Spread out applications or do all at once?

[Repairman]

I have inquiries on my cr from Capital One from July 2014 and was going to wait until July 2015 to apply for a Discover Card.

I currently have a Quicksilver card and want additional cards to boost my available credit/accounts in Good Standing. I prequalified for a Venture One card on Cap 1's site and want to go for it.

Question is, should I apply for the Venture One card now and wait until July, as planned, to apply for the Discover? Or will I fare better waiting until July to apply for them both at the same time? Or, even apply for them both now?

By the way, I also plan on applying for an AMEX some time after August. Is it best to have a bunch of inquiries at once, or to space them out within a few months of each other?

[Anonymous]

That's really just personal preference. I have applied for all my cards in spurts.  So they'll age off in groups. 

But I'd say we need more info for your Discover app

[Repairman]

I guess I'm wondering if either option will have less impact on lowering your credit score.

[Anonymous]

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@Repairman wrote:

I guess I'm wondering if either option will have less impact on lowering your credit score.

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In the short term, apping all at once will likely lower your scores - although that might be offset by the increase in your trade lines. In the long term, it won't matter. My personal preference is multiple apps so the inquires age off at the same time.

[NRB525]

OP, you don't list all your cards, unless it is only the QS.

If that is the case, I would go ahead and get the Venture One now.

In July when your 2014 HP are a year, then go for the Discover

And August or later, go for the AMEX.

The April 2015 HP will have faded a bunch by then, you will probably do well with the Venture right now, and that will add a few months to your file with 2 cards as you plan for the July and August or later apps.

I prefer to think through the apps I do, and just do one at a time. Partly that's to get cards I think I'll use, partly to keep the bonus spend under control, and also to get to know the individual card better as I work with it and see how the rewards / points work. I also have so many cards that I close cards with the same thought process: If it isn't going to work, I close it to make room for another card.

[Anonymous]

I like to app several cards "Sprees" at a tme because it saves me money and gives me higher credit limits.

[NRB525]

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@Anonymous wrote:

I like to app several cards "Sprees" at a tme because it saves me money and gives me higher credit limits.

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How does it save you money?

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

I like to app several cards "Sprees" at a tme because it saves me money and gives me higher credit limits.

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How does it save you money?

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You get better rates / APR's.

For example, let's say I app for 5 cards.

APP SPREE 5 IN 1 DAY

If you app in sprees before the left hand knows what the right hand did, you only take a HP hit ... if it's even from the same bureau or else you don't take any hit at all.  Your score doesn't suffer or drop between apps 1-5 and you still get the best possible rate for your credit score.  Your App #1 FICO is essentially the same as your App #5 FICO give or take a few inquiry hits if grabbed from the same bureau (I try to app from different bureaus in my 1 day spree so no HP hit)

APP ONE AT A TIME OVER 5 MONTHS

If you app one at a time, your credit score is highest on App #1.  Next month you App #2, your score will be lower from the prior month because App#1 would have reported and you get Inquiry and new account score loss.  #3 gets progressively worse as you suffer from #1 and #2.  By the time App #5 rolls around in the 5th month, you are suffering the full effects of new account helll .... inquiries AND new accounts.  Your App#5 score could be 30 points lower than your score at App #1 because all 4 new tradelines have reported....thus making you a higher risk and landing you a higher APR...costing you more money.  

[Anonymous]

great advice, creditflunky! will keep that in mind

[Anonymous]

It is really up to you.  I waited 6 months & apped for the Venture.  And after apping for 10 at once, I would rather do them one at a time.  My score plummeted almost 60 points from the 10 & 2 points from my recent Venture.