topic Re: Does your credit score drop immediately after applying for credit? in Understanding FICO® Scoring

Does your credit score drop immediately after applying for credit?

Anonymous — Tue, 25 Jun 2019 23:16:21 GMT

I'm looking to get 3 Amex's and a new car loan next month

After applyIng for credit how soon will my score drop? Is it immediately after the fact or in 30 days?

I just need to know so I can prioritize which one to apply for first if it does drop immediately.

Re: Does your credit score drop immediately after applying for credit?

Loquat — Tue, 25 Jun 2019 23:02:36 GMT

How many points that you'll lose is anyone's guess. A lot of it is profile specific. The best we can do here is give an educated guess.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Tue, 25 Jun 2019 23:06:09 GMT

@Anonymous wrote:
I'm looking to get 3 Amex's and a new car loan next month :smileyhappy

After applyIng for credit how soon will my score drop? Is it immediately after the fact or in 30 days? I just need to know so I can prioritize which one to apply for first if it does drop immediately.

Your Average Age of Accounts (AAoA) is 1yr 11mo. If you wait another month (or maybe just until next week, July 1?) you'll get some points for reaching 2 years.

See here: https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/AAoA-Threshold-For-an-Increase/m-p/4976135/highlight/true#M126120

The score drop from the new inquiries will happen right away.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Tue, 25 Jun 2019 23:10:42 GMT

Make sure to apply for the Auto loan first, if you didn't already know.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Wed, 26 Jun 2019 00:07:16 GMT

Score will make movement when the inquiry hits (hard pull)

and also move when new account hits (up or down)

depends on your credit file which way but normally hp's it will go down,

and new accounts sometimes goes up if your limits are expanded and utility goes down.

so many varibles.

Hp's are normally instant on a report. but rare cases may not see it show up for

a couple days, esp if they pull more than one cb

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Wed, 26 Jun 2019 03:37:53 GMT

App for the auto loan first and those inquiries may drop your scores a little. Then app for your Amex cards shortly after, before the auto loan has time to report which may drop your scores due to age of accounts factors being reduced. I believe Amex will only HP you once on EX whether you get 1 card from them or 3, so if you're after 3 you may as well go for all of them at once.

Re: Does your credit score drop immediately after applying for credit?

SouthJamaica — Wed, 26 Jun 2019 11:45:20 GMT

@Anonymous wrote:
App for the auto loan first and those inquiries may drop your scores a little. Then app for your Amex cards shortly after, before the auto loan has time to report which may drop your scores due to age of accounts factors being reduced. I believe Amex will only HP you once on EX whether you get 1 card from them or 3, so if you're after 3 you may as well go for all of them at once.

I don't think OP should go for 3 Amex cards at once; they're not going to be granted.

IMHO they should be done 1 at a time, at intervals of 8 days or more. And if they're all revolvers, the total should be 2, not 3.

After 1 is granted, there will probably be no further HP's from Amex. Amex usually does not HP existing cardmembers.

As to whether HP affects your score immediately -- if it's going to affect your score yes it will affect your score immediately. But not all HP's affect your score, it depends on whether you have moved from 1 tier to another.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Wed, 26 Jun 2019 13:55:57 GMT

@SouthJamaica wrote:
I don't think OP should go for 3 Amex cards at once; they're not going to be granted.

IMHO they should be done 1 at a time, at intervals of 8 days or more. And if they're all revolvers, the total should be 2, not 3.

Does Amex have a rule or something against apping for multiple revolvers at once and/or a rule that you can only possess 2?

Re: Does your credit score drop immediately after applying for credit?

Brian_Earl_Spilner — Wed, 26 Jun 2019 14:06:42 GMT

@Anonymous wrote:
@SouthJamaica wrote:
I don't think OP should go for 3 Amex cards at once; they're not going to be granted.

IMHO they should be done 1 at a time, at intervals of 8 days or more. And if they're all revolvers, the total should be 2, not 3.

Does Amex have a rule or something against apping for multiple revolvers at once and/or a rule that you can only possess 2?

Amex only allows you to apply for 2 revolvers in a 90 day period, I believe, and 1 revolver every 8 days. But, if it's your first amex, some people have been able to get approved for 2 if they're done almost back to back. There's no limit on the charges and can be apped at the same time as the revolvers. So, you could get 3 in 8 days, rare occurrences of all 3 in one day.

Re: Does your credit score drop immediately after applying for credit?

SouthJamaica — Wed, 26 Jun 2019 15:18:06 GMT

@Anonymous wrote:
@SouthJamaica wrote:
I don't think OP should go for 3 Amex cards at once; they're not going to be granted.

IMHO they should be done 1 at a time, at intervals of 8 days or more. And if they're all revolvers, the total should be 2, not 3.

Does Amex have a rule or something against apping for multiple revolvers at once and/or a rule that you can only possess 2?

No it's just that in my experience, if you apply for 2 within a week, they will put one on hold and possibly deny it because they just gave you a card. If 1 is a revolver and 1 is a charge card, it's less likely to cause a problem, but it's best to just wait the week IMHO. There is rarely an HP these days when someone who already has an Amex card applies for another.

To my mind the world's greatest expert on Amex peculiarities is @Anonymous so if @Anonymous enters this conversation and disagrees with me, I defer to him.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Wed, 26 Jun 2019 16:05:57 GMT

@SouthJamaica wrote:
@Anonymous wrote:
@SouthJamaica wrote:
I don't think OP should go for 3 Amex cards at once; they're not going to be granted.

IMHO they should be done 1 at a time, at intervals of 8 days or more. And if they're all revolvers, the total should be 2, not 3.

Does Amex have a rule or something against apping for multiple revolvers at once and/or a rule that you can only possess 2?
No it's just that in my experience, if you apply for 2 within a week, they will put one on hold and possibly deny it because they just gave you a card. If 1 is a revolver and 1 is a charge card, it's less likely to cause a problem, but it's best to just wait the week IMHO. There is rarely an HP these days when someone who already has an Amex card applies for another.

To my mind the world's greatest expert on Amex peculiarities is @Anonymous so if @Anonymous enters this conversation and disagrees with me, I defer to him.

Yup, I agree. One revolver and one charge will usually fly (especially high AF ones) but definitely space out the revolvers. Depending on credit, I would wait 30 days to apply for another

Re: Does your credit score drop immediately after applying for credit?

Revelate — Wed, 26 Jun 2019 16:51:28 GMT

Assuming they are coded correctly auto inquiries have a 30 day grace period just like mortgage ones.

No guaruntee that they will be, and if not they count immediately, but definitely sort the auto loan first vs. any credit card... more important financially.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Wed, 26 Jun 2019 21:33:07 GMT

@SouthJamaica wrote:
@Anonymous wrote:
@SouthJamaica wrote:
I don't think OP should go for 3 Amex cards at once; they're not going to be granted.

IMHO they should be done 1 at a time, at intervals of 8 days or more. And if they're all revolvers, the total should be 2, not 3.

Does Amex have a rule or something against apping for multiple revolvers at once and/or a rule that you can only possess 2?
No it's just that in my experience, if you apply for 2 within a week, they will put one on hold and possibly deny it because they just gave you a card. If 1 is a revolver and 1 is a charge card, it's less likely to cause a problem, but it's best to just wait the week IMHO. There is rarely an HP these days when someone who already has an Amex card applies for another.

To my mind the world's greatest expert on Amex peculiarities is @Anonymous so if @Anonymous enters this conversation and disagrees with me, I defer to him.

I wanted to get the ED, Gold & Platinum. Since its one revolver & 2 charge cards do you guys think I'd run into an issue? @Irish80

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Thu, 27 Jun 2019 01:59:25 GMT

Yesterday I applied for and was approved for the Capital One Platinum. Today I got alerts from CreditKarma, etc. about the new hard enquiry and new vantage scores from TU and EQ that were down about 5 points.

I have no way of getting a FICO score on demand, but we can be pretty sure whatever effect a hard pull has, it's immediate.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Thu, 27 Jun 2019 02:09:20 GMT

@Anonymous wrote:

I have no way of getting a FICO score on demand...

Are you signed up on creditscorecard.com and/or creditscore.com? Both of those will give you an EX Fico 8 score upon signing up and it will update every month from there on out.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Thu, 27 Jun 2019 03:04:31 GMT

@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
@SouthJamaica wrote:
I don't think OP should go for 3 Amex cards at once; they're not going to be granted.

IMHO they should be done 1 at a time, at intervals of 8 days or more. And if they're all revolvers, the total should be 2, not 3.

Does Amex have a rule or something against apping for multiple revolvers at once and/or a rule that you can only possess 2?
No it's just that in my experience, if you apply for 2 within a week, they will put one on hold and possibly deny it because they just gave you a card. If 1 is a revolver and 1 is a charge card, it's less likely to cause a problem, but it's best to just wait the week IMHO. There is rarely an HP these days when someone who already has an Amex card applies for another.

To my mind the world's greatest expert on Amex peculiarities is @Anonymous so if @Anonymous enters this conversation and disagrees with me, I defer to him.

I wanted to get the ED, Gold & Platinum. Since its one revolver & 2 charge cards do you guys think I'd run into an issue? @Irish80

I'd apply for the ED and which charge card you prefer first and then wait 30 days for the 2nd charge card. I don't know your financial situation but even if you were to be approved, getting all 3 at once, requires a lot of spending to meet the bonus requirements. Additionally, you want to make sure you maximize the bonus opportunities so only apply for the cards when you can get 25K MR points for the ED, 50K for the Gold and 100K for the Platinum. Don't apply for them (especially the charge cards) with lower sign up bonuses or you will cost yourself lots of money, potentially $2-3K if you use the points properly.

Re: Does your credit score drop immediately after applying for credit?

Anonymous — Thu, 27 Jun 2019 10:16:28 GMT

@Anonymous wrote:
@Anonymous wrote:

I have no way of getting a FICO score on demand...
Are you signed up on creditscorecard.com and/or creditscore.com? Both of those will give you an EX Fico 8 score upon signing up and it will update every month from there on out.

I'm on creditscorecard, which generates my FICO on the 25th, and get one from AMEX on the 18th, both from Experian. By the time the AMEX generates again I'll have another month of payments, aging, and whatever my statement balances end up being.

I can't sign up on creditscore.com - for some reason Experian products won't match me