With Chase it's 5/24 on opened accounts not inquiries so as long as you meet that parameter you should be OK to apply. No clue if they will approve though
@AverageJoesCredit wrote:With Chase it's 5/24 on opened accounts not inquiries so as long as you meet that parameter you should be OK to apply. No clue if they will approve though
Thanks, I just need to know more about Elan then.
@Swatch wrote:I want to apply at (a credit union which uses) Elan, but also not ruin my chances at a Chase card. In my area they both would pull EX.
Am I calculating this correctly? I'm putting my dates below. I think that in July, I would be at 0/6 2/12 new accts and 0/6 3/12 INQ?
EX new accts (not counting new student loans that are deferred) opened 6/21, 8/21, 12/21
EX INQ 5/21, 5/21, 6/21, 9/21, 11/21, 12/21
Could I apply for Elan sooner, or should I wait until July? I believe I read that they are ok with 3/12.
If I apply for Elan, whether or not I get it, then would I be able to safely apply for Chase in Sept or Oct?
Also what if I had one or two more EX INQ in the coming months (for a different bank for business purposes), would I need to wait much longer for Elan and/or Chase?
I agree that it's better to wait until >at least< July, @Swatch. But I noticed something and think you may have a misunderstanding and provided us incomplete information. For one thing, you didn't provide us with your current FICO. The student loan debt catches my eye too; how large a debt is this, do you have other revolving debt from mortgages or auto loans, and what is your monthly Debt-to-Income ratio? You mentioned in another recent post about being disabled, so I'm wondering if income could come into play, regardless of FICO. Also, what other cards do you have, how old are they, and what are the limits? All these overall profile factors could be very important, especially in your situation with recent new accounts. Elan/US Bank usually sets a fairly high hurdle for recent new accounts. While Elan has appeared to be a little more lenient, keep in mind that approvals will be profile-specific and not just based on new accounts or inquiries. You can't just assume they are always okay with 3/12. It depends.
Also, you mentioned "EX new accounts" in reference to Chase's 5/24. Chase sometimes pulls both EX and EQ, depending on credit profile and prior Chase relationship. If your answers to the above questions put you more in a marginal-approval status, they could easily pull both. To be safe, I'd make sure to include *ALL* your personal accounts within the past 24 months when calculating 5/24 status. (Business accounts normally will not report to your personal report.)
As for the inquiries, waiting until three of them age just barely outside of 12 months may not be enough. While 12 months is where inquiries are no longer "scorable" by FICO, lenders are aware of your new credit-seeking behavior in the 12-24 month time-frame as well. And those inquiries will still be reporting for the full 24 months. You'll still be 6/14 in July and depending on the strength of your overall credit profile, that may be considered a lot, assuming all those were new accounts.
Bottom line is I see some possible reasons to wait longer than July. Exactly how long depends on the additional information above.
