topic Multiple cards with one inquiry? in Credit Card Applications

Multiple cards with one inquiry?

Anonymous — Sat, 12 Sep 2020 22:06:48 GMT

If i was to apply for two credit cards with same company such as American Express or Navy Federal, will it count as one hard inquiry since it is from same company i'm pulling withing 60 second span?

Is it true to apply for multiple credit cards with only 1 or 2 hard pulls if credit is in good standing? Any advice is appreciated! Thanks

Re: Multiple cards with one inquiry?

M_Smart007 — Sat, 12 Sep 2020 22:42:12 GMT

NFCU only allows one card per 91 days. (and a maximum total of three cards per cardholder)

Re: Multiple cards with one inquiry?

Anonymous — Sun, 13 Sep 2020 03:22:58 GMT

@Anonymous The answer is that it really depends on the issuer and YEMV (your experience may vary).

As the smart MyFicoer above posted an example of, some lenders only allow 1 approval within X amount of time.

Some credit unions which require a hard pull to join *may* reuse a pull for a credit product, but they might not and you might get hit with dos (2) pulls.

I believe Amex only hp your first card with them, every card after is a soft pull.

Last thing, while its good to avoid unnecessary hard inquiries, they are nothing to be afraid of. They stay on your report for 2 years (24-25 months) and they become unscorable after 12 months.

The real question is, what cards are you interested in? Are you trying to go on an app spree?

Re: Multiple cards with one inquiry?

Anonymous — Sun, 13 Sep 2020 03:53:27 GMT

@M_Smart007

Gotcha, thanks for reply appreciate it!

Re: Multiple cards with one inquiry?

Anonymous — Sun, 13 Sep 2020 03:52:40 GMT

@Anonymous

Thanks for response! Im interested in going on a app spree so i can balance transfer my old cards and increase my DTI utilization. I was interested in getting a PenFed card also since I read they give out good balances

Re: Multiple cards with one inquiry?

Anonymous — Sun, 13 Sep 2020 05:24:52 GMT

@Anonymous To be clear, you are trying to do the following:

- find a card that you can use for a balance transfer.

- find another card (or several) to help pad your overall utilization.

Keep in mind your starting limit is going to be based on income, credit score and other factors.

I took a look at the PenFed Gold card. They are running the 12 month 0% on balance transfers which might be a great choice.

If you have military affiliation, you should look into NFCU's Platinum card. Same deal as PenFed but minus the 3% balance transfer fee. The catch is, your first credit limit might not be that large.

I am going to defer to the opinions of other members however regarding the app spree (I don't know too much about them and don't want to steer you wrong).

If you can share some dps like Fico 8 scores, number of inquires, average age of accounts.

Re: Multiple cards with one inquiry?

OmarGB9 — Mon, 14 Sep 2020 14:58:55 GMT

App sprees aren't really a good idea in the current economic climate. Too many lenders getting spooked easily and/or tightening up UW.

Re: Multiple cards with one inquiry?

SouthJamaica — Sun, 13 Sep 2020 12:30:05 GMT

@Anonymous wrote:
If i was to apply for two credit cards with same company such as American Express or Navy Federal, will it count as one hard inquiry since it is from same company i'm pulling withing 60 second span?

Is it true to apply for multiple credit cards with only 1 or 2 hard pulls if credit is in good standing? Any advice is appreciated! Thanks

1. You should not apply for two cards with the same company within a 60 second span.

2. With Navy, if you already have a card and apply for a 2nd card, you will likely get a 2nd hard pull no matter how much or how little time elapsed between applications.

3. With Amex, once you have an Amex card, most additional applications are soft pull rather than hard pull.

Re: Multiple cards with one inquiry?

SouthJamaica — Sun, 13 Sep 2020 12:32:54 GMT

@Anonymous wrote:
@Anonymous
@Anonymous
Thanks for response! Im interested in going on a app spree so i can balance transfer my old cards and increase my DTI utilization. I was interested in getting a PenFed card also since I read they give out good balances

1. Your plan is not realistic.

2. PenFed does not 'give out' good limits.

Re: Multiple cards with one inquiry?

coldfusion — Sun, 13 Sep 2020 13:27:00 GMT

@Anonymous wrote:

I believe Amex only hp your first card with them, every card after is a soft pull.

No. For each given subsequent app odds are it would be a SP but taking an additional hard pull does happen and it is not rare.

Re: Multiple cards with one inquiry?

Anonymous — Sun, 13 Sep 2020 18:03:03 GMT

@Anonymous
Thanks again for response, i listed below all my cards with credit limit and age. I paid off a car loan before, never missed any payments in history, i have a refi loan i been paying and also a vehicle i finance. My credit reports 40% utilization. i got approve for 6.99% interest rate surprisingly for the Navy fed platinum card 9 months ago, i guess from mix credit age history?

My Fico 8 on transunion show 690 no derogatory mark or late payments, to pull all 3 bureau for fico 8 which site is best to pull from? I see a $39.99 fee to pull all 3 fico scores

Discover it: 20k limit / 7yr, 2 month old account
Navy Fed Platinum (6.99)% rate : 16k credit limit / 9mo old account
(Got approved 6k requested limit increase, 2 months ago from 10k to 16k)

Citi Card Double Cash: 12k limit / 4yrs, 11mo account

Amex Blue Cash EveryDay: 11.5k limit / 5yrs, 7month old account
Chase Sapphire Preferred: $8k limit / 4yr, 7mo account
Bank of America Cash Rewards : $8k limit / 5yr, 4mo account
Capital One Platinum: $6k limit / 4yrs, 5mo account
Wells Fargo Platinum: $5k limit / 1yrs, 1mo account

Re: Multiple cards with one inquiry?

Anonymous — Sun, 13 Sep 2020 16:44:40 GMT

@SouthJamaica @coldfusion @OmarGB9
Thanks for the responses!

Re: Multiple cards with one inquiry?

ccquest — Mon, 14 Sep 2020 02:11:46 GMT

@Anonymous wrote:
My Fico 8 on transunion show 690 no derogatory mark or late payments, to pull all 3 bureau for fico 8 which site is best to pull from? I see a $39.99 fee to pull all 3 fico scores

Experian, use the seven day trial and pull all three, make sure to cancel before they charge you.

Re: Multiple cards with one inquiry?

sxa001 — Mon, 14 Sep 2020 03:14:02 GMT

First off welcome to the forums, there are a lot of really smart folks here who can help point you in the right direction.

Typically trying to apply for multiple cards at the same time in a short period of time is going to be frowned upon and even more so during this current economic situation. Even if you get approved for two cards at the same time from the same lender it is possible one of the cards could be cancelled before you even get it.

I know you didn't ask for an opinion on how to handle the debt, but I don't know that getting anymore credit cards is going to be right approach here. If my math is correct 40% util against your current lines is about ~30k, with your scores don't foresee you being able to get a BT card with that big of a limit so applying for more credit is only going to bring your score down lower.

Now your score isn't terrible, if the goal is consolation you may be able to get a lower interest loan and work on the debt that way. Getting more revolving lines doesn't seem like the best move, IMHO.

Re: Multiple cards with one inquiry?

coreysw12 — Mon, 14 Sep 2020 18:14:42 GMT

When I applied for my 2 Chase cards on the same day last year, they only did a HP for the first card (but it pulled 2 different CRAs). The second card was a "freebie".

That said, I don't recommend applying for 2 Chase cards in the same day. 90 days is the minimum amount of time you should wait between chase apps, to reduce your chances of getting red-flagged.

Re: Multiple cards with one inquiry?

Anonymous — Tue, 15 Sep 2020 01:37:59 GMT

@sxa001

Ok that makes sense, a consolidation loan should be best option for start, I might get a better chance with lower interest rate than other loan companies since I finally got to join the Navy

Re: Multiple cards with one inquiry?

Anonymous — Tue, 15 Sep 2020 01:40:59 GMT

Thanks @ccquest @coreysw12

Appreciate it!

Re: Multiple cards with one inquiry?

coldfusion — Tue, 15 Sep 2020 10:47:35 GMT

@coreysw12 wrote:
When I applied for my 2 Chase cards on the same day last year, they only did a HP for the first card (but it pulled 2 different CRAs). The second card was a "freebie".

That said, I don't recommend applying for 2 Chase cards in the same day. 90 days is the minimum amount of time you should wait between chase apps, to reduce your chances of getting red-flagged.

Chase still has not completely closed the loophole allowing an applicant to apply and be approved for 2 cards on the same day but they have tightened up considerably on reviewing approvals after the fact and current policy is to close the 2nd card, usually 3-4 weeks after the initial approvals. So yes, applying for multiple Chase cards on the same day is definitely not recommended.

Re: Multiple cards with one inquiry?

coreysw12 — Tue, 15 Sep 2020 16:15:48 GMT

@coldfusion wrote:
@coreysw12 wrote:
When I applied for my 2 Chase cards on the same day last year, they only did a HP for the first card (but it pulled 2 different CRAs). The second card was a "freebie".

That said, I don't recommend applying for 2 Chase cards in the same day. 90 days is the minimum amount of time you should wait between chase apps, to reduce your chances of getting red-flagged.
Chase still has not completely closed the loophole allowing an applicant to apply and be approved for 2 cards on the same day but they have tightened up considerably on reviewing approvals after the fact and current policy is to close the 2nd card, usually 3-4 weeks after the initial approvals. So yes, applying for multiple Chase cards on the same day is definitely not recommended.

Indeed, and not going to lie, I lost a LOT of sleep during those 3-4 weeks after the approvals

The only reason I applied for both on the same day was because I didn't know about the risks at the time. If I knew then what I know now, I never would've submitted that second app. In hindsight, I'm glad I did and I got lucky, but if I had to do it all over I wouldn't take the same risk again.

Re: Multiple cards with one inquiry?

coldfusion — Tue, 15 Sep 2020 16:19:37 GMT

Depending on at what point last year you had applied there wouldn't have been much of a concern especially if it were early in the year and your double-dip didn't involve any Sapphire cards.