s) later get closed down for something else completely unrelated.

_________________________________________
EQ FICO: 742 - 01.01.2010
EX FICO: 742 - 10.18.2009
TU FICO: 750 - 01.01.2010
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Simultaneous Applications to Dodge Inquiries? :)

How about an excess of available credit for your income?

 

AA up to and including severe CLD and account closure have happened on AR in the wake of appy sprees. There isn't much new under the sun and appy sprees have been around for a long time. Spreeing can bring rewards, but not without risk!

Senior Contributor
score_building
Posts: 3,509
Registered: ‎01-10-2008

Re: Simultaneous Applications to Dodge Inquiries? :)


creditwherecreditisdue wrote:

How about an excess of available credit for your income?

 

AA up to and including severe CLD and account closure have happened on AR in the wake of appy sprees. There isn't much new under the sun and appy sprees have been around for a long time. Spreeing can bring rewards, but not without risk!


 

+1
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009

Re: Simultaneous Applications to Dodge Inquiries? :)

OP, as mentioned someones got to try and ascertain. Since you are contemplating, maybe you could? :smileyhappy:

 

I understand your motive. With some issuers even a couple of inquiries are too many and the sole reason for denial as I experianced with National City. Now, if you have a couple of such issuers or want a couple of apps with a single such issuer, you could contemplate the simultaneous app thing. But I suspect the apps would que up. Its impossible for two apps to access your CBR at the exact time and an inquiry will, being automated, immediately register after the first app.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+