Credit card app'ing

[Anonymous]

I'm rebuilding my credit and have a few cards now with low balances.  I don't think I need to try and app for any new cads at this time but I want to learn more about the app and hard inquiry process.

I believer that when you are buying a house or a car, there is only one hard inquiry per 30 days when you are looking for credit.  a person will be able to shop for cars and / or speak to lenders without multiple hard inquiries dragging down their score.

Do CC's work like this at all?  If I tried to app for 4 different cards in one week in the hopes of one of those apps being approved, would this show as 4 different hard inquiries?

[Ms-Kato]

I like to know this answer myself but I think you

get a hard hit for each app.

I only had one CC app a year ago (denied) and one this week with cap one approve $2000.

So 2 hard inquiries for me in 1 year. I have a kohls card ($300) 0 balance.

I need 1 or 2 more CC's but afraid of being denied and getting the hit.

I wonder if I have 3 windows open for 3 different cards and hit submit at the same time will each

CC company see the other inquiries..hmmmm...anyone know the answer to this ?

[Anonymous]

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@Bluerain wrote:

I like to know this answer myself but I think you

get a hard hit for each app.

I only had one CC app a year ago (denied) and one this week with cap one approve $2000.

So 2 hard inquiries for me in 1 year. I have a kohls card ($300) 0 balance.

I need 1 or 2 more CC's but afraid of being denied and getting the hit.

I wonder if I have 3 windows open for 3 different cards and hit submit at the same time will each

CC company see the other inquiries..hmmmm...anyone know the answer to this ?

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No, the other banks would not see those inquiries. Inqs typically take a few days before they are reported to the Credit Bureaus.

[Ms-Kato]

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@Anonymous wrote:

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@Bluerain wrote:

I like to know this answer myself but I think you

get a hard hit for each app.

I only had one CC app a year ago (denied) and one this week with cap one approve $2000.

So 2 hard inquiries for me in 1 year. I have a kohls card ($300) 0 balance.

I need 1 or 2 more CC's but afraid of being denied and getting the hit.

I wonder if I have 3 windows open for 3 different cards and hit submit at the same time will each

CC company see the other inquiries..hmmmm...anyone know the answer to this ?

---

No, the other banks would not see those inquiries. Inqs typically take a few days before they are reported to the Credit Bureaus.

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Hmmm..good to know ..Thanks !  My Cap One inquiry showed up on EX right away tho...all very interesting.

[MarineVietVet]

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@Anonymous wrote:

I'm rebuilding my credit and have a few cards now with low balances.  I don't think I need to try and app for any new cads at this time but I want to learn more about the app and hard inquiry process.

I believer that when you are buying a house or a car, there is only one hard inquiry per 30 days when you are looking for credit.  a person will be able to shop for cars and / or speak to lenders without multiple hard inquiries dragging down their score.

Do CC's work like this at all?  If I tried to app for 4 different cards in one week in the hopes of one of those apps being approved, would this show as 4 different hard inquiries?

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Unfortunately revolving credit inquiries are not scored the same as "rate shopping" for a car or mortgage. Each inquiry for a different CC will show as a brand new inquiry.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

That's pretty much what I thought.

Thanks everyone for their responses.

So I guess that they thing to do is to sit back and continue to make on-time payments and after 6 months to 1 year try to increase my current car limits or apply for more credit.  The only reason I wish to have more credit is to lower my CC utilization.  If I have a better ratio that helps my score right.

Thanks again for everyone's information -- great board. 

[MarineVietVet]

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@Anonymous wrote:

That's pretty much what I thought.

Thanks everyone for their responses.

So I guess that they thing to do is to sit back and continue to make on-time payments and after 6 months to 1 year try to increase my current car limits or apply for more credit.  The only reason I wish to have more credit is to lower my CC utilization.  If I have a better ratio that helps my score right.

Thanks again for everyone's information -- great board. 

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Just a thought. If you will stop using these cards for a year and pay down the balances then your utilization will also go down without asking for any kind of CLI or applying for new credit. It's not the amount of the credit limits that's important. It's how you manage the limits you have that matters and what is scored.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[CreditMuppet]

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@Anonymous wrote:

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@Bluerain wrote:

I like to know this answer myself but I think you

get a hard hit for each app.

I only had one CC app a year ago (denied) and one this week with cap one approve $2000.

So 2 hard inquiries for me in 1 year. I have a kohls card ($300) 0 balance.

I need 1 or 2 more CC's but afraid of being denied and getting the hit.

I wonder if I have 3 windows open for 3 different cards and hit submit at the same time will each

CC company see the other inquiries..hmmmm...anyone know the answer to this ?

---

No, the other banks would not see those inquiries. Inqs typically take a few days before they are reported to the Credit Bureaus.

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Actually that is not correct, inquries are in fact instant and do not 'report' they are instantanous when you hit that submit button and your report is pulled.  If lenders are pulling different CRA's then they may not see other inquries, its the actual reporting of the account which is NOT reported immediately.

Also with regard to browsers, opening multiple or different browsers doesnt make any difference, the browser has nothing to do with how the app is submitted.  Some people will try to tell you that it will give you a better chance of approval however that is not the case, the form POSTS to the server the same regardless of the browser or timing of it, just FYI

[Anonymous]

Just a thought. If you will stop using these cards for a year and pay down the balances then your utilization will also go down without asking for any kind of CLI or applying for new credit. It's not the amount of the credit limits that's important. It's how you manage the limits you have that matters and what is scored.

That's a good point.  I usually pay the balance in full each month but my limits are pretty low, $750 on each card, so if I do carry a balance at all it eats up a chunk of of the utilization.

Does having more credit and/or higher limits that you don't use have any affect on positive FICO scores?

Is a zero balance on a $750 limit card the same as a zero balance on a $5000 card?  I guess my question is: does available credit limits factor into FICO in any other manner besides the utilization ratio?  Can I get a high credit score with lowly $750 balances?  I know that as the FICO goes up, the credit limits will probably follow, is it just a waiting game?

[Ms-Kato]

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@Anonymous wrote:

That's pretty much what I thought.

Thanks everyone for their responses.

So I guess that they thing to do is to sit back and continue to make on-time payments and after 6 months to 1 year try to increase my current car limits or apply for more credit.  The only reason I wish to have more credit is to lower my CC utilization.  If I have a better ratio that helps my score right.

Thanks again for everyone's information -- great board. 

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Yes it does help with CC utilization and that's what I'm trying to do. One of the negatives on my report says I have no major CC's.

Hey does anyone know if Cap One is considered a major CC..it wasn't on the list of the ones they mentioned.I also didn't have

the Cap one listed on report because it's brand new and haven't even recieved it yet.

Rhanks