Currently, I have 18 INQs on my records -- 1 each from this month, 2 each from last month, 2 each from July '17 and 2 others on EX from September & November '17. Oh, and the car on EQ from summer '16. Last month's spree netted a CSP, Discover IT, Barclay Ring & Amex BCE. I had 3 cards before the spree, and expect to close one shortly.
Assuming that my scores crest 750 by August or September, might I be able to successfully apply to Cap One, or am I out of the running for a year ... or two?
The only card remaining in my sights is the Quicksilver. And might it help if I opened a Cap One bank account?
Any & all insight welcome.
The time needed is totally depended on the lender. Some of them are sensitive. While others are oblivious to new accounts and want the CC swipes a good potential customer brings.
Capitol One was once oblivious. What I've seen recently is they're more adverse to new accounts. Your INQs aren't bad.
Capitol One was once oblivious. What I've seen recently is they're more adverse to new accounts. Your INQs aren't bad.
@Anonymous wrote:
Income likely plays a factor in overlooking inquires and new accounts.
More specifically, have any of your the inquires from the last two months reported as new accounts yet?
Income is comfortably north of 100K -- not enough to override recent INQs, but perhaps enough to hasten future eligibility.
Scores as in my sig (EX was 6 points higher, it dropped after the pull).
Two of the four new accounts (Discover & Barclay) are reporting.
Also, my mortgage refi just reported. Certainly, I can see how the recent flurry of activity would spook an issuer -- mostly I'm interested in knowledgeable guesstimates of when I might get back on the horse (6 / 12 / 18 / 24 months).
Income has almost zero to do with approvals in most cases. New accounts not INQs is the app killer. 90 days should be fine if you're a bit impatient like me. lol
6 months would probably be best. Though I've never went quite that long between apps.
6 months would probably be best. Though I've never went quite that long between apps.
@Anonymous wrote:
I agree that I’d likely wait 90 days before applying. I also think new accounts matter more than inquiries. However, there’s no way income doesn’t matter in the approval equation.
As always, YMMV. I’d advise waiting a bit.
These are my data points for my cold app Venture approval in December:
Double Pull
Scores were the same as my Nov 2017 scores in my signature. Though I think they pulled Bankcard 2 which was 700.
AAoA:
7yr11mo
Inquiries:
EX - 9 (3 IQ in the previous 60 days)
TU - 8 (2 IQ in the previous 60 days)
Last Opened Account (All Reporting at time of application.):
BoA Premium Rewards - October -
Discover it- October
Barclaycard Red Aviator - October
Oh it matters, it's more about the debt to income than the income with most of the ones I've dealt with. It matters more on CLIs than the initial app. I've seen folks given $1000 SLs around here with $400,000 a year incomes. That's why I said it doesn't matter..at least within reason. lol