Are simultaneous online apps invisible to each other?

[pdxuser]

I have no credit history. I want three cards and an installment loan to build credit. I'm willing to take three secured Visas and a savings-secured loan if I have to. I was thinking I'd have to space the applications out every 6 months over a period of two years, but what if I just applied for everything within a couple minutes online? That way they wouldn't see each other's pulls, and I'd get whatever starter card each is willing to offer. Would that work? Would I get my accounts closed the next time they do a soft pull?

What if one or more wants to request more documentation? Will they likely continue to work off the original pull, or might they follow up with an additional soft pull after they get my docs?

Also, if I apply for a classic Visa, and the bank (or, in my case, credit union) doesn't feel ready to give me an unsecured card, will they most likely just offer me a secured card right then? Will I have to ask for one? And If I do have to ask for one, will they most likely work off the same initial pull for that request?

Thanks to anyone who can answer even just one of these questions.

Message Edited by pdxuser on 10-22-2008 06:07 AM

[Anonymous]

Inquiries are added to your files almost immediately.  Even if you apply for multiple cards within a few minutes of each other, the later pulls will show the inquiries from the earlier pulls.  Having said that, inquiries are such a small part of the larger picture that you shouldn't let them scare you off from applying for new credit if that's what you want/need to do.  It might be a good idea, however, to plan the order of your apps.  If you are going to app multiple creditors in one day, you should app those who are more sensitive to inquiries before you app the ones who are less inquiry-sensitive.

Some creditors (particularly CUs) do ask for docs before issuing a final approval, and yes, sometimes those creditors follow up with an additional soft (or even an additional hard) pull.  Again, though, for the most part creditors understand that in order to establish credit, you'll need to rack up a few inquiries.  They are not as big a deal as many people make them out to be.

[pdxuser]

Thanks! And what about getting a secured card as a consolation gift after getting declined for a classic Visa, how does that work? Do I have to beg for scraps, or will they be offered to me automatically?

[Anonymous]

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pdxuser wrote:
Thanks! And what about getting a secured card as a consolation gift after getting declined for a classic Visa, how does that work? Do I have to beg for scraps, or will they be offered to me automatically?

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That depends entirely on the creditor.  Most CUs, however, will take a "top-down" approach to your application.  They'll first consider you for the more difficult products and if you don't wualify, they'll move down the list to see if you might qualify for those that are easier to get.  Eventually, they will likely offer you a secured card if it turns out that's all you qualify for.  Big banks don't usually work that way, though.  Generally, they only consider you for whatever product you apply for and don't make counteroffers.