@Drifter73 wrote:In my opinion, it may primarily be the big lenders, established globally in their brand. Or even some of the private and select clubs with strict membership requirements and tax brackets to remain qualified.
I had 4 in a 3 day window approved and no declines. (6 in 3 mo.s)
My score took a 100+ point hit for a couple months, but is now starting to springboard back.
I won't be doing it again though. I just needed a reasonable total limit for basic spending to get started and have more frequent cli intervals. Part of the rapid start plan.
Now I'm on the 1 every 6 mo. Plan.
At any rate, I can verify at least 4 approvals, no declines, and no closed credit lines as a result of it.
No disrespect intented here at all and I apologize in advance if it comes across that way. But this IMO is actually a bad example and comparing apples to oranges really. The 4 cards you talke about getting in your 3 day window are simply basic starter cards that just about anyone with a basic FICO score who is breathing can get. Plus it's 3 store cards and only 1 Visa card with that one again being a gimme card for just about anyone. They also have very, very low basic SL. Matter of fact because of those low SL over 70% your entire portfolio credit limits is tied up in a single big box store card.
(5/21) Capital 1 Walmart MC = CL $750 - SL $500 - 2%cb
(12/21) MissionLane V = CL $1000 - 1.5%cb
(10/21) Oportun V = CL $1000 - SL $500 - af $29
(9/21) Petal 1 V = CL $500
(9/21) CareCredit = CL $500
(9/21) Target = CL $400 - 5%cb
(9/21) Macy's = CL $5800 - SL $800 - 5%cb
I would argue that that 3 day 4 card app spree that resulted in 4 cards with terrible SL actually hurt you and thus that 100 point FICO score drop. NOW I'm not saying that using these cards, albeit spread out over a period of time between apps isn't the way to go to get back on track or build a starter credit profile, because apped proeprly it is the way to start. But to use this example telling folks to app for 4 cards in 3 days it will be okay is like I said apples to oranges in the big picture and discussion.
@bigseegar wrote:
@Drifter73 wrote:In my opinion, it may primarily be the big lenders, established globally in their brand. Or even some of the private and select clubs with strict membership requirements and tax brackets to remain qualified.
I had 4 in a 3 day window approved and no declines. (6 in 3 mo.s)
My score took a 100+ point hit for a couple months, but is now starting to springboard back.
I won't be doing it again though. I just needed a reasonable total limit for basic spending to get started and have more frequent cli intervals. Part of the rapid start plan.
Now I'm on the 1 every 6 mo. Plan.
At any rate, I can verify at least 4 approvals, no declines, and no closed credit lines as a result of it.
No disrespect intented here at all and I apologize in advance if it comes across that way. But this IMO is actually a bad example and comparing apples to oranges really. The 4 cards you talke about getting in your 3 day window are simply basic starter cards that just about anyone with a basic FICO score who is breathing can get. Plus it's 3 store cards and only 1 Visa card with that one again being a gimme card for just about anyone. They also have very, very low basic SL. Matter of fact because of those low SL over 70% your entire portfolio credit limits is tied up in a single big box store card.
(5/21) Capital 1 Walmart MC = CL $750 - SL $500 - 2%cb
(12/21) MissionLane V = CL $1000 - 1.5%cb
(10/21) Oportun V = CL $1000 - SL $500 - af $29
(9/21) Petal 1 V = CL $500
(9/21) CareCredit = CL $500
(9/21) Target = CL $400 - 5%cb
(9/21) Macy's = CL $5800 - SL $800 - 5%cb
I would argue that that 3 day 4 card app spree that resulted in 4 cards with terrible SL actually hurt you and thus that 100 point FICO score drop. NOW I'm not saying that using these cards, albeit spread out over a period of time between apps isn't the way to go to get back on track or build a starter credit profile, because apped proeprly it is the way to start. But to use this example telling folks to app for 4 cards in 3 days it will be okay is like I said apples to oranges in the big picture and discussion.
Wow...
I was simply sharing data points regarding my personal experience with multiple apps in a 1 week time span, as requested by the thread starter.
It sounded like they wanted a variety of data points to compare to give them a better picture of impact.
Unfortunately, I'm the only one that shared data points so far, which may have seemed to you that I was recommending what I did as ok for all profile types.
That was not my intention. I made it clear, i thought, that I would never do it again and that it was simply to build a faster starter foundation after my credit started over 25 years later as no credit history.
You may have missed some of conversation in this thread.
Hopefully others will share their profile type and experience with multiple apps in a week so the thread stater has more to look at than just mine.
Care to share your multiple app experience and profile type so the thread starter has more to analyze?
If having a limited file/profile like mine prohibits me from sharing my experiences and data points on this forum, I'll stop. As I dont want to violate any rules or mislead anyone.
I think I've been very transparent though, as to avoid misleading anyone.
Have a good day.
As many as you can get approved for.
In all seriousness, I wouldn't apply for more than one per month if it were me. I just ended an app spree with 3 cards in the past few months, but I won't be applying for anything else for at least a year. Fortunately, there's nothing else on the market that I'm interested in right now.
You can apply for hundreds of cards on the same day.
The further down the chain you get, the less likely, although not unlikely you are to get approved.
Each application will hinder your report.
However if for example you have 100 Inquiries, 1 inquiery is likely not to result in a drop in your credit score.
Take a look at my siggy for my 3 years of credit building.
I started December 2020 with no credit at all.
I have over 200k in unsecured personal credit card and have never had an adverse reaction from a lender. (Fingers crossed)
I have about 33 credit cards, and was recently approved for an alliant credit card, BECU and AFFINITY that I did not update in my siggy yet.
All within a 3 month window.
There have been times where I've applied for 5-8 credit cards in a single day (take a look at jan 2020. I got 5 cards I believe at once.
Its a yolo mentality imo.
Don't lie on your credit card application for your income.
If a company closes a card, I've got 29 others.
As long as you're never late and always on time you shouldn't have issues scaling your credit within a matter if months.
Follow the general rules posted on myfico and don't be scared to ask.
For example, don't have over ~80-100k in syncrony limits to avoid shut downs.
Dont go over 30k on amex to avoid an income verification you can't prove.
Discover has been cracking down on incoem verification recently too.
Citi doesnt like a lot of inquiries in recent months.
List goes on. Do your research before applying to each creditor, and in some cases just go for it if you're unsure.
@OroroMunroe wrote:
@Drifter73 wrote:
@OroroMunroe wrote:Thank you for your reply! Wow! When did your score take the 100 points hit? Was it inquiries or when the new accounts were added to your report?
70+ points on the intial HPs and 40+ points after accounts added.
Each hp took more points than the previous. It was something like 5, 12, 21, 32.
Same with the adding of accounts points.
It generally takes up to 3 mo.s to recover from a hp, but I apped again the next month and then 2 months after that.
9/21 = 4 - 10/21 = 1 - 12/21 = 1 - Total = 6 in 3 months
So it took me longer to start recovering.
Now that I have a usable foundation, I'm growing in 6 month intervals for each single app and being more refined in what card I choose so I can get the maximum benefits from my portfolio/file moving forward.
Thanks for sharing! I wonder if the number of points a score loses is also profile dependent?
Yes, it is. There are multiple scorecards you can be on depending on profile. People on a dirty scorecard will lose less points for an app than someone on a clean scorecard.
