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Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score

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HeavenOhio
Senior Contributor

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score

Applying for more than one card at once depends on one's profile on the bank's rules. It's possible that @Anonymous's  profile will support this. But because Chase will (eventually and sloppily) deny second and subsequent cards applied for on the same day, apps will have to be staggered. Applying for more than one card at a time isn't an option.

 

What @Anonymous needs to know is how much time is required between Chase apps these days. With that information, he can decide between applying after the minimum waiting period or allowing more time.

 

I like @800FICOGoal's approach. It's a great one-size-fits-all method that should be good for anyone. Sometimes, things can be sped up as long as one's profile is in the right spot and gardening is planned after the apps.

Message 21 of 31
Remedios
Credit Mentor

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score

After my first Chase approval, pre approval for a second card showed up less than a month later.
I applied and was approved, but I think that had more to do with really long banking history.

Now , another month later, there is another prequal which I am not touching.
I think 3-6 months between Chase apps is adequate unless preapproval shows up in your offers sooner.
I was over 5/24 with both CSP and Freedom.
Message 22 of 31
Anonymous
Not applicable

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score


@HeavenOhio wrote:

Applying for more than one card at once depends on one's profile on the bank's rules. It's possible that @Anonymous's  profile will support this. But because Chase will (eventually and sloppily) deny second and subsequent cards applied for on the same day, apps will have to be staggered. Applying for more than one card at a time isn't an option.

 

What @Anonymous needs to know is how much time is required between Chase apps these days. With that information, he can decide between applying after the minimum waiting period or allowing more time.

 

 


This is exactly the information I am looking for. My file is in the best shape right now for this type of app spree which is why i was considering it now. I just need to make sure I choose my cards wisely and I should be set for at least another 3 years before I think about doing anymore apps. 

 

Since we've been discssing this im probably going to time this around when my first HP comes for my new car lease. Then that will start the timer to pick up a few cards over coming months and take a break.

 

@

Message 23 of 31
Remedios
Credit Mentor

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score

Once you are Chase customer, pre approvals may show up in Your Offers section. If the card you want is not there, I dont think it means you'd be denied for it. It's all profile dependent, but give it some time between apps. While Chase is sensitive to new accounts, they are even more sensitive to multiple Chase apps in short period of time.

It may be the best if you establish order of importance, and apply accordingly.

I am still kicking myself for not applying for CSR, and going with CSP instead. Now I have to wait a year for PC. Live and learn, I guess.


Message 24 of 31
FishingGuy
Frequent Contributor

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score

What about if you have a Chase business account for several years....

Can you apply for a Chase Business Card & a Chase Personal Card at the same time with the same hard pull?...... with only 1 or 2 prior inquiries and new accounts in the last 24 months ?   Is that a possibility, or should those be staggered as well?   Also is it an advantage to apply at a branch instead of on-line ?    Please let me know what you think.

Message 25 of 31
Remedios
Credit Mentor

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score

Second app will be denied.
The advantage of applying in the branch is that sometimes they have pre-approvals that may not be in Your Offers.
Message 26 of 31
simplynoir
Community Leader
Mega Contributor

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score


@Remedios wrote:
Second app will be denied.
The advantage of applying in the branch is that sometimes they have pre-approvals that may not be in Your Offers.

Yep, double apps used to be possible but recent changes with Chase has prevented this from being a possibility. You might be able to sneak it through but a review of your approvals will make them close the 2nd account even if it was already approved. Not a good feeling to take a new account hit without even getting the card in your hand.

Message 27 of 31
Anonymous
Not applicable

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score

Personally I think just go for them at one shot. I did and didn't have much of an impact on my score. Now I wasn't as high as you are, so maybe it's all relative. But I don't know that losing 20 points in advance of a new auto lease would drop you tiers. When I got my new car in November they told me that 760 was goal for tier 1 leasing. But I suppose all manufacturers differ.

 

I just think taking all hits at one time makes most sense. Take a scoring hit and let scores go up rather than going every 6 months dropping again and again. And in a year all inq stop hurting your score vs having 2 still reporting. in a year your youngest account is a year rather than one at 0 months and another at 6 months. 

Message 28 of 31
Anonymous
Not applicable

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score



Ok everyone. I just got off the phone with an analyst at chase and have some first hand information for you all. She said you CAN NOT avoid the double HP if you apply for two cards at the same time. So our discussion point about being able to leverage one HP on multiple cards is  moot. I don't know if anyone maybe applied at a branch had a different experience but that's what the agent on the phone told me.

Secondly, she did say she "has seen some cases" where multiple cards were applied concurrently and one get denied too many credit apps. But she qualified that statement with saying if your credit file is good you can ask to have your application reviewed and in most cases they will give you the second card.

 


@Anonymous wrote:

Personally I think just go for them at one shot. I did and didn't have much of an impact on my score. Now I wasn't as high as you are, so maybe it's all relative. But I don't know that losing 20 points in advance of a new auto lease would drop you tiers. When I got my new car in November they told me that 760 was goal for tier 1 leasing. But I suppose all manufacturers differ.

 

I just think taking all hits at one time makes most sense. Take a scoring hit and let scores go up rather than going every 6 months dropping again and again. And in a year all inq stop hurting your score vs having 2 still reporting. in a year your youngest account is a year rather than one at 0 months and another at 6 months. 


Based on the call i just had i think im am inclined to think his is the best course action. I think with my file in the shape its in now there's no way they will look at this my file with under 5% utilization as someone who's desperate for credit. But this CC game if nothing else is unpredictable!

 

Thoughts??

Message 29 of 31
Remedios
Credit Mentor

Re: Applying for 2-3 cards, apply all at once or stagger? What best to mitigate impact to Score


@Anonymous wrote:


Ok everyone. I just got off the phone with an analyst at chase and have some first hand information for you all. She said you CAN NOT avoid the double HP if you apply for two cards at the same time. So our discussion point about being able to leverage one HP on multiple cards is  moot. I don't know if anyone maybe applied at a branch had a different experience but that's what the agent on the phone told me.

Secondly, she did say she "has seen some cases" where multiple cards were applied concurrently and one get denied too many credit apps. But she qualified that statement with saying if your credit file is good you can ask to have your application reviewed and in most cases they will give you the second card.

 


@Anonymous wrote:

Personally I think just go for them at one shot. I did and didn't have much of an impact on my score. Now I wasn't as high as you are, so maybe it's all relative. But I don't know that losing 20 points in advance of a new auto lease would drop you tiers. When I got my new car in November they told me that 760 was goal for tier 1 leasing. But I suppose all manufacturers differ.

 

I just think taking all hits at one time makes most sense. Take a scoring hit and let scores go up rather than going every 6 months dropping again and again. And in a year all inq stop hurting your score vs having 2 still reporting. in a year your youngest account is a year rather than one at 0 months and another at 6 months. 


Based on the call i just had i think im am inclined to think his is the best course action. I think with my file in the shape its in now there's no way they will look at this my file with under 5% utilization as someone who's desperate for credit. But this CC game if nothing else is unpredictable!

 

Thoughts??


Bad idea. 

It seems like this is something you want to do, so just go for it. 

Message 30 of 31
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