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Apply two cards at once vs apply one at a time

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New Contributor

Apply two cards at once vs apply one at a time

Looking for feedback.  

 

Rebuilding from years of not using credit, FICO scores are now EX 700, TU 705, EQ 695, one collection that will fall off by March 2020.  No inquiries, only AU cards.  Planning to apply for my own cards next month after the newest AU card turns 3 months old.  

 

I have decided on Discover It Miles and Amex BCE.  Discover is showing me pre approvals and Amex is not.  Now I know Discover is normally the most friendly with thin files but I read that it is tightening up quite a bit lately.   So I am thinking to try Amex BCE on the same day, hoping at least one of them comes through.  If both fail, I will wait till after next March to apply again.

 

But is there any significant risk to my plan that I am not aware of, other than having 2 HPs?  

 

 

 

 

 

 

Message 1 of 20
19 REPLIES 19
Super Contributor

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

No there's no major risk. Neither lender gets real sketched about adding multiple accounts at once. Disco will decline a second card for too much seeking in the last 3 months but not a first card. 

I would actually say it would be advantageous since the age factors drop could preclude you from getting approved for the other one for a bit. 



01/2019:
12/2019:

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Goal cards: Cash+, Freedom.
Message 2 of 20
New Contributor

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


@Saeren wrote:

No there's no major risk. Neither lender gets real sketched about adding multiple accounts at once. Disco will decline a second card for too much seeking in the last 3 months but not a first card. 

I would actually say it would be advantageous since the age factors drop could preclude you from getting approved for the other one for a bit. 


Thank you, @Saeren!  Really appreciate your insights.  

Message 3 of 20
Regular Contributor

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

Agreed with the above. Apply for Disco first in the day and use the prequalify section. You may not even get a hard pull if you go through prequalified.
Message 4 of 20
Regular Contributor

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

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.


Message 5 of 20
Established Contributor

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

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.


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 -
11-1-19 -

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
Message 6 of 20
Community Leader
Valued Contributor

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

I don't see a problem. I think you could go in either order honestly. Same day is fine. After that, though, I would use the new card(s) for awhile before going for anything else. Those are two great cards and companies. Good luck!

Discover It: 19.7k
Amex BCE: 18k
Citi DC: 5.7k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 7 of 20
Community Leader
Mega Contributor

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

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
Message 8 of 20
New Contributor

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

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!

Message 9 of 20
New Contributor

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


@The_Asset_Underwriter wrote:
Agreed with the above. Apply for Disco first in the day and use the prequalify section. You may not even get a hard pull if you go through prequalified.

That would be amazing to not get a hard pull.  I didn't realize Discover might do that.  Thank you. 

Message 10 of 20
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