Applying for multiple cards in a day?

[DrDG]

Waiting for my baddie to drop off, but once it does, I'm going to start applying for a small number of cards. Once I apply for one and get approved, it is safe to just apply for them in all one day? Do you spread them out? What's the best way to manage this? Does this destroy your CS?

[Skye12329]

It will lower your CS for a short period, Its ok to do them all in one day but only like 3 maybe 4 depending on how thick your profile is 

[DrDG]

For how long would you say? 2-3 months? 5-6 months? Thank you for your help.

[Skye12329]

Well the INQ will hurt for about 1 year on your score, and will fall off after 2 years. INQ dont hurt too much, those are basically a way for lenders to see how desperate you are for credit. Thats why its advised to usually wait between apps, but you can usually get 2 - 4 apps in one day just fine.

Util and Payment history are the 2 biggest factors so as long as you pay your cards on time and keep the balances low your score will be fine.

[takeshi74]

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@DrDG wrote:

Once I apply for one and get approved, it is safe to just apply for them in all one day? Do you spread them out?

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Not sure what you mean by safe.  It really doesn't matter either way.  The HP's report immediately no matter how you go about it.  If by "safe" you mean more likely to get approved that's really a matter of your credit versus whether or not you app on the same day.  Some have strong credit profiles to get multiple cards approved in one day.  Some may only get one approved.  Yet others may not get anything approved.

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@DrDG wrote:

Does this destroy your CS?

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Again, depends on one's credit and how all the usual factors total up.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

For those with thinner profiles they'll probably see a drop from the HP's and hits to AAoA.  Thicker profiles tend to absorb the hits better and change may be negligible.  It is possible in specific situations to see an increase.  Again, it really depends on one's credit and the impact of the new accounts,  One can't rely on a broad, sweeping generalization to apply in all cases.