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How long should I apply for new credit card after my score gone up?

DotaK
Contributor

How long should I apply for new credit card after my score gone up?

How long should I apply for new credit card after my scores gone up? I have paid off all my credit cards and my score's gone up from 660 to 773 yesterday . I am wondering when should I apply for new credit cards? Can someone please tell me? Thanks!

12 REPLIES 12
thornback
Senior Contributor

Re: How long should I apply for new credit card after my score gone up?


@DotaK wrote:

How long should I apply for new credit card after my scores gone up? I have paid off all my credit cards and my score's gone up from 660 to 773 yesterday . I am wondering when should I apply for new credit cards? Can someone please tell me? Thanks!


Congrats on your payoff and score increase! 

 

So long as your paid balances/score increases reflect on all 3 of your reports, you can app whenever you're ready.  If updates are only reflecting on one or two bureaus at the moment, then wait til all 3 are fully updated to ensure the most recent data is retrieved by the lender no matter which bureau they pull.    Enjoy!

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 13
thornback
Senior Contributor

Re: How long should I apply for new credit card after my score gone up?

Also - would you mind sharing (if you know) what your utilization was before your payoff and what it is currently ---   the data points behind the score increase would be interesting to know.  

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 3 of 13
CredTool1
Established Member

Re: How long should I apply for new credit card after my score gone up?

Congrats on the score leap

Message 4 of 13
DotaK
Contributor

Re: How long should I apply for new credit card after my score gone up?

ut rate of 87% and my score was 590, 57% and my score was 630, and 31% my score was 670. and 1% my score is 773 right now. 

7years long credit history with no baddis.

Message 5 of 13
DotaK
Contributor

Re: How long should I apply for new credit card after my score gone up?

it's worth to mention BOA even closed my credit card when I hit 87% ut rate 4 months ago due to high ut reason..

Message 6 of 13
thornback
Senior Contributor

Re: How long should I apply for new credit card after my score gone up?


@DotaK wrote:

ut rate of 87% and my score was 590, 57% and my score was 630, and 31% my score was 670. and 1% my score is 773 right now. 

7years long credit history with no baddis.


This is great - thank you - it's hard sometimes to help folks understand the incredible impact util can have on their scores, so data points like this go a long way. 

 

Congrats again on getting it done!!  (Sorry about the BOA closure tho). 

 

Good luck apping!

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 7 of 13
DotaK
Contributor

How long should I wait to apply for new credit cards?

How long should I wait to apply for new credit cards? I have been applied 5 credit cards and got more than 7 inquiries, and 4 credit cards were denied because of too many inquires. How long should I wait to apply for new credit cards? 3 months or 6 or 12?

Message 8 of 13
Aim_High
Senior Contributor

Re: How long should I wait to apply for new credit cards?


@DotaK wrote:

How long should I wait to apply for new credit cards? I have been applied 5 credit cards and got more than 7 inquiries, and 4 credit cards were denied because of too many inquires. How long should I wait to apply for new credit cards? 3 months or 6 or 12?


If those 5 cards are all new, you probably need to garden for at least 12 months, if not even longer.  How much you can push new accounts depends on the thickness of your credit file, your scores, utilization, income, and debts, but adding 5 is a good bit for most profiles.  If you're looking for a general rule of thumb, I usually tell members that one new account every six months is a good modest credit-seeking pace that won't alarm most creditors.  The farther above that guideline you go, the more likely you'll get denials or lower starting limits.   For future reference, you can save yourself some wasted hard pulls in the future if, after adding many new cards, you begin to get denials.  That is a sign that you're pushing limits and might want to slow down for awhile.  Four denials is a lot of wasted inquiries.  

 

Congrats on your success with the five new cards, however!



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 27 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 9 of 13
KLEXH25
Valued Contributor

Re: How long should I wait to apply for new credit cards?


@DotaK wrote:

How long should I wait to apply for new credit cards? I have been applied 5 credit cards and got more than 7 inquiries, and 4 credit cards were denied because of too many inquires. How long should I wait to apply for new credit cards? 3 months or 6 or 12?


How long ago were those CC applications? Were the 4 denials out of those 5 applications (meaning only one approval)? If the applications were recent, a score increase won't help your chances of approval. It's best to wait at least 6-12 months. 





Message 10 of 13
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