topic Re: Applying for multiple cards at once!?! Good? Bad? in Credit Cards

Applying for multiple cards at once!?! Good? Bad?

Anonymous — Wed, 28 Jul 2010 04:02:06 GMT

Hello Fico'ers! I have read and been told that applying for multiple credit cards in a short time (week or less) will count as only one inquiry on your credit report. For some reason this smells a little fishy and thought I would put it out there. My eq : 723, TU 680, Ex: 677 and I would like a discover, amex, or chase but have been nervous to apply. Thanks for the help as always!

Re: Applying for multiple cards at once!?! Good? Bad?

laz98 — Wed, 28 Jul 2010 04:07:42 GMT

@Anonymous wrote:
Hello Fico'ers! I have read and been told that applying for multiple credit cards in a short time (week or less) will count as only one inquiry on your credit report. For some reason this smells a little fishy and thought I would put it out there. My eq : 723, TU 680, Ex: 677 and I would like a discover, amex, or chase but have been nervous to apply. Thanks for the help as always!

false. this is only true for auto inquiries & possibly mortgage inquiries, not sure on that one.

Re: Applying for multiple cards at once!?! Good? Bad?

vanillabean — Wed, 28 Jul 2010 04:07:57 GMT

I don't think that's the case. It applies to loans only.

Re: Applying for multiple cards at once!?! Good? Bad?

Anonymous — Wed, 28 Jul 2010 04:30:21 GMT

Yes, within a 14 day period...

However it might be held against you by credit card companies underwriting guidelines!

Re: Applying for multiple cards at once!?! Good? Bad?

vanillabean — Wed, 28 Jul 2010 04:51:57 GMT

@Anonymous wrote:
Yes, within a 14 day period...

However it might be held against you by credit card companies underwriting guidelines!

"Fortunately, the credit scoring system most lenders use, FICO, doesnt punish you if you do your mortgage shopping in a relatively condensed period of time. All credit inquiries made within 14 days are lumped together as one, and your score doesnt reflect any inquiries made within the last 30 days."

7 secrets to refinancing on the fast track

I'm not sure if that's for credit cards too.

But if so, which major CCCs will hold you against it?

Re: Applying for multiple cards at once!?! Good? Bad?

Anonymous — Wed, 28 Jul 2010 05:09:29 GMT

Like I said within 14 days...

@Anonymous-own-fico wrote:

@Anonymous wrote:
Yes, within a 14 day period...

However it might be held against you by credit card companies underwriting guidelines!

"Fortunately, the credit scoring system most lenders use, FICO, doesnt punish you if you do your mortgage shopping in a relatively condensed period of time. All credit inquiries made within 14 days are lumped together as one, and your score doesnt reflect any inquiries made within the last 30 days."

7 secrets to refinancing on the fast track

I'm not sure if that's for credit cards too.

But if so, which major CCCs will hold you against it?

Re: Applying for multiple cards at once!?! Good? Bad?

tobey — Wed, 28 Jul 2010 06:26:32 GMT

The 14 day rule does NOT apply to credit card inquiries: http://www.myfico.com/crediteducation/creditinquiries.aspx

Re: Applying for multiple cards at once!?! Good? Bad?

Anonymous — Wed, 28 Jul 2010 11:16:35 GMT

Each will count individually. If you apply all at once, the lenders should not see any of the others when they're pulling, although they may not like all the new inquiries/accounts if they do a review later.

Re: Applying for multiple cards at once!?! Good? Bad?

Anonymous — Wed, 28 Jul 2010 13:10:08 GMT

Thanks for the help! With those fico scores do you think i will be elgible for any of those cards?

Re: Applying for multiple cards at once!?! Good? Bad?

tobey — Wed, 28 Jul 2010 18:24:55 GMT

How clean is your report? I was just able to get my hands on an Amex Zync with my 737 and 6 months of credit history.

Re: Applying for multiple cards at once!?! Good? Bad?

Anonymous — Thu, 29 Jul 2010 01:25:27 GMT

@Anonymous wrote:
Each will count individually. If you apply all at once, the lenders should not see any of the others when they're pulling, although they may not like all the new inquiries/accounts if they do a review later.

This is not true. You would have to apply for them all instantaneously pretty much. Credit inquiries make their way to your reports very fast.

Re: Applying for multiple cards at once!?! Good? Bad?

haulingthescoreup — Thu, 29 Jul 2010 01:31:18 GMT

thrasher is correct.

They won't see the new accounts until they start reporting, but they will most certainly see the inqs, whether you're approved for the new accounts or not.

I was once on the phone on hold with BofA for a good long while, waiting for them to approve my new card. Out of boredom, I pulled my reports while I was waiting for them to come back (this was in the golden days of TrueCredit), and the inquiry from BofA was already showing on EX.