topic Re: How long should I apply for new credit card after my score gone up? in Credit Card Applications

How long should I apply for new credit card after my score gone up?

DotaK — Tue, 16 Feb 2021 15:01:44 GMT

How long should I apply for new credit card after my scores gone up? I have paid off all my credit cards and my score's gone up from 660 to 773 yesterday . I am wondering when should I apply for new credit cards? Can someone please tell me? Thanks!

Re: How long should I apply for new credit card after my score gone up?

thornback — Tue, 16 Feb 2021 15:16:32 GMT

@DotaK wrote:
How long should I apply for new credit card after my scores gone up? I have paid off all my credit cards and my score's gone up from 660 to 773 yesterday . I am wondering when should I apply for new credit cards? Can someone please tell me? Thanks!

Congrats on your payoff and score increase!

So long as your paid balances/score increases reflect on all 3 of your reports, you can app whenever you're ready. If updates are only reflecting on one or two bureaus at the moment, then wait til all 3 are fully updated to ensure the most recent data is retrieved by the lender no matter which bureau they pull. Enjoy!

Re: How long should I apply for new credit card after my score gone up?

thornback — Tue, 16 Feb 2021 15:19:07 GMT

Also - would you mind sharing (if you know) what your utilization was before your payoff and what it is currently --- the data points behind the score increase would be interesting to know.

Re: How long should I apply for new credit card after my score gone up?

Anonymous — Tue, 16 Feb 2021 16:05:46 GMT

Congrats on the score leap

Re: How long should I apply for new credit card after my score gone up?

DotaK — Tue, 16 Feb 2021 22:59:31 GMT

ut rate of 87% and my score was 590, 57% and my score was 630, and 31% my score was 670. and 1% my score is 773 right now.

7years long credit history with no baddis.

Re: How long should I apply for new credit card after my score gone up?

DotaK — Tue, 16 Feb 2021 23:06:41 GMT

it's worth to mention BOA even closed my credit card when I hit 87% ut rate 4 months ago due to high ut reason..

Re: How long should I apply for new credit card after my score gone up?

thornback — Tue, 16 Feb 2021 23:10:15 GMT

@DotaK wrote:
ut rate of 87% and my score was 590, 57% and my score was 630, and 31% my score was 670. and 1% my score is 773 right now.
7years long credit history with no baddis.

This is great - thank you - it's hard sometimes to help folks understand the incredible impact util can have on their scores, so data points like this go a long way.

Congrats again on getting it done!! (Sorry about the BOA closure tho).

Good luck apping!

How long should I wait to apply for new credit cards?

DotaK — Wed, 03 Mar 2021 22:10:56 GMT

How long should I wait to apply for new credit cards? I have been applied 5 credit cards and got more than 7 inquiries, and 4 credit cards were denied because of too many inquires. How long should I wait to apply for new credit cards? 3 months or 6 or 12?

Re: How long should I wait to apply for new credit cards?

Aim_High — Wed, 03 Mar 2021 22:46:15 GMT

@DotaK wrote:
How long should I wait to apply for new credit cards? I have been applied 5 credit cards and got more than 7 inquiries, and 4 credit cards were denied because of too many inquires. How long should I wait to apply for new credit cards? 3 months or 6 or 12?

If those 5 cards are all new, you probably need to garden for at least 12 months, if not even longer. How much you can push new accounts depends on the thickness of your credit file, your scores, utilization, income, and debts, but adding 5 is a good bit for most profiles. If you're looking for a general rule of thumb, I usually tell members that one new account every six months is a good modest credit-seeking pace that won't alarm most creditors. The farther above that guideline you go, the more likely you'll get denials or lower starting limits. For future reference, you can save yourself some wasted hard pulls in the future if, after adding many new cards, you begin to get denials. That is a sign that you're pushing limits and might want to slow down for awhile. Four denials is a lot of wasted inquiries.

Congrats on your success with the five new cards, however!

Re: How long should I wait to apply for new credit cards?

KLEXH25 — Thu, 04 Mar 2021 02:38:51 GMT

@DotaK wrote:
How long should I wait to apply for new credit cards? I have been applied 5 credit cards and got more than 7 inquiries, and 4 credit cards were denied because of too many inquires. How long should I wait to apply for new credit cards? 3 months or 6 or 12?

How long ago were those CC applications? Were the 4 denials out of those 5 applications (meaning only one approval)? If the applications were recent, a score increase won't help your chances of approval. It's best to wait at least 6-12 months.

Re: How long should I wait to apply for new credit cards?

DotaK — Thu, 04 Mar 2021 12:11:40 GMT

actually, I have been applied for 8 credit cards and one personal line of credit, and 4 have been approved and personal line as well. 4 credit cards have been denied. How long should I wait to apply for credit cards?

Re: How long should I wait to apply for new credit cards?

thornback — Thu, 04 Mar 2021 13:40:58 GMT

@DotaK wrote:
actually, I have been applied for 8 credit cards and one personal line of credit, and 4 have been approved and personal line as well. 4 credit cards have been denied. How long should I wait to apply for credit cards?

A year, 6 months minimum. You're just going to rack up denials or low limit/high apr approvals due to many new accounts otherwise.

Re: How long should I apply for new credit card after my score gone up?

Anonymous — Fri, 05 Mar 2021 22:36:05 GMT

Congrats on the credit jump, but I have to ask: What's your goal with the additional credit??

You've just healed a wound (660-770). Wouldn't you like to build confidence and stability at that LoC before taking on additional risk?

Of course if this is just about how much plastic you can carry at one time, then fine. I get that. Just don't get yourself back in the ~600 hole.

Good luck!