topic Re: Question about getting inquiries in Credit Cards

Question about getting inquiries

Anonymous — Sat, 21 Jan 2012 12:25:14 GMT

Let's say I applied for a credit card. How soon would another potential creditor be able to see that I have that inquiry on my report.

I'm currently gardening and have no plans for applying for a card anytime soon, but I was wondering if mass app sprees were actually a good strategy.

If you were to apply for several cards in one day, and the inquiries dont show up immediatley on your credit report, that would be better than applying for several cards over a few weeks/months where the creditors could see that you have lots of inquiries right? Plus all of the inquries would fall off your report at roughly the same time.

I hope my question(s) make sense.

Re: Question about getting inquiries

Anonymous — Sat, 21 Jan 2012 12:54:00 GMT

@Anonymous wrote:
Let's say I applied for a credit card. How soon would another potential creditor be able to see that I have that inquiry on my report.

I'm currently gardening and have no plans for applying for a card anytime soon, but I was wondering if mass app sprees were actually a good strategy.

If you were to apply for several cards in one day, and the inquiries dont show up immediatley on your credit report, that would be better than applying for several cards over a few weeks/months where the creditors could see that you have lots of inquiries right? Plus all of the inquries would fall off your report at roughly the same time.

I hope my question(s) make sense.

Inquiries will be seen within minutes by other creditors when you apply. I can tell you that for a fact because I did an app spree a few weeks ago and CareCredit denied solely due to inquiries. That was the only reason stated on the denial letter. If I had known CareCredit (GEMB) was INQ sensitive I would have applied for them first

Re: Question about getting inquiries

Anonymous — Sat, 21 Jan 2012 12:54:41 GMT

Ok, good to know!

Re: Question about getting inquiries

Anonymous — Sat, 21 Jan 2012 15:24:23 GMT

When I put my plan in action 5/11 and apped for what I wanted I apped for AmEx and BoA (EX) Discover (EQ) and Barclay (TU) all on the same day, and all approved.

I made sure to spread out my inq's across all three CRA's when I did my apping.

So now come 5/12 they will all hit the year mark and I will have 0 inq's across EQ and TU, I will still have 2 inq's on EX, because I apped for the AmEx PR Gold 7/11 and AmEx BCP 10/11. Both approved as well, and all my AmEx cards are backdated to 91.

I think it's a good idea to try and spread out the inq's across all 3 CRA's when apping (if at all possible). Just my opinion.

And I have no plans to app for anything for the next few years (as they say, only apply for credit when you need it) and I don't need anything.

I WANT the Chase Sapphire Preferred, but I do not need it.

Re: Question about getting inquiries

Anonymous — Sat, 21 Jan 2012 16:05:29 GMT

@Anonymous wrote:
When I put my plan in action 5/11 and apped for what I wanted I apped for AmEx and BoA (EX) Discover (EQ) and Barclay (TU) all on the same day, and all approved.

I made sure to spread out my inq's across all three CRA's when I did my apping.

So now come 5/12 they will all hit the year mark and I will have 0 inq's across EQ and TU, I will still have 2 inq's on EX, because I apped for the AmEx PR Gold 7/11 and AmEx BCP 10/11. Both approved as well, and all my AmEx cards are backdated to 91.

I think it's a good idea to try and spread out the inq's across all 3 CRA's when apping (if at all possible). Just my opinion.

And I have no plans to app for anything for the next few years (as they say, only apply for credit when you need it) and I don't need anything.

I WANT the Chase Sapphire Preferred, but I do not need it.

I thought INQ's stay on the report for 2 years? Is there something I don't know?

Re: Question about getting inquiries

Anonymous — Sat, 21 Jan 2012 16:06:25 GMT

They only affect ur CS for 1 year

Re: Question about getting inquiries

Anonymous — Sat, 21 Jan 2012 16:48:50 GMT

@Anonymous wrote:
@Anonymous wrote:
When I put my plan in action 5/11 and apped for what I wanted I apped for AmEx and BoA (EX) Discover (EQ) and Barclay (TU) all on the same day, and all approved.

I made sure to spread out my inq's across all three CRA's when I did my apping.

So now come 5/12 they will all hit the year mark and I will have 0 inq's across EQ and TU, I will still have 2 inq's on EX, because I apped for the AmEx PR Gold 7/11 and AmEx BCP 10/11. Both approved as well, and all my AmEx cards are backdated to 91.

I think it's a good idea to try and spread out the inq's across all 3 CRA's when apping (if at all possible). Just my opinion.

And I have no plans to app for anything for the next few years (as they say, only apply for credit when you need it) and I don't need anything.

I WANT the Chase Sapphire Preferred, but I do not need it.

I thought INQ's stay on the report for 2 years? Is there something I don't know?

@Anonymous wrote:
They only affect ur CS for 1 year

That's what I meant fusion,

Re: Question about getting inquiries

LS2982 — Sat, 21 Jan 2012 19:40:34 GMT

@Anonymous wrote:
Let's say I applied for a credit card. How soon would another potential creditor be able to see that I have that inquiry on my report. Immediately.

I'm currently gardening and have no plans for applying for a card anytime soon, but I was wondering if mass app sprees were actually a good strategy.

If you were to apply for several cards in one day, and the inquiries dont show up immediatley on your credit report, They do show up immediately and any new credit you apply for the new creditor will see the recent INQ no matter if it's 5 minutes apart that would be better than applying for several cards over a few weeks/months where the creditors could see that you have lots of inquiries right? Plus all of the inquries would fall off your report at roughly the same time.

I hope my question(s) make sense.

Re: Question about getting inquiries

LS2982 — Sat, 21 Jan 2012 19:42:00 GMT

@Anonymous wrote:
@Anonymous wrote:
When I put my plan in action 5/11 and apped for what I wanted I apped for AmEx and BoA (EX) Discover (EQ) and Barclay (TU) all on the same day, and all approved.

I made sure to spread out my inq's across all three CRA's when I did my apping.

So now come 5/12 they will all hit the year mark and I will have 0 inq's across EQ and TU, I will still have 2 inq's on EX, because I apped for the AmEx PR Gold 7/11 and AmEx BCP 10/11. Both approved as well, and all my AmEx cards are backdated to 91.

I think it's a good idea to try and spread out the inq's across all 3 CRA's when apping (if at all possible). Just my opinion.

And I have no plans to app for anything for the next few years (as they say, only apply for credit when you need it) and I don't need anything.

I WANT the Chase Sapphire Preferred, but I do not need it.

I thought INQ's stay on the report for 2 years? Is there something I don't know?

They do, they only factor into your FICO scores for 1 year.

Re: Question about getting inquiries

namvet — Sat, 21 Jan 2012 19:56:57 GMT

Credit inquiries: Less than 6 months- major effect Over 6 months- minor efect Over 1 year- no effect We are talking about credit score performance but the major problem with inquires is that it will prevent credit approvals in some cases. Remember the rule: Apply for credit when you need it and never more than once each 6 month period.

Re: Question about getting inquiries

LS2982 — Sat, 21 Jan 2012 19:58:26 GMT

@namvet wrote:
Credit inquiries: Less than 6 months- major effect Over 6 months- minor efect Over 1 year- no effect We are talking about credit score performance but the major problem with inquires is that it will prevent credit approvals in some cases. Remember the rule: Apply for credit when you need it and never more than once each 6 month period.

Good advice, I need to follow that ASAP!

Re: Question about getting inquiries

namvet — Sat, 21 Jan 2012 20:02:22 GMT

@LS2982 wrote:
@namvet wrote:
Credit inquiries: Less than 6 months- major effect Over 6 months- minor efect Over 1 year- no effect We are talking about credit score performance but the major problem with inquires is that it will prevent credit approvals in some cases. Remember the rule: Apply for credit when you need it and never more than once each 6 month period.

Good advice, I need to follow that ASAP! Roger that!

Re: Question about getting inquiries

Anonymous — Sat, 21 Jan 2012 20:37:26 GMT

I guess this answers my question from another thread.

To the OP DON'T do it!

I went on a spree last year. My so-called logic was that if I fish several apps all at once the systems won't have time to see the other inquries and I'll walk away with all the fish that bit. And it worked! UNTIL...

I found that GEMB was my sweet spot because I got approved for all the cards they financed. I got a JCPenny card, a WalMart card, a Paypal card, Old Navy, etc. etc. etc. By the time I was done with my weekend spree (I figured a weekend might slow down the inquiry notices) I had about 8 - 10 lines of credit. The PROBLEM with this was that even though I had received all the cards I started getting notices that the accounts were closed. All GEMB cards, one by one, closed by credit grantor. In the long run I ended up shooting myself in the foot whereas if I had just went with the first few approvals I probably would have been okay--my Paypal credit limit was for $2300 compared to the two $500 secured cards I had at the time.

I recovered. The closures didn't seem to have any affect on my credit and now, about 8 months later I've been approved by two major, unsecured credit lines. The six month rule is probably the one to go by.

Re: Question about getting inquiries

LS2982 — Sat, 21 Jan 2012 21:51:50 GMT

@Anonymous wrote:
I guess this answers my question from another thread.

To the OP DON'T do it!

I went on a spree last year. My so-called logic was that if I fish several apps all at once the systems won't have time to see the other inquries and I'll walk away with all the fish that bit. And it worked! UNTIL...

I found that GEMB was my sweet spot because I got approved for all the cards they financed. I got a JCPenny card, a WalMart card, a Paypal card, Old Navy, etc. etc. etc. By the time I was done with my weekend spree (I figured a weekend might slow down the inquiry notices) I had about 8 - 10 lines of credit. The PROBLEM with this was that even though I had received all the cards I started getting notices that the accounts were closed. All GEMB cards, one by one, closed by credit grantor. In the long run I ended up shooting myself in the foot whereas if I had just went with the first few approvals I probably would have been okay--my Paypal credit limit was for $2300 compared to the two $500 secured cards I had at the time.

I recovered. The closures didn't seem to have any affect on my credit and now, about 8 months later I've been approved by two major, unsecured credit lines. The six month rule is probably the one to go by.

Wow, I didn't think GE would close for too many accounts.