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Apply two cards at once vs apply one at a time

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Re: Apply two cards at once vs apply one at a time


@creds wrote:

if you wait to app til after the thing drops off you might have a better chance of approval or a higher limit. it's fine if you add 2 cards at once but it will look slightly more risky to fico. they expect you to add no more than 1 card every 6mo.

 

fico is a prediction of future behavior based on past behavior. everything you did for the past 2yrs is what decides your current score. the choices you make add up and can hurt your score. doing something that looks risky doesn't always mean your score will instantly drop, it just reduces the points you can gain and slows your progress. it's possible to become stuck and not able to get a higher score, since the score ranges are mapped to risk groups. they don't want a risky dude to have an 850 score.


That is a really good point and something I didn't know before.  To be capped for future gain without knowing.  I suppose certain changes in the file do not change the score immidiately but add a ceiling or remove a floor.  Very interesting.  

 

I am not too worried about credit limit but would like to get in first.  

Message 11 of 20
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Re: Apply two cards at once vs apply one at a time


@spiritcraft1 wrote:

I have a different take.  I would get a couple cards in your name asap.  Unless your AU cards are from a significant other or someone you know will not be carrying a big balance, even temporarily you are pretty much stuck.  And when that Derog falls off next year, you want to have a couple cards of your own so that next card is not your first card ever.


Very true.  Lucky for me the AU cards are from family members who are very trustworthy but still they are not my own.   I read on Experian.com that having 5 cards is considered not having a thin file but I do not know if AU cards count.  I am working towards that.  

Message 12 of 20
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Re: Apply two cards at once vs apply one at a time


@Remedios wrote:
I've seen one or two isolated approvals by Amex based solely on AU accounts.
I really would not hold my breath there, especially because the only thing on your CR truly belonging to you is a collection.
Discover, even with prequal can go either way.
Start with them. If you get approved, great.
If not, even your own secured card is better than only AU accounts because those scores and payment history are really not yours.
AU accounts are great for artificially inflating AAoA and utilization padding (if algorithm takes them into consideration).
They are very iffy for everything else.

Good luck and I hope it works out for you

Thank you, @Remedios!  

 

And you know exactly my concern.  Right now the profile is entirely held up by AU cards.  Without them, the FICO scores would plunge below 600 immediately.   Other than a collection that reports monthly and 3 recently added AU cards my credit reports have not had any activities in 7 years.  

 

It is unfortunate that Discover is starting to tighten lately and I have read on here quite a few people who have pre quals but still get denied.  But still there does not seem to be a better starting point.  I will try my luck next month and report back.  

Message 13 of 20
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Re: Apply two cards at once vs apply one at a time


@Tibby wrote:

I mean either way is not going to make a huge difference, get a card, use it for a bit, get another card. If you're worried about HP's and don't want to waste one, go for the Disco as that seems like a slam dunk with the prequal. Use it for a few months and than try for the Amex. If you don't care about HP's than app for both.

 

If I may make a suggestion, if you have the ability to get in with NFCU, I would start with them. They're very generous to thin files and people who are rebuilding!


Thank you for the suggestion.  I do not have a path to get in with NFCU.  I have looked into other credit unions but have not found anything that stood out.  

Message 14 of 20
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Moderator

Re: Apply two cards at once vs apply one at a time


@eastsea wrote:

@Remedios wrote:
I've seen one or two isolated approvals by Amex based solely on AU accounts.
I really would not hold my breath there, especially because the only thing on your CR truly belonging to you is a collection.
Discover, even with prequal can go either way.
Start with them. If you get approved, great.
If not, even your own secured card is better than only AU accounts because those scores and payment history are really not yours.
AU accounts are great for artificially inflating AAoA and utilization padding (if algorithm takes them into consideration).
They are very iffy for everything else.

Good luck and I hope it works out for you

Thank you, @Remedios!  

 

And you know exactly my concern.  Right now the profile is entirely held up by AU cards.  Without them, the FICO scores would plunge below 600 immediately.   Other than a collection that reports monthly and 3 recently added AU cards my credit reports have not had any activities in 7 years.  

 

It is unfortunate that Discover is starting to tighten lately and I have read on here quite a few people who have pre quals but still get denied.  But still there does not seem to be a better starting point.  I will try my luck next month and report back.  


Start with them or become a member of local credit union. They usually have starter cards. Limits may be on low end, but you just need to get started with your own accounts. After that, it's only going to be matter of being patient. 

Also, dont go cray cray with AU accounts. When applying for other cards, date you were added is visible to a lender regardless of account opening date, so you may exceed the number of cards they are willing to tolerate in any given time period. 

In a nutshell, don't shoot yourself in the foot. 

Starting is hard and until you build some payment history of your own, approvals wont be stellar. It will happen, though. 

If Disco or CU go for it, that's a good thing. If they dont, grab a secured card and start building. 

In your case, getting an account of your own is the most important thing. 

Message 15 of 20
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Established Contributor

Re: Apply two cards at once vs apply one at a time

I think they mean your own cards.  It would seem you could bet a couple decent cards right now.  A local CU might work as well!




Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = Very Low 400's
8-1-18 -
12-24-18 -
12-1-19 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, FuelMan .8K, Citi Tractor Supply Rev .8k, Builder Pro 5.4K, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG | AMEX Biz Gold NPSL
Message 16 of 20
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Valued Contributor

Re: Apply two cards at once vs apply one at a time

I would do as others suggested. 

look into a CU. 

DISCOVER 

also, check Capital One prequals. If somehow a QS is available, I would nab it. 

Message 17 of 20
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Super Contributor

Re: Apply two cards at once vs apply one at a time

Pick any of the cards suggeted here

Ready  .....

Aim .....

Fire ......

 

Repeat again if necesary

 

Good luck




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>01/2020 CCT EX 832 TU 848 EQ 842
It's just a jump to the left
And then a step to the right
Put your hands on your hips
You bring your knees in tight
But it's the pelvic thrust that really drives you insane
Let's do the Time Warp again!
Let's do the Time Warp again!

Message 18 of 20
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Valued Contributor

Re: Apply two cards at once vs apply one at a time


@Meanmchine wrote:

Pick any of thecards suggeted here

Ready  .....

Aim .....

Fiire ......

 

Repeat again if necesary

 

Good luck


+++++++++++++infinity+++++++++++

500K+ TCL / 800+ FCOs
Message 19 of 20
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Senior Contributor

Re: Apply two cards at once vs apply one at a time

As suggested up thread, the recommendation would be to wait for the derogatory to be removed from your credit report before applying. You'll have a clean scorecard if no other derogatory or delinquency present. Hopefully, it'll improve your odds at approval.

Ask for EE Early Exclusion from these bureaus:
TU 6 months early
EX 3 months early
EQ 1 month early. I would not recommended EE. Let it fall off naturally.
Message 20 of 20
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