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Applying for 3 card at once

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Raycarv1
Member

Applying for 3 card at once

 hey everyone

 

I am new to Myfico. I current have 3 inquiries from shopping and eventually buying a car in 12/2013. I want to app for AMEX Everyday, Barclay Ring MC, Cap One Quicksilver Visa around the end of december 2014. By then my FICO scores should be around 730 and I would have paid down 30% of my car loan. My only credit card right now is the Cap One quicksilver One with a $3000 CL and a $600 balance. Will make sure balance is $300 or 10% when I app for the above cards. Here's my question? How do the cc companies view app-ing for three cards at once. Is there a better way of doing this?

 

Fico: trans: 710; equifax: 697; Experian: 689

 

Thanx 

Message 1 of 13
12 REPLIES 12
Creditaddict
Legendary Contributor

Re: Applying for 3 card at once


@Raycarv1 wrote:

 hey everyone

 

I am new to Myfico. I current have 3 inquiries from shopping and eventually buying a car in 12/2013. I want to app for AMEX Everyday, Barclay Ring MC, Cap One Quicksilver Visa around the end of december 2014. By then my FICO scores should be around 730 and I would have paid down 30% of my car loan. My only credit card right now is the Cap One quicksilver One with a $3000 CL and a $600 balance. Will make sure balance is $300 or 10% when I app for the above cards. Here's my question? How do the cc companies view app-ing for three cards at once. Is there a better way of doing this?

 

Fico: trans: 710; equifax: 697; Experian: 689

 

Thanx 


I would apply for the Barlcay and Amex now!

your car loan won't have much effect if any on your credit card apps and you frankly need more credit cards and amex will pull EX and barlcay TU so they are perfect 2 to apply for.

Message 2 of 13
BigBS
Senior Contributor

Re: Applying for 3 card at once


@Creditaddict wrote:

@Raycarv1 wrote:

 hey everyone

 

I am new to Myfico. I current have 3 inquiries from shopping and eventually buying a car in 12/2013. I want to app for AMEX Everyday, Barclay Ring MC, Cap One Quicksilver Visa around the end of december 2014. By then my FICO scores should be around 730 and I would have paid down 30% of my car loan. My only credit card right now is the Cap One quicksilver One with a $3000 CL and a $600 balance. Will make sure balance is $300 or 10% when I app for the above cards. Here's my question? How do the cc companies view app-ing for three cards at once. Is there a better way of doing this?

 

Fico: trans: 710; equifax: 697; Experian: 689

 

Thanx 


I would apply for the Barlcay and Amex now!

your car loan won't have much effect if any on your credit card apps and you frankly need more credit cards and amex will pull EX and barlcay TU so they are perfect 2 to apply for.


Agree. 

Score: EQ(809) EX(819) TU(800)
INQs: EQ(7) EX(16) TU(8)
Last INQ: 13 Jul 23

Total Credit Limit - $2.0M

Message 3 of 13
Raycarv1
Member

Re: Applying for 3 cards at once

Thanx to all.

 

According to a few websites the average credit approval score for AMEX Everyday and Barclay Ring is around 730. My scores are not that high. Why risk hard inquiry if I know I dont meet this requirement? Or am I missing something in your recommendation?

 

Thanx

Message 4 of 13
Kenny
Moderator Emeritus

Re: Applying for 3 cards at once


@Raycarv1 wrote:

Thanx to all.

 

According to a few websites the average credit approval score for AMEX Everyday and Barclay Ring is around 730. My scores are not that high. Why risk hard inquiry if I know I dont meet this requirement? Or am I missing something in your recommendation?

 

Thanx


Your score is good enough to get both of these cards. You do not need an 800 score to get an Amex or Ring card..

Message 5 of 13
grinlikechelsea
Established Contributor

Re: Applying for 3 cards at once

Before you apply, how many inquires do you have and what does your overall profile look like?

 

Barclays is INQ sensitive and AmEx is sensitive to recent derogs (or will blacklist you if you have burned them).

 

Edit: I saw the inquiry part, so you should be okay there. Banks tend not to care too much about three apps in one day as long as your profile supports adding three new TLs without it looking like you're financially desperate.


Good luck!

Message 6 of 13
Luscher
Valued Contributor

Re: Applying for 3 cards at once

As long as you don't have any negatives id say apply!
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 7 of 13
C24Webb
Regular Contributor

Re: Applying for 3 cards at once

You're probably good for those cards, as long as there are no negative items as others have said.  What about the Ring will benefit you?  

For the Quicksilver, you should NOT apply for it and instead ask for a PC from the Quicksilver One you already have.

Card/Limit/Opened — Discover it: $27,600 2/14 | Chase Sapphire Preferred: $10,500 7/14 | Banana Republic Visa: $10,000 7/14 | USAA Cash Rewards Visa Signature: $9,000 6/11 | Chase Freedom: $2,000 3/12
History — AAoA: 42 months | Oldest account: 119 months (including AU) | Inquiries: 1 EX 0 EQ 0 TU | Score: 765 (Discover TU) 750 (USAA CreditCheck Monitoring EX FAKO)
Message 8 of 13
Raycarv1
Member

Re: Applying for 3 cards at once

hello all.

thanx for your replies.

Here is a more complete picture of my finances: 15 year credit history. Cap One quicksilvver one: CL $3000, balance $600. Chevron Gas card CL 800, balance $75. One collection from 2008 for $328. Two 90 days late from 2010. Four years of not missing a payment on any acct. Five months into a 3-year car payment. 3 INQ, all within 20 days. (12/2013)

 

You noted that Barclay is INQ sensitivity. Is three too many? And regarding AMEX, would the above derogs be considered "recent?"

 

I would like to apply for the Barclay Ring and the AMEX Everyday, but I don't have to have them right now. I can wait.

 

Do you think the above derogs would make it difficult to get the cards.

 

I am thinking if I wait until my score is around 730 or so, with no INQ , the importance of the derogs when I apply would be minimized. What do you think?

 

Fico: Trans 710; Equifax 695; Experian 690

 

Message 9 of 13
Creditaddict
Legendary Contributor

Re: Applying for 3 cards at once


@Raycarv1 wrote:

hello all.

thanx for your replies.

Here is a more complete picture of my finances: 15 year credit history. Cap One quicksilvver one: CL $3000, balance $600. Chevron Gas card CL 800, balance $75. One collection from 2008 for $328. Two 90 days late from 2010. Four years of not missing a payment on any acct. Five months into a 3-year car payment. 3 INQ, all within 20 days. (12/2013)

 

You noted that Barclay is INQ sensitivity. Is three too many? And regarding AMEX, would the above derogs be considered "recent?"

 

I would like to apply for the Barclay Ring and the AMEX Everyday, but I don't have to have them right now. I can wait.

 

Do you think the above derogs would make it difficult to get the cards.

 

I am thinking if I wait until my score is around 730 or so, with no INQ , the importance of the derogs when I apply would be minimized. What do you think?

 

Fico: Trans 710; Equifax 695; Experian 690

 


1. I think the Ring is a waste... do you not care about rewards? I would get a Barclay Sallie mae before a ring

2. I think you have no point in waiting, even IF you were denied now for whatever reason it wouldn't stop you from reapplying during the current time you are talking about waiting but I don't see the point in waiting at all especially considering how much better the cards are that you are thinking about applying for then what you have.

INQ's are just not that big of a deal, people way over inflate them... and at 3, you are far over inflating them.

again Barclay pulls TU and Amex pulls EX so those are 2 INQ;s but on 2 different reports and you mention 3 INQ's now but on all 3 reports or?

either way, I say who cares and apply now.

Message 10 of 13
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