topic Re: Why more than one app at a time? in Credit Cards

Why more than one app at a time?

jamie123 — Sun, 27 May 2012 02:55:20 GMT

I'm just curious....

I noticed that people in this forum app for more than one CC at a time. I guess you call them app sprees?

Why do you do that?

Doesn't your score drop after each app?

Jamie

Re: Why more than one app at a time?

BrokaToe — Sun, 27 May 2012 02:57:36 GMT

I know some folks like to do all their apps at the same time that way all the inquiries will fall off at the same time, instead of them building inquiries over a period of time. That way when they all fall off, you can do the process again starting with no inquiries. At least this is how I see it. I'm sure someone with more experience with this will chime in.

Re: Why more than one app at a time?

Anonymous — Sun, 27 May 2012 03:03:37 GMT

In addition to the above post (inquiries falling off at the same time), I also do it because if I do get approved for multiple cards, I don't want them to see all my new accounts until after I've been approved.

For example, if I apply for AMEX this month...get approved, then a month or so later I apply for a Citi, well now Citi can see I just opened a new account and may deny me. Whereas if I apply for them on the same day or two, Citi doesn't yet know that I just opened an AMEX account, and if they don't pull the same CR as AMEX, they don't even know that I applied for any other card.

Re: Why more than one app at a time?

Anonymous — Sun, 27 May 2012 03:04:34 GMT

I plan my apps for about once a year and I get my utilization down low for that time to boost my score. I then app for 2 maybe 3 CC. It is not convenient for me to get my utilization low most of the time.

Re: Why more than one app at a time?

Anonymous — Sun, 27 May 2012 06:01:14 GMT

Plus it is an addiction and many of us have addictive personalities

**tries to look innocent**

Re: Why more than one app at a time?

Anonymous — Sun, 27 May 2012 06:06:38 GMT

good thread so ill also post this question. so if you app for 3 cc's say in a span of 30 min will the inquiry hit right away when you app? say the first to apps i put in pull ex then when i app for the 3rd and it pulls ex again will the magical computer already see 2 apps and possibly deny me too many recent inquiries? i know i would never app for 3 of the same beareu pullers at the same time as i pretty much have an idea who pulls who but im just wondering if inquiries kicked in right away

Re: Why more than one app at a time?

boomhower — Sun, 27 May 2012 09:06:57 GMT

INQ"s are reported instantly so the second app will see the first apps INQ. It's more about apping before the new accounts hit. Plus with three CRA"S the apps are INQ are usually spread around a bit and not all on one report.

Re: Why more than one app at a time?

poops — Sun, 27 May 2012 12:30:53 GMT

When I app for the CC's I want, I plan to open 2 different browsers with 2 different CC applications. When I've completed the applications, I will hit the submit buttons one immediately after the other. This might not work but, I'm hoping this will prevent one inquiry from seeing the other... Who knows, it might work...

Re: Why more than one app at a time?

LS2982 — Sun, 27 May 2012 12:34:11 GMT

@Anonymous wrote:
In addition to the above post (inquiries falling off at the same time), I also do it because if I do get approved for multiple cards, I don't want them to see all my new accounts until after I've been approved.

For example, if I apply for AMEX this month...get approved, then a month or so later I apply for a Citi, well now Citi can see I just opened a new account and may deny me. Whereas if I apply for them on the same day or two, Citi doesn't yet know that I just opened an AMEX account, and if they don't pull the same CR as AMEX, they don't even know that I applied for any other card.

Not sure if that makes total sense. If you app for AMEX one day and 10 minutes later app for Citi they're going to see a new INQ if they pull the same bureau.

Re: Why more than one app at a time?

marty56 — Sun, 27 May 2012 12:44:38 GMT

@poops wrote:
When I app for the CC's I want, I plan to open 2 different browsers with 2 different CC applications. When I've completed the applications, I will hit the submit buttons one immediately after the other. This might not work but, I'm hoping this will prevent one inquiry from seeing the other... Who knows, it might work...

That is what we in the programming world would call a dirty read. IMHO it won't work since a good database system/programmer would check for things like that.

Re: Why more than one app at a time?

GST2008 — Sun, 27 May 2012 15:47:06 GMT

@Anonymous wrote:
Plus it is an addiction and many of us have addictive personalities

**tries to look innocent**

+1 to that. This would be an interesting research study. CC approvals act as positive reinforcement for applying, making people more likely to continue applying. The CL given serves as a moderating variable as it changes the level of reinforcement one gets from the approval. I think FICO score is also a moderating variable as it changes the likelihood of how often people will apply. And finally, you have the HP, which is a form of response cost and can also influence the rate at which people apply.

Re: Why more than one app at a time?

UFGuy2006 — Sun, 27 May 2012 15:58:34 GMT

@Anonymous wrote:
Plus it is an addiction and many of us have addictive personalities

**tries to look innocent**

+ 1!!!

Re: Why more than one app at a time?

Anonymous — Sun, 27 May 2012 16:23:06 GMT

I usually app at one time so that the inquiries all fall off at the same time. They age at the same time too. I usually only app like once a year so that's another reason y I app at one time.

Re: Why more than one app at a time?

Anonymous — Sun, 27 May 2012 16:27:44 GMT

I think a few people on this board would say, "I app, because I am."

Re: Why more than one app at a time?

GST2008 — Sun, 27 May 2012 16:31:00 GMT

@Anonymous wrote:
I think a few people on this board would say, "I app, because I am."

I nominate psychoinhell as the official Descartes of the myFico forums. Could somebody second the nomination please?

Re: Why more than one app at a time?

Anonymous — Sun, 27 May 2012 16:42:05 GMT

psychoinhell is now know as psychoinDescartes

Re: Why more than one app at a time?

LS2982 — Sun, 27 May 2012 16:45:18 GMT

I would vote if knew what Descartes meant........lol

Re: Why more than one app at a time?

Anonymous — Sun, 27 May 2012 16:47:57 GMT

Rene Descartes, French philosopher. Considered the founder of modern philosophy if I remember correctly. The quote I perverted is, "I think, therefore I am."

Re: Why more than one app at a time?

GST2008 — Sun, 27 May 2012 16:48:24 GMT

@LS2982 wrote:
I would vote if knew what Descartes meant........lol

Descartes was the French philosopher who stated, "I think, therefore I am."

Re: Why more than one app at a time?

LS2982 — Sun, 27 May 2012 16:50:50 GMT

OK well I vote YES!!