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"6 months" in between credit card apps or CLIs question

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parakleet
Valued Contributor

Re: "6 months" in between credit card apps or CLIs question


@csryang wrote:

@longtimelurker wrote:

Did an issuer tell you to wait 6 months (in which case you can contact them for more clarification)?  Otherwise, it is just a guideline (from where?) and you are overthinking it!


capital one did tell me to wait 6 months for CLI, but I want to apply for more cards in June or July. I think it's a guideline from this forum? After 6 month, new tradelines or inquiries should not affect your FICO score much. I just wonder what specifically does the "6 months rule" mean....


You haven't stated what the rest of your profile looks like. The 6 months rule is just a guideline and I would take 6 months to actually mean 6 months. For example, you're concerned about the age of new TLs, I'd count the actual 6 months from the date the TL was opened as the 6 months. But seriously, you are really overthinking the whole 6 months "rule." If you want to apply for new cards, the 6 months thing isn't going to be the deal breaker if the rest of your profile looks good. I've gotten approved for new cards within 3 months of an app spree.


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 11 of 14
NoAnchoviesPlease
Established Contributor

Re: "6 months" in between credit card apps or CLIs question


@csryang wrote:

My situation is kind of odd...

 

I have 5 tradelines total, 2 oldest ones are 9-10 years old (one of which was closed and will fall off report within a couple of months), 3 new tradlines since December. The three new tradelines all have the same opening date 12/14/2013. In April, I requested change of statement closing date to the 8th for easier management. Due to the new closing date, two of the three new tradelines did not close in April and will close on May 8th (4th statement for them). The third new tradeline did close in April and will close again on May 8th (its 5th statement). Therefore, I am a little confused what it means "6th months" inbetween apps...   It seems to be quite complex to go with statement closing dates since I will have one new tradeline cuts its 6th statement before its 6th month anniversary while two other new tradelines cut their 6th statement after their 6th month anniversary. 

 

You know it's hard to wait for a year when there are so many good cards I am thinking to apply next....   Smiley Happy


Yeah, I know. I'm waiting for a couple of cards to report myself. And I was considering changing a due date but would've run into just what you did. Smiley Happy 

 

 

12/29/2015 669/696/706
01/10/2016 698/711/730 but still to and fro a bit

Climbing to 700 and beyond. It's too cold for gardening.
Message 12 of 14
csryang
Frequent Contributor

Re: "6 months" in between credit card apps or CLIs question


@parakleet wrote:

@csryang wrote:

@longtimelurker wrote:

Did an issuer tell you to wait 6 months (in which case you can contact them for more clarification)?  Otherwise, it is just a guideline (from where?) and you are overthinking it!


capital one did tell me to wait 6 months for CLI, but I want to apply for more cards in June or July. I think it's a guideline from this forum? After 6 month, new tradelines or inquiries should not affect your FICO score much. I just wonder what specifically does the "6 months rule" mean....


You haven't stated what the rest of your profile looks like. The 6 months rule is just a guideline and I would take 6 months to actually mean 6 months. For example, you're concerned about the age of new TLs, I'd count the actual 6 months from the date the TL was opened as the 6 months. But seriously, you are really overthinking the whole 6 months "rule." If you want to apply for new cards, the 6 months thing isn't going to be the deal breaker if the rest of your profile looks good. I've gotten approved for new cards within 3 months of an app spree.


Yeah, I know I am overthinking it... Sorry! I just got little anxious about upcoming app spree of 3-5 cards. I am planning to apply for US bank cash plus card and barclays and I think US bank is strict about no new tradelines or inquiries within the previous 6th months? I have an ok credit profile. Previously FICO was 700-730 with AoA 9-10 years, 70-80% Util in December. Now with three new tradelines, AoA around 2-3 years, FICO score is probably the same since better utilization <10%. No baddies or anything.

Message 13 of 14
longtimelurker
Epic Contributor

Re: "6 months" in between credit card apps or CLIs question

The only "real" rule is that inqs stop impacting the score completely 12 months from the date of the inq, and drop off the report entirely 2 years from the date of inquiry.  Apart from the we know (or rather believe) that in the first year, inqs start counting less as time goes on, but there is nothing magic about 6 months, and certainly no need to get an exact definition.

 

More importantly: though (most) people here are well-intentioned and try to help, MOST of what you find here is opinion, hearsay and similar stuff.  While there are underwriters who do respond from time to time (and DO listen to them!) the vast majority of people here are relying on small samples, stuff gleaned from their own experiences, and the limited and filtered information posted by others.

 

So unlike the 12 month/2 year thing above, which has been published by FICO, don't call very many things here a rule.   For example, we've seen exceptions to Amex applications for existing card members (with everyone chorusing "SP if declined/HP if accepted") which is one of the golden laws around here, and when people suggest things like "with such and such a score you stand a good chance of getting card X" that is also just a inference from small and potentially biased information.

 

So basically, don't sweat trying to find the complete details of "rules" discussed here, it simply isn't worth it!

Message 14 of 14
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