topic How long to wait after app spree before more apps? in Credit Cards

How long to wait after app spree before more apps?

ficojoe — Wed, 01 Aug 2012 01:32:01 GMT

I applied for about 20 credit cards and was approved for four of them so far (Capitol One Secured, Wal-mart store card, Amazon Store Card, and Kay Jewlers), waiting on the out come of some still.

I also recently opened some credit union accounts including NFCU. I would like to obtain a credit card from one or more credit unions next. How long should I wait for my new accounts to age and my inquiries to become less adverse before I apply? I understand they drop off in 2 years, but is there a sooner time that NFCU wouldn't care about them?

How does the FICO score rebound from inquiries?

Re: How long to wait after app spree before more apps?

iMacDrew — Wed, 01 Aug 2012 01:36:32 GMT

@ficojoe wrote:
I applied for about 20 credit cards and was approved for four of them so far (Capitol One Secured, Wal-mart store card, Amazon Store Card, and Kay Jewlers), waiting on the out come of some still.

I also recently opened some credit union accounts including NFCU. I would like to obtain a credit card from one or more credit unions next. How long should I wait for my new accounts to age and my inquiries to become less adverse before I apply? I understand they drop off in 2 years, but is there a sooner time that NFCU wouldn't care about them?

How does the FICO score rebound from inquiries?

you should wait 6-12 months. especially if you get approved on the ones still pending, those HPs are going to affect anything sooner than 6 months.

Re: How long to wait after app spree before more apps?

DaveSignal — Wed, 01 Aug 2012 01:37:22 GMT

Try for the NFCU right away. You should wait 1 year for the apps to stop effecting your score, however.

Re: How long to wait after app spree before more apps?

mmduluth — Wed, 01 Aug 2012 01:39:29 GMT

Woah 20?! Sounds like you need to take a very long break and let those inquiries fall off.

Re: How long to wait after app spree before more apps?

Repo-ed — Wed, 01 Aug 2012 01:39:50 GMT

Did he just type "20" apps?

Re: How long to wait after app spree before more apps?

Repo-ed — Wed, 01 Aug 2012 03:08:03 GMT

Having re-read your OP, you need to not app again for 1-2 years.

Re: How long to wait after app spree before more apps?

iMacDrew — Wed, 01 Aug 2012 01:47:58 GMT

well if most of those apps are Denied wouldnt they just be soft pulls and not affect his score?

Re: How long to wait after app spree before more apps?

visorboy1974 — Wed, 01 Aug 2012 01:50:10 GMT

2 years.

Re: How long to wait after app spree before more apps?

ficojoe — Wed, 01 Aug 2012 01:51:04 GMT

@DaveSignal wrote:
Try for the NFCU right away. You should wait 1 year for the apps to stop effecting your score, however.

That might make sense, what is the difference between 20 and 21 apps, right?

Re: How long to wait after app spree before more apps?

Repo-ed — Wed, 01 Aug 2012 01:51:26 GMT

@iMacDrew wrote:
well if most of those apps are Denied wouldnt they just be soft pulls and not affect his score?

No sir. Every single one of them will result in a HP. His already non-existant AAoA will cause his scores to dive with every approval or subsequent denial.

I think you are getting SP w/ denial, confused with those of us with Amex cards. When we apply for other amex products, and are declined, it's only an SP.

All 20 of his apps will result in HPs.

Re: How long to wait after app spree before more apps?

iMacDrew — Wed, 01 Aug 2012 01:55:43 GMT

@Repo-ed wrote:
@iMacDrew wrote:
well if most of those apps are Denied wouldnt they just be soft pulls and not affect his score?
No sir. Every single one of them will result in a HP. His already non-existant AAoA will cause his scores to dive with every approval or subsequent denial.

I think you are getting SP w/ denial, confused with those of us with Amex cards. When we apply for other amex products, and are declined, it's only an SP.

All 20 of his apps will result in HPs.

ok gotcha!

Re: How long to wait after app spree before more apps?

ficojoe — Wed, 01 Aug 2012 02:00:03 GMT

@Repo-ed wrote:
His already non-existant AAoA will cause his scores to dive with every approval or subsequent denial.

According to MyFICO, before the app spree my AAoA was 7 years. My oldest account is 10 years, 7 months. The problem is that I closed all my accounts and have basicly not used credit in about 7 years. Any bad stuff fell off, but the accounts are still showing up as closed in good standing. However, in 3 more years, those accounts closed for 10 years are going to disappear and my AAoA will take a real dive. At least that is from what I understand...

Re: How long to wait after app spree before more apps?

Repo-ed — Wed, 01 Aug 2012 02:02:39 GMT

@ficojoe wrote:
@Repo-ed wrote:
His already non-existant AAoA will cause his scores to dive with every approval or subsequent denial.

According to MyFICO, before the app spree my AAoA was 7 years. My oldest account is 10 years, 7 months. The problem is that I closed all my accounts and have basicly not used credit in about 7 years. Any bad stuff fell off, but the accounts are still showing up as closed in good standing. However, in 3 more years, those accounts closed for 10 years are going to disappear and my AAoA will take a real dive. At least that is from what I understand...

You are 100% correct.

Re: How long to wait after app spree before more apps?

iMacDrew — Wed, 01 Aug 2012 02:03:27 GMT

that is correct. i'd just double tap with NFCU and see what they need from you to make a decision. They are usually very generous. that way by the time the closed accounts dissappear youll have about 3 yrs establish credit with them.

Re: How long to wait after app spree before more apps?

ficojoe — Wed, 01 Aug 2012 02:03:50 GMT

@DaveSignal wrote:
Try for the NFCU right away.

What are the chances of approval of a NFCU credit card assuming a FICO of 641 before a slew of inquiries? I currently have no unsecured credit card. The four recent approvals are Wal-Mart store card, Kay Jewelers, Amazon Store Card, and Cap1 Secured MC. Before that I had 0 open revolving accounts. However, I did have several revolving accounts reporting closed in good standing.

Re: How long to wait after app spree before more apps?

Repo-ed — Wed, 01 Aug 2012 02:05:23 GMT

www.whogavemcredit.com

Re: How long to wait after app spree before more apps?

iMacDrew — Wed, 01 Aug 2012 02:05:32 GMT

@ficojoe wrote:
@DaveSignal wrote:
Try for the NFCU right away.

What are the chances of approval of a NFCU credit card assuming a FICO of 641 before a slew of inquiries? I currently have no unsecured credit card. The four recent approvals are Wal-Mart store card, Kay Jewelers, Amazon Store Card, and Cap1 Secured MC. Before that I had 0 open revolving accounts. However, I did have several revolving accounts reporting closed in good standing.

well from my experience in 09 i had no credit history and was approved 1000, same for a buddy of mine a week ago. Cash Rewards Visa

Re: How long to wait after app spree before more apps?

DaveSignal — Wed, 01 Aug 2012 02:27:31 GMT

@ficojoe wrote:
@DaveSignal wrote:
Try for the NFCU right away.

What are the chances of approval of a NFCU credit card assuming a FICO of 641 before a slew of inquiries? I currently have no unsecured credit card. The four recent approvals are Wal-Mart store card, Kay Jewelers, Amazon Store Card, and Cap1 Secured MC. Before that I had 0 open revolving accounts. However, I did have several revolving accounts reporting closed in good standing.

Personally, I can't say. I think I had around 675 EQ when they approved me. But I have read about plenty of people approved with lower scores. If you are already did all those apps, you might as well try NFCU before stopping apps for a year.

Re: How long to wait after app spree before more apps?

migliogiorni — Wed, 01 Aug 2012 03:01:17 GMT

1 year

Re: How long to wait after app spree before more apps?

Middleswarth — Wed, 01 Aug 2012 03:14:36 GMT

20 apps beats me (14) . Let the dust settle for a while. Wait until you get the results from all your apps. You may be able to recon a few of them.