topic Re: Apply multiple cards at the same time in Credit Cards

Apply multiple cards at the same time

pastnow123 — Thu, 03 Nov 2011 18:08:03 GMT

When requesting multiple cards at the same time, i see the s-t impact as inquires hit the CR. However in the l-t, as the cards get aged, the score be would be better off than applying one card every six month.

I'm wondersing how quickly does a inquiry hit your cr as you apply for cards? Somone says immediately. If this is the case, once bankers see you're requsting multiple cards at a time, your chance of getting next card would be low, but is this really the case? Since it's not uncommon that people getting 3 or 4 cards at the same time. Anyone has any opinion?

Re: Apply multiple cards at the same time

Anonymous — Thu, 03 Nov 2011 18:12:18 GMT

I've seen lots of situations where OP applied for multilpe cards and were approved, but CCCs will monitor your credit report afterwards and some people have seen adverse action because they were approved for a bunch of cards at one time. Once the CCCs saw the new credit lines they didn't see before, it's not uncommon for some of those initially approved cards to be closed.

IMO, one card every six months is the better route to go.

Re: Apply multiple cards at the same time

pastnow123 — Thu, 03 Nov 2011 18:32:51 GMT

Interesting to know that CCCs continously monitor your cc after the application and reverse the decision as they see abnomral trend. i used to request one CC every 6 month, but this dramatically spread out the age of CCs and drag down the AAoA. that's why make me thinking about applying multiple. taking too many cards definitely hit the CR bad and may raise risks to approved card, so maybe it's a better approach not request too many at a time, but i would think apply 2 or 3 would be ok?

Re: Apply multiple cards at the same time

Anonymous — Thu, 03 Nov 2011 18:41:54 GMT

This would depend on the CCC, seems YMMV. My philosophy to avoid short AAoA is to only apply for credit when I need it and let current accounts age in good standing.

Re: Apply multiple cards at the same time

Anonymous — Thu, 03 Nov 2011 19:37:44 GMT

In the long term having 3 cards opened in January vs having 1 card opened in Jan, one in June, and one in December won't really look much difference. 6 months difference on accounts that are 10+ years old (long term) is nothing.

Re: Apply multiple cards at the same time

pastnow123 — Thu, 03 Nov 2011 20:06:17 GMT

How about in a long span. I have history for almost 5 years, and request 1 cc every 6 month. Currently have a AAoA of about 2 years, while if I request 2 at a time, I would have AAoA of well above 3.5 years. The position would be much better off especially in a long span of continuous cc applying

Re: Apply multiple cards at the same time

Anonymous — Thu, 03 Nov 2011 22:48:09 GMT

@pastnow123 wrote:
How about in a long span. I have history for almost 5 years, and request 1 cc every 6 month. Currently have a AAoA of about 2 years, while if I request 2 at a time, I would have AAoA of well above 3.5 years. The position would be much better off especially in a long span of continuous cc applying

There's your problem. Why do you need a new card every 6 months?

Re: Apply multiple cards at the same time

Walt_K — Fri, 04 Nov 2011 00:55:40 GMT

If you have otherwise good credit, this isn't as big of a concern. There are accounts of Barclays being jittery about adding cards after applying with them, but I don't think most lenders are going to bat an eye at 2 or 3 cards added at a time for someone who has a clean profile. People who are rebuilding should be more careful and people planning a large purchase such as a house or a car should be careful.

But those with clean profiles should be fine to apply for 2-3 even 4 cards every four months, spreading the inquiries across the different credit reports. The miles and points chasing crowd does this year after year and has no issues. Some are even more aggressive. Sometimes they have to cool off for a while or seek recons, but they maintain solid credit scores doing this. Inquiries and adding new accounts is an overrated concern. Again, this is if you have a clean profile and are not getting ready for a mortgage app. Someone rebuilding or just starting out wouldn't likely want to or be able to add so many cards so quickly.

Re: Apply multiple cards at the same time

AndySoCal — Fri, 04 Nov 2011 01:25:49 GMT

The inquiries hit your credit report at the time the credit report is pulled. Credit cards companies usually only pull one bureau some will pull more than one. If the credit companies you apply with use different bureaus they will not see the other inquiry. A couple of thoughts on applying for multiple cards at the same time. Under the basic assumption that a consumer applies only for credit that they need (not want). Multiple new accounts opened at the same time can raise questions from the lender (credit card company). The basic question is why does this consumer need all this credit at once. In some cases the consumer is treading water IE juggling debt from one card to another. In most of those cases end up very badly for the lender and the consumer. You should not be apping for new cards because you would like a nice collection of prime cards. I have a total of six credit cards both store and other cards. I am very picky about which card apply for. The basic theme to the cards is by using them you can save money.

Re: Apply multiple cards at the same time

Walt_K — Fri, 04 Nov 2011 01:34:30 GMT

@AndySoCal wrote:
The inquiries hit your credit report at the time the credit report is pulled. Credit cards companies usually only pull one bureau some will pull more than one. If the credit companies you apply with use different bureaus they will not see the other inquiry. A couple of thoughts on applying for multiple cards at the same time. Under the basic assumption that a consumer applies only for credit that they need (not want). Multiple new accounts opened at the same time can raise questions from the lender (credit card company). The basic question is why does this consumer need all this credit at once. In some cases the consumer is treading water IE juggling debt from one card to another. In most of those cases end up very badly for the lender and the consumer. You should not be apping for new cards because you would like a nice collection of prime cards. I have a total of six credit cards both store and other cards. I am very picky about which card apply for. The basic theme to the cards is by using them you can save money.

Again, I would challenge this as an overstatement. It is somewhat of a red flag, but not for a person with an otherwise solid credit profile. If this were not the case, people that chase sign up bonuses would not be able to do what they do. The entire Flyertalk, Milepoint, etc. community is evidence that you don't have that much to worry about by adding several new cards fairly often if you have a clean profile.

Re: Apply multiple cards at the same time

AndySoCal — Fri, 04 Nov 2011 21:04:13 GMT

The statement is context of a person who is moving balances not necesarily paying them down. It does not take much for this approach to fail I.E. job loss, ETC . When it does fail it usually does not end well IE chronic lates,Charge off, Collections, or even BK depending on the amount of debt being juggled. I agree you can do it I have done this myself. A credit card issuer was closing my account because they were not longer offering this type of rewards program. So I found my replacement card and apped for it and also apped for another card was well. I was approved for both. I always PIF and my total balances represent about 5% credit util.

Edited to change a statment

Re: Apply multiple cards at the same time

Anonymous — Mon, 24 Jun 2013 16:30:29 GMT

I do apply for multiple CC at the same time. I applied for eight CCs and got approved for six two months ago. I plan to apply for another eight or nine cards in October. So when my credit profile turns 3 years old, I should have about twenty active trade lines.

The situation will become better after you have established a thick file.

Think about this, will the lenders get nervous if you only have two CCs now and they see you opened another five new CCs? Yes.

Will the lender become jittery if you already have 25 active CCs, all of which are more than 5 years old, and you applied for another five new CCs? Not really.