topic Re: Opening two credit cards back to back? yay or nay? in Credit Cards

Opening two credit cards back to back? yay or nay?

zeusta20 — Fri, 08 Mar 2013 10:39:47 GMT

Hello all,

I wanted to get everyones opinion. I JUST got approved for the CSP about 2 or 3 days ago. There was another credit card that I wanted to apply for, BUT, I wanted to know if you guys think that would hurt my credit immensely.

Would it bring my credit score down a lot if I applied for another card so soon? Please give me honest feedback.

Thanks!

Re: Opening two credit cards back to back? yay or nay?

_jb_ — Fri, 08 Mar 2013 10:49:31 GMT

This is common practice (search: App Spree on the forum). I say go for it if your overall inqs. are low.

Re: Opening two credit cards back to back? yay or nay?

dddewdrop — Fri, 08 Mar 2013 10:57:31 GMT

@zeusta20 wrote:

I wanted to get everyones opinion. I JUST got approved for the CSP about 2 or 3 days ago. There was another credit card that I wanted to apply for, BUT, I wanted to know if you guys think that would hurt my credit immensely.

Thanks!

Hi. Most times when you apply for a credit card they hard pull your crediit, especially if you are approved. A hard inquiry on your credit report or reports can hurt your credit score(s) but genaerally not that much. It is hard to quantify exactly how much one inquiry can hurt your report because it varies according to many things and the exact FICO formulae are unknown. Generally speaking if you don't have that many inquires in the last 6 months (say less than 4 or 5, I wouldn't worry about it. Many people will apply for multiple cards on the same day or even in the same few seconds because it takes a little bit for one inquiry to hit your report. If you are going to apply for another card, do it as soon as possible because you may be able to do it before the inquiry or inquires for your CSP hit your report(s). The other thing you may have in your favor is that the inquiry for your second app may hit a different credit report than the one for your first app. If the only thing holding you back from applying is worrying about a second inquiry, I would go ahead.

The second thing to consider is aging. A component of your fico score is related to aging. Both the AAoA or average age of your accounts as well as having one or more than one account that is "new" i e less than 6months less than 1 year less than 2 years etc will cost you a few pts. Generally speaking, apping for a second card for you right now will affect your AAoA but not age of your most recent account because you already have a recent account. The "thicker" your credit file, the less the AAoA will come into play in your decision. Thus if you have a few other credit cards then your AAoA will not be affected that much by 2 new credit cards. In my opinion, if you don't have some big credit event on your immediate horizon, such as a new mortgage, then go for it. If you are planning on getting a new mortgage or car very soon and have an otherwise thin credit file then you may want to think twice. Good Luck.

Re: Opening two credit cards back to back? yay or nay?

armbenderc — Fri, 08 Mar 2013 13:15:54 GMT

@zeusta20 wrote:
Hello all,

I wanted to get everyones opinion. I JUST got approved for the CSP about 2 or 3 days ago. There was another credit card that I wanted to apply for, BUT, I wanted to know if you guys think that would hurt my credit immensely.

Would it bring my credit score down a lot if I applied for another card so soon? Please give me honest feedback.

Thanks!

I would app for it, then garden mode.

Re: Opening two credit cards back to back? yay or nay?

dodfire — Fri, 08 Mar 2013 13:20:11 GMT

@dddewdrop wrote:

@zeusta20 wrote:

I wanted to get everyones opinion. I JUST got approved for the CSP about 2 or 3 days ago. There was another credit card that I wanted to apply for, BUT, I wanted to know if you guys think that would hurt my credit immensely.

Thanks!

Hi. Most times when you apply for a credit card they hard pull your crediit, especially if you are approved. A hard inquiry on your credit report or reports can hurt your credit score(s) but genaerally not that much. It is hard to quantify exactly how much one inquiry can hurt your report because it varies according to many things and the exact FICO formulae are unknown. Generally speaking if you don't have that many inquires in the last 6 months (say less than 4 or 5, I wouldn't worry about it. Many people will apply for multiple cards on the same day or even in the same few seconds because it takes a little bit for one inquiry to hit your report. If you are going to apply for another card, do it as soon as possible because you may be able to do it before the inquiry or inquires for your CSP hit your report(s). The other thing you may have in your favor is that the inquiry for your second app may hit a different credit report than the one for your first app. If the only thing holding you back from applying is worrying about a second inquiry, I would go ahead.
The second thing to consider is aging. A component of your fico score is related to aging. Both the AAoA or average age of your accounts as well as having one or more than one account that is "new" i e less than 6months less than 1 year less than 2 years etc will cost you a few pts. Generally speaking, apping for a second card for you right now will affect your AAoA but not age of your most recent account because you already have a recent account. The "thicker" your credit file, the less the AAoA will come into play in your decision. Thus if you have a few other credit cards then your AAoA will not be affected that much by 2 new credit cards. In my opinion, if you don't have some big credit event on your immediate horizon, such as a new mortgage, then go for it. If you are planning on getting a new mortgage or car very soon and have an otherwise thin credit file then you may want to think twice. Good Luck.

Re: Opening two credit cards back to back? yay or nay?

zeusta20 — Fri, 08 Mar 2013 15:33:40 GMT

Thanks for the tip everybody!

I applied for the Chase Freedom, and I got the message that it's gonna take up to 30 days. Is there a way to find out an update sooner than that rather than waiting for 30 days for a response?

I'm a little scared to see the results, but I'm very anxious. I don't have a lot of inquiries on my credit, but I JUST applied for the CSP. Could the reason why I have to wait be that I just applied got approved for the CSP and Chase is registering two applications? Has anyone experienced this whole 30 days thing and still got approved?

Re: Opening two credit cards back to back? yay or nay?

seattletravels — Fri, 08 Mar 2013 15:49:25 GMT

If you were approved for CSP then I would imagine you wouldn't have any issues with Freedom.

Re: Opening two credit cards back to back? yay or nay?

a3quit4s — Fri, 08 Mar 2013 15:51:01 GMT

Call them up!

Re: Opening two credit cards back to back? yay or nay?

zeusta20 — Fri, 08 Mar 2013 15:57:51 GMT

@seattletravels wrote:
If you were approved for CSP then I would imagine you wouldn't have any issues with Freedom.

Thats what I was thinking! I just was a little worried because they're gonna see that I applied for two credit cards in a very short amount of time.

Re: Opening two credit cards back to back? yay or nay?

zeusta20 — Fri, 08 Mar 2013 15:58:21 GMT

@a3quit4s wrote:
Call them up!

I just did. Its still pending Only time will tell I guess....

Re: Opening two credit cards back to back? yay or nay?

SnackTrader — Fri, 08 Mar 2013 16:07:53 GMT

You didn't call the right number...

This is from the Backdoor number sticky-

Chase: 800-436-7927 (App status - automated)
Chase: 888-270-2127 (App recon)
Chase: 888-245-0625 (Credit Analyst - Recons)
Chase: 888-622-7547 (Chase Executive Ofc. in IL)
Chase: 800-955-9900 (Product change status questions)

Hint: Don't call an automated line

Re: Opening two credit cards back to back? yay or nay?

zeusta20 — Fri, 08 Mar 2013 16:16:54 GMT

@SnackTrader wrote:
You didn't call the right number...

This is from the Backdoor number sticky-

Chase: 800-436-7927 (App status - automated)
Chase: 888-270-2127 (App recon)
Chase: 888-245-0625 (Credit Analyst - Recons)
Chase: 888-622-7547 (Chase Executive Ofc. in IL)
Chase: 800-955-9900 (Product change status questions)

Hint: Don't call an automated line

Good to know! Thanks! But the number I called was a different number. It was an automated system, but then I got transferred to a rep. I think because when I typed in my SSN, it registered two applications so it didn't know which one to give me the status of. but the number I called was the number that popped on the page after I submitted my app. its 1-800-940-8575

Re: Opening two credit cards back to back? yay or nay?

Anonymous — Fri, 08 Mar 2013 16:53:52 GMT

Try the number for Recon or Credit Analyst recon. Chase is notorious for having great recon people.

Another benefit of apping all at once is that they all fall off all at once.

Good luck.

Re: Opening two credit cards back to back? yay or nay?

zeusta20 — Fri, 08 Mar 2013 17:19:10 GMT

@Anonymous wrote:
Try the number for Recon or Credit Analyst recon. Chase is notorious for having great recon people.

Another benefit of apping all at once is that they all fall off all at once.

Good luck.

Should I call the number for Recon EVEN THOUGH I haven't received a denial yet? Or should I wait first for the results?

Re: Opening two credit cards back to back? yay or nay?

_jb_ — Fri, 08 Mar 2013 17:29:44 GMT

Eta: Yes, call now even though you haven't been denied.

Call this one ------> Chase: 888-245-0625 (Credit Analyst - Recons)

Tell them you applied and got a 30 day message. Tell them you thought they might need a little more info, and that you are hoping to maximize your rewards with the CSP/Freedom combo for travel (or whatever). They will take care of you.

Re: Opening two credit cards back to back? yay or nay?

wche — Fri, 08 Mar 2013 17:29:57 GMT

Call them right away and ask for an update!

Re: Opening two credit cards back to back? yay or nay?

cashnocredit — Fri, 08 Mar 2013 17:34:38 GMT

I've apped for two cards a few weeks apart but they were with different banks. Actually all my cards are with different banks since AA could take down all cards with the same bank so it's just a risk reduction strategy. I'm kicking around adding an HH Amex card since I use that hotel a lot and it would compliment my Plat. but there should be a reason. The Chase Freedom and CSP are also good, complimentary cards. But, when starting out cards from different banks are probably the way to go.

Re: Opening two credit cards back to back? yay or nay?

zeusta20 — Fri, 08 Mar 2013 18:29:35 GMT

Just called and spoke with the rep. He asked me some questions and looked over with the credit bureau, but telling me he couldn't approve the card because of the new credit line from the CSP. What a bummer! I was looking forward to the combo!

On a side note, he just said that they're looking to see how the CSP is used for a few months. Once they get an idea, then he said it should be an easier decision. So I guess I'll just have to try back in a few months after I've put my CSP to some use.

Re: Opening two credit cards back to back? yay or nay?

a3quit4s — Fri, 08 Mar 2013 18:47:38 GMT

Awwwwww you should have said you wanted the Freedom for rotating category rewards and CSP for travel benefits!!! It almost always work...you could pull the big guns out and said you also wanted a checking account to improve the rewards on the Freedom!!! Chase loves when you have many products with them.

Re: Opening two credit cards back to back? yay or nay?

09Lexie — Fri, 08 Mar 2013 18:49:07 GMT

Sounds like another call to Recon is necessary!