topic Re: How long should I wait between credit card applications in Credit Cards

How long should I wait between credit card applications

Anonymous — Mon, 28 Dec 2009 01:47:09 GMT

I applied for two cards on early Nov., one is amex delta, arrived a week later. but I didn't use it until late Nov. so maybe this card would appear as a new account in each credit report on early Dec.
the other one didn't arrive till early Dec. And its first use was just a week ago. (Dec. 21). so it might not have shown up in a credit report yet.
do I need to wait 90 days from today on before other applications?
Thanks a lot.

Re: How long should I wait between credit card applications

DI — Mon, 28 Dec 2009 05:18:26 GMT

@Anonymous wrote:
I applied for two cards on early Nov., one is amex delta, arrived a week later. but I didn't use it until late Nov. so maybe this card would appear as a new account in each credit report on early Dec.
the other one didn't arrive till early Dec. And its first use was just a week ago. (Dec. 21). so it might not have shown up in a credit report yet.
do I need to wait 90 days from today on before other applications?
Thanks a lot.

It's always best to go on an app spree all within the same day or couple of days. Reason: so that the inquries can all fall off the reports at the same time.

Re: How long should I wait between credit card applications

Anonymous — Mon, 28 Dec 2009 06:54:50 GMT

when they review my application, do they look for those actual inq, or do they look for recently added new accounts?

do I need to count 90 days from the day when the new account shows up on my credit report before applying for new cards?

Re: How long should I wait between credit card applications

score_building — Mon, 28 Dec 2009 11:36:33 GMT

becita wrote:
when they review my application, do they look for those actual inq, or do they look for recently added new accounts?
do I need to count 90 days from the day when the new account shows up on my credit report before applying for new cards?

Both.

I agree it can be best to cluster apps in a short time frame when adding accts to rebuild/build new history. this way the accts grow together and the inq fall off in the same time frame. many issuers, like amex for eg., may object to too many inq and/ or new accts if you get carried away with new apps, so app judiciously and don't over do it...otherwise, you may attract AA from current lenders. there is not a specific waiting period unless you're applying for another product with the same lender, in this case there may be.

Re: How long should I wait between credit card applications

Anonymous — Mon, 28 Dec 2009 15:07:12 GMT

It is best to wait 6 months. Thus, the accounts will not look as new. If you try it with the same lender, and it's your first card with it, wait 6 months.

In my case after 30 days, I asked for another card at the same lender, and this was his response:

"Unfortunately, we are unable to approve the application at this time because:

o We have recently opened an account for you. This includes any of your accounts issued by ... such as Visa, MasterCard, store cards, or gas cards. We invite you to apply again after your account has been open for at least a year"

Re: How long should I wait between credit card applications

Anonymous — Mon, 28 Dec 2009 17:49:50 GMT

a year.. that's a long time. especially when you want an airline card.

in the case of the second card from amex, would 90 days good for the wait period?

Re: How long should I wait between credit card applications

score_building — Mon, 28 Dec 2009 17:59:29 GMT

becita wrote:
a year.. that's a long time. especially when you want an airline card.
in the case of the second card from amex, would 90 days good for the wait period?

you don't want to rapid fire app with amex, not a good move.

I'd give them at least six month of PIF on the 1st card you got from them b4 even thinking about another amex app. YMMV.

Re: How long should I wait between credit card applications

Anonymous — Mon, 28 Dec 2009 18:38:39 GMT

thanks. there's someone's story who got a personal delta in May, then a business one in Aug.

i was planning to apply in a month or two..

Re: How long should I wait between credit card applications

Anonymous — Tue, 29 Dec 2009 00:09:56 GMT

becita wrote:
when they review my application, do they look for those actual inq, or do they look for recently added new accounts?
do I need to count 90 days from the day when the new account shows up on my credit report before applying for new cards?

They look at everything.

Either do all your app'ing at once or wait six months minimum in between. Rapid fire app'ing will not be appreciated by many issuers and the more prime the issuer the less they will like it.

Re: How long should I wait between credit card applications

Anonymous — Tue, 29 Dec 2009 00:41:11 GMT

i see.

six months from the date of last applying or from the day that new card was reported (onto the credit reports)?

Message Edited by becita on 12-28-2009 04:41 PM

Re: How long should I wait between credit card applications

DI — Tue, 29 Dec 2009 01:22:14 GMT

@Anonymous wrote:
i see.
six months from the date of last applying or from the day that new card was reported (onto the credit reports)?
Message Edited by becita on 12-28-2009 04:41 PM

If I were you, I wouldn't spread my app'ing months apart. I went on an app'ing spree back in July and again in August. I got approved for four cards in August in which all creditors pulled my EQ report. Once I got declined for too many inquiries, I knew then, it was time to stop app'ing. Make the last card you app for be the one you really don't care if you get or not.

Re: How long should I wait between credit card applications

Anonymous — Tue, 29 Dec 2009 01:29:29 GMT

Six months since the account was opened and that data is carried by the CRB's.

Re: How long should I wait between credit card applications

haulingthescoreup — Tue, 29 Dec 2009 01:55:02 GMT

No one seems to have mentioned the impact on AAoA (average age of accounts) with app sprees and repeated app'ing. While lenders might not look specifically at this number, it certainly affects your FICO scores, sometimes brutally.

I would keep two guidelines in mind: first, wait six months after a few apps before heading out there again, using the opening date of the most recent accounts to set my six-month wait. (This opening date is what new lenders will see, not when you app'd or when you received or activated your card. OK, they'll see the app date if it's on the CRA that they pull, but I think that they look at the age, aka opening date, of accounts.) Next, I learned this the hard way: don't app if a new account will drop your AAoA down one year. So if your AAoA is 4y 6m, and a new account will drop it to 4y 2m, well, OK. But if you're at 4y 6m, and a new account drops you to 3y 9m, I'd wait.

If you want to ignore the impact of FICO scoring, try to put yourself in the mind of the lender: is there some reason that you're app'ing so frequently? Are you in financial difficulties and you're scrambling for new credit, expecting to have to live off of CC's for a long stretch? Are you an undisciplined shopaholic? And so forth. If you do want to app again within 6 months, just have some cogent reasons that you can explain on a recon --you're upgrading your credit portfolio, and you think that their card is perfect for you, and you anticipate some heavy use for specific purposes, yada yada yada. Because lenders get nervous with what they see as wild shotgun applying.

Re: How long should I wait between credit card applications

DI — Tue, 29 Dec 2009 02:15:12 GMT

I'm confused about AAoA. Credit.com says:

10 years of credit history
Youngest account is 3 months
Oldest account is 124 months
Average age is 60 months

But CreditKarma says 2 years 7 month and oldest tradeline 9 years 2 months. Is CK only calculating credit cards?

Message Edited by DI on 12-28-2009 08:15 PM

Re: How long should I wait between credit card applications

llecs — Tue, 29 Dec 2009 02:30:03 GMT

DI wrote:
But CreditKarma says 2 years 7 month and oldest tradeline 9 years 2 months. Is CK only calculating credit cards?

CK calculates AAoA on open accounts only. I have a "F" for a 1yr4mo AAoA, when my TU AAoA from myFICO is over 3 yrs.

Re: How long should I wait between credit card applications

DI — Tue, 29 Dec 2009 02:37:04 GMT

@llecs wrote:
@DI wrote:
But CreditKarma says 2 years 7 month and oldest tradeline 9 years 2 months. Is CK only calculating credit cards?
CK calculates AAoA on open accounts only. I have a "F" for a 1yr4mo AAoA, when my TU AAoA from myFICO is over 3 yrs.

So CK is inaccurate. It's a relief to know that. I was thinking my AAoA suffered greatly when I added new accounts in July and August. So 5 years is still good for me.

Re: How long should I wait between credit card applications

Anonymous — Tue, 29 Dec 2009 02:37:09 GMT

FICO AAoA includes all TL's open and closed. You can calculate it yourself and it may be different for each CRB. I will be a lot happier when all three AAoA's are once again > 5 yrs. Why are they < 5 yrs? Two new accounts opened this year. That's what happens when you open new accounts!

Re: How long should I wait between credit card applications

DI — Tue, 29 Dec 2009 02:42:30 GMT

@Anonymous wrote:
FICO AAoA includes all TL's open and closed. You can calculate it yourself and it may be different for each CRB. I will be a lot happier when all three AAoA's are once again > 5 yrs. Why are they < 5 yrs? Two new accounts opened this year. That's what happens when you open new accounts!

I added 6 new accounts. My AAoA must was greater than 7 years at one points. So that means I was able to afford to add new tradelines. This is all making sense to me now.