We bought a new car last month, so I got quite a few HPs from banks and the dealership. Prior to that, I dont have any HP for 2 years. I feel that its all worth it since we got a good deal for the car.
Then, I went on a app spree and took in more HP. I got 15 on EQ, 2 on TU, and 7 on EX alltogether. I got 2 cards with 0% APR on both purchases and BT for 12 months. So, I plan to garden until next year. And these cards help my DH score too as he is AU.
As others have said, you will need to weight the benefits and decide for yourself
Then, I went on a app spree and took in more HP. I got 15 on EQ, 2 on TU, and 7 on EX alltogether. I got 2 cards with 0% APR on both purchases and BT for 12 months. So, I plan to garden until next year. And these cards help my DH score too as he is AU.
As others have said, you will need to weight the benefits and decide for yourself
@Dw4250 wrote:
@NoAnchoviesPlease wrote:I want to keep it to around 3/year per CRA. Ultimately if it's a card I have a use for, or could have more of a use for, I'll take a hit.
The only wasted ones are the ones that don't stand much of a chance of helping. And ultimately, like acne, they go away. So don't skip prom because of a hard pull.
+1
HP's are precious so should not be used unwisely. I am a big believer that while there is no definitive 'good' or 'bad' number of HP, it is important to use them strategically. In my case, I recently did a major app spree that cost me 7 INQ on TU; 5 on EX and 1 on EQ. I took a pretty big INQ hit, but was able to net most of the cards in my sig and went from $500 in unsecured credit to more than $35K in available credit. So to me, the HPs were worth it.
Having said that, I would not recommend this strategy for everyone. For me, the app spree was a once in a lifetime deal. I was in a good place in my life where I could afford to take the temporary INQ/TL hit. I bought a new car prior to the spree, and plan to stay in my current home for at least another year. Therefore I have no plans to apply for anything major for at least 12-15 months. And once my scores recover, I will actually be in a stronger overall position credit wise.
Bottom line if it's a card you really want/need, then I say go for it and take the HP. However, you must always keep in mind there may be something truly important you want to app for (i.e. car loan or a new/refi mortgage), and that should come before any credit card app. It would be a shame to get a denial/less than favorable terms on a mortgage because you needlessly burned through HP's...
2-3 HP per year per report seems like a reasonable number to me.
I would say this closely resembles my strategy. I think there is value in apping for your core cards/limits at one time, especially if there isn't a major purchase coming into play in the future.
