topic Re: Need to apply for multiple CCs in Credit Card Applications

Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 04:00:15 GMT

I'm considering applying for multiple cards at the same time. I saw a post on here some time ago regarding applying for multiple cards at the same time to prevent hard inquiry denials. Looking for more info on the process.

Re: Need to apply for multiple CCs

FireMedic1 — Mon, 08 Oct 2018 08:41:09 GMT

Something go wrong? Should it be want to? Why do you need to is the question.

Re: Need to apply for multiple CCs

AverageJoesCredit — Mon, 08 Oct 2018 12:06:25 GMT

Vague. Apping multiple cards at same time will not prevent ranking up hps or no denials. Your credit profile will determine if you get approved or not. Many lenders have specific rules on how many cards you can app at once you and in todays credit environment big app sprees can be a bad idea. Please give info on your profile and what cards you are thinking of applying for to get best advice thanks.

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 16:15:08 GMT

I'm thinking they are wondering if they can hit the submit button on multiple applications at once to prevent all from seeing all those inquiries. I would think there would be an order and the inquiry is instantaneous so I don't think you can beat the system that way.

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 18:04:48 GMT

My CS took a hit after home purchase 6mo ago but getting better. Currently at 675 and need to go shopping (actually want to aquire more credit lines to improve future score). My goal is to have 810 - 50 CS.

Currently have the following in my profile:

* 2 car loans

* 1 secured Visa ($1000 cl)

* 1 secured Visa ($300 cl)

Would like to add (some of) the following:

* Home Depot/Lowes

* Wayfair/Overstock

* Brandsmart/BestBuy

* RoomsToGo

* Discover or an unsecured Visa with high CL

I think what I referenced in my initial post was the SCT but not sure if it'll get me the lift I'm looking for.

CS future looks somewhat bright.... currently reporting a home short-sale that will fall off in 2019 and 2 small collection medical bills (under 200) that I paid but working to get these removed.

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 18:06:00 GMT

Thanks FireMedic! How did you ever get that many CCs???

Re: Need to apply for multiple CCs

Brian_Earl_Spilner — Mon, 08 Oct 2018 18:13:49 GMT

HPs are instantaneous so you won't be able to hide them. As for the SCT, recent data is showing they are now HPing apps. If you want a boost to your score, you just need to add 1 more card.

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 18:17:30 GMT

All of those are HPs. The SCT worked for me the other day for Victoria Secret, JCrew, Wayfair and Overstock. Wayfair and Overstock gave me a 4,500 and 5,000 SL respectively, other two a measily $750. Wayfair and Overstock were different since they asked for annual income, which is probably what determined the SL's ($84,400 is mine).

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 20:02:21 GMT

Not bad! BTW, do you mind me asking your CS? I heard that Wayfair and Overstock both hit Comenity so you shouldn't try the SCT with them on the same day... truth?

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 20:14:24 GMT

The applications all occurred on the same day lol, last Friday. People warn you against opening too many but I think if you actually use them there shouldn't be a problem. I use both sites anyway.

Comenity pulled Experian on all 4, I had a 701 FICO with 31 inquiries at the time. Still 701 now.

Re: Need to apply for multiple CCs

Brian_Earl_Spilner — Mon, 08 Oct 2018 20:17:39 GMT

Comenity has been known to close 1 or more lines, even all, recently after application. Nobody knows what triggers it.

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 20:23:12 GMT

I actually made purchases on both Wayfair and Overstock. Both still open. Like I said, if they see you are actually using them it might dissuade them from closing.

Re: Need to apply for multiple CCs

FinStar — Mon, 08 Oct 2018 20:26:32 GMT

As mentioned upthread, while a variety of Comenity retail CCs or bankcards may provide some value to a number of individuals (i.e. substantial loyalty discounts, promotional 6/12/24 offers, etc.), overloading on too many via SCT (which mostly result in HP anyway), especially in a short time frame can definitely have some negative effects.

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 21:00:12 GMT

WHOA!! So that was an additional 4 hardpulls from Comenity?? Maybe I'm too new to the site but 41 inquiries sounds crazy! lol I only have 3 so I guess I have a lot of wiggle room (hopefully). I'm getting anxious about this SCT. Any good links that can guide me and show exactly how it works??

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 21:06:11 GMT

Yes, 4 pulls in one day from Comenity. I was at 40k limit across all lines and wanted to get to 50k, which I accomplished lol. It's garden time until next Summer, maybe even Fall. I will follow up on if they close any. I probably won't activate the JCrew or Victoria secret.

Re: Need to apply for multiple CCs

Brian_Earl_Spilner — Mon, 08 Oct 2018 21:15:49 GMT

@Anonymous wrote:
I actually made purchases on both Wayfair and Overstock. Both still open. Like I said, if they see you are actually using them it might dissuade them from closing.

That doesn't matter. They balance chase and close the account if you put a purchase on it. Doesn't happen to everyone and like I said earlier, nobody knows what triggers it. Some people have no problem opening 6 cards at once, others have their accounts closed for opening 3.

Re: Need to apply for multiple CCs

CreditInspired — Mon, 08 Oct 2018 21:38:45 GMT

OP

Even if you got lucky and succeeded at the spree with approvals, there’s still the chance that once the cards report, they could be closed by lenders. Then, the HPs, which most surely will accumulate, would have been for naught.

There’s really no win-win situation here unless, I guess, you have the bomb credit profile and a sizable income.

GL2U

Re: Need to apply for multiple CCs

Anonymous — Mon, 08 Oct 2018 21:56:28 GMT

I would say if you NEED the cards and shop at Wayfair and Overstock then go for it, don't let some of the posters scare you. The only way I would dissuade you is if you aren't going to use them and just store them somewhere just to have the CL.

Some people worry about hard inquiries, others like myself don't. It all depends on what your goals are. If you are trying to rebuild credit, I would say go for ONE of them and not multiple. That way the doom and gloom outlook being portrayed here won't happen.

Cheers.

Re: Need to apply for multiple CCs

FireMedic1 — Mon, 08 Oct 2018 23:23:00 GMT

@Anonymous wrote:
Thanks FireMedic! How did you ever get that many CCs???

Just like these guys said. Slow and steady and it took over 2 yrs. Never denied from studying here and what others had to say. No rush. Spread out for each card.

Re: Need to apply for multiple CCs

HeavenOhio — Mon, 08 Oct 2018 23:37:05 GMT

@Anonymous, zero in on an unsecured Visa or MasterCard first. As an option, don't rule out Discover if you think it boils down to being a better choice.

Stay away from store cards for the time being. Consider them down the road if you can get a benefit that wouldn't be available through your other cards.