Since hard inquiries are factored into score for 1 year, should you apply for 1 card per year?

[danny4l]

Quick question regarding how you go about applying for new credit cards.

Since a hard inquiry is factored into your score for one year, does that mean you should apply for only one card every year?

Have any of you applied for more than one CC in a year?  Is anything wrong with applying for two CC's a year?

When my negatives fall off in 2017, I just want to know how I go about obtaining CC's for the future.

[Asailorshort]

Danny,
As with everything FICO, YMMV. However, many report that an inqs effect on their credit score is negligible, usually about 5 pts per inq, with many of those points regained at 6 months & all of it back within a year. With low to average scores (650 & lower), a single inq up to about three inqs are probably going to cost you about the same number of points. (An inq can cost you 20 pts if you have a high score of 750+).
However, do you have any cc's now? If you wait for all of your baddies to fall off in 2017, getting a few new cards at that point could possibly kill your AAoA. If you have no positive cc's reporting now, it would likely benefit your score to get a cc now, even if you have to go secured.

[danny4l]

right now i have a capital one secured that I opened last year.  I tried to open a BOA secured last month but I was denied due to "collection accounts on my file."

I like your advice that if I open new cards in 2017, my length of credit history will be shot.

[Asailorshort]

Thats good. The cap one cc is helping your score. Is that your only current positive TL? Perhaps you can get some of your CAs deleted via PFD & then try for another cc. Whats your end goal? A clean file? A good cc portfolio? A certain FICO score? To buy a house? Or just to have good credit in case you need mote credit at some point?

[guiness56]

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@danny4l wrote:

Quick question regarding how you go about applying for new credit cards.

Since a hard inquiry is factored into your score for one year, does that mean you should apply for only one card every year?

Have any of you applied for more than one CC in a year?  Is anything wrong with applying for two CC's a year?

When my negatives fall off in 2017, I just want to know how I go about obtaining CC's for the future.

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It isn't just FICO.  Some lenders do not like to see many inquiries.

[danny4l]

My ultimate goal is to have excellent credit in five years and then buy a house a few years after that.

My plan right now is to clean up the collections and then try for another secured CC.

I don't want to have CC's for the sake of charging but I want them there just in case and for my utilization.

I guess you can say my goal is to have it all (credit wise).

[Henchman21]

I'd stay under 5. It depends on the creditor more than anything.

[Henchman21]

No, 3. 3 is better.

[Asailorshort]

It sounds like you have a good plan & are giving yourself plenty of time to do it. Since you're looking 5 years out, and you already have one cc, i'd suggest figuring out what cc you WANT in the next year or so & then work on a plan to get the CAs deleted to get the score you need to get that card.

[HiLine]

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@guiness56 wrote:

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@danny4l wrote:

Quick question regarding how you go about applying for new credit cards.

Since a hard inquiry is factored into your score for one year, does that mean you should apply for only one card every year?

Have any of you applied for more than one CC in a year?  Is anything wrong with applying for two CC's a year?

When my negatives fall off in 2017, I just want to know how I go about obtaining CC's for the future.

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It isn't just FICO.  Some lenders do not like to see many inquiries.

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+1

Barclays especially