Applying multiple cards- effect the FICO

[Anonymous]

Hi All-

I am new to the forum and have landed here to learn more about FICO and how it relates to me.

I am in debt consolidation phase where I am settling my old accounts and disputing the discepancies in my reports. Right now I have two "PAID" negative credit card account (Amex and Discover) with the third collection account from a utility company. The third collection account is in dispute and should be settled soon.

I think meanwhile, I should either get a secured CC or apply for some "low" end credit cards. Somehow I want to keep away from cards like Orchard etc.

My current credit scores are EQ- 620, Exp- 601, TU-?

I was told that if I apply for multiple cards in a span of a week or 2, it will actually hit my score only ONCE. I am not very sure of this concept.

First I am trying to find the good CC options for myself. I have a good standing account with Wells Fargo for past 4-5 yrs. I asked them to give me an unsecured card but they were not sure but asked me to apply for a secured one instead.

If I apply 10-15 card in 1 week, will that hit my score badly? Or will that hit my score only once?

Please help me clarify this concept of the FICO.

Thanks

[Anonymous]

Each time you apply for credit, a hard inquiry is placed on your report(s). Those will drop your score a few points each time. They will stay on your report for 2 years. Fico stops counting them in scoring purposes after a year.

If you have a relationship with a credit union, I would start there.

Bank of America offer's a partially secured card and a fully secured. Either of those will allow you to graduate into a non-secure card usually within 9-12 months so long as the account is kept in good standing.

I am sure other's will chime in with suggestions.

[Anonymous]

The only cases where you can make multiple inquiries and only take a hit for 1 inq in the scoring is for auto or home loan shopping as long as its in a 2 week or so period. If you already have low scores and you app for 15 things you won't be doing yourself any favors. Its not likely many banks would approve you. Why not settle on a good secured card you have a good shot of getting then wait until your scores go up to a point where you can get a prime card that will grow with you.