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New Member
Posts: 5
Registered: ‎04-06-2013
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Applying for Multiple Types of Credit in a Short Period of Time

My husband and I applied for a personal loan through US Bank for debt consulidation. On my husband's credit report as of today, April 6, it shows the hard hit by US Bank on March 17. We're in the process of closing on that loan.

 

Now here's where my problem and question come from. Our bed died and we don't currently have the funds to buy a new bed with cash. The bed store offers no interest financing for 4 years if you open a line of credit with them. It is in the form of a credit card issued through Capital One.

 

Now my question is, since it shows the hard hit on his credit report from the personal loan, will this effect the chances of getting approved for the credit card with the mattress store? Will it look like we applied for too much credit in too short a period of time? We would be wanting to apply for the credit card in the next few days since we're currently without a regular bed (at least we have a futon in the guest room rather than nothing!).

Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: Applying for Multiple Types of Credit in a Short Period of Time

It depends on what else is in your report and what your dti is. (How much you owe vs your limits. It also could go right on through since it is more of a  short term loan. Ymmv, good luck!

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Applying for Multiple Types of Credit in a Short Period of Time

When you say that your bed died, what specifically died on the bed?

 

Is it the frame, the mattress, the box springs?

 

In many cases, if it is the frame, or box springs... you can pick up a headboard and frame at a garage sale without having to get a loan...

 

This will help you make do.

 

Seems like going into more debt for a bed is not a good idea if you are looking at a debt consolidation loan. 0.o

 

you probably need to get a handle on spending, and come up with a budget that allows you to save up and develop an emergency fund


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Senior Contributor
Posts: 7,495
Registered: ‎01-05-2013
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Re: Applying for Multiple Types of Credit in a Short Period of Time


webhopper wrote:

When you say that your bed died, what specifically died on the bed?

 

Is it the frame, the mattress, the box springs?

 

In many cases, if it is the frame, or box springs... you can pick up a headboard and frame at a garage sale without having to get a loan...

 

This will help you make do.

 

Seems like going into more debt for a bed is not a good idea if you are looking at a debt consolidation loan. 0.o

 

you probably need to get a handle on spending, and come up with a budget that allows you to save up and develop an emergency fund


Great suggestions - I agree.

Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
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Re: Applying for Multiple Types of Credit in a Short Period of Time

Two inquieries is not a problem at all.  In fact it's better to get the CC before the loan reports as it will ding you score for the new account.  Take a look in the CC forum and you'll see folks doing 5+ app sprees with great success.  If your overall profile is good you won't have a problem.  But if your current cards are maxed I'd get your FICO score and then find out what the approval history of that store is to see if it's worth your while to apply.  Since it's CapOne it's going to be three hards for applying, one on each CRA.

Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: Applying for Multiple Types of Credit in a Short Period of Time

Another place to look is Sams or Costco. They have the "name brand mattresses" considerably cheaper.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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