How soon do I apply for another credit card so it won't count?

[Anonymous]

Hello, I hope you all are doing well today!

I just applied for my second credit card. I know that if you apply within a certain time it only counts as one hard inquiry on your account. What's the timeframe on that though? Like if I got the credit card today, can I apply for the other one today too? 

Just wasn't sure on the timeframe.

Thanks and I hope you're doing well!

[FireMedic1]

That only counts for things like car shopping and looking to buy a home. Credit cards? survey says. Not! How far apart are your last 2 HP's for CC'S?

[Anonymous]

Some companies are reported to issue two cards with one pull though such as Amex.

[Anonymous]

There's no one-size-fits-all answer for this question.  You will have to be more specific.  Which creditor are you seeking multiple credit cards from?  What is your goal time frame?  Your answers will probably create more questions, but that is just to help get you the information you have requested - if possible.

Generally speaking each application you make is going to result in a Hard pull on at least one credit bureau report.  There are exceptions.  Some banks will use one pull and have business rules for that.  For instance.  AMEX hard-pulled my credit once back in 2017.  They have soft-pulled my credit on everything since.  I've read that PenFed will use the same pull if you apply for multiple products at the time you open your account.  I'm not the right person to address PenFed.  NFCU says they try to use the same pull within 30 days, but if you sneeze during the phone call that will cost you a hard pull.

[Anonymous]

@FireMedic1 In some of the new FICO scoring models, it can only count as one application. 

https://www.experian.com/blogs/ask-experian/apply-two-credit-cards-month-will-affect-credit-score-tw...

I applied to Discover in 2017. It's the only credit card I have. My credit score is 784.

@ehomeyjr I'm looking at the Chase Freedom card and the CITI Double Cash Back card. I don't really have a goal time frame. Was just wondering what the time frame was for the applications to only count as one inquiry. 

[SBR249]

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@Anonymous wrote:

@FireMedic1 In some of the new FICO scoring models, it can only count as one application. 

https://www.experian.com/blogs/ask-experian/apply-two-credit-cards-month-will-affect-credit-score-twice/

I applied to Discover in 2017. It's the only credit card I have. My credit score is 784.

@ehomeyjr I'm looking at the Chase Freedom card and the CITI Double Cash Back card. I don't really have a goal time frame. Was just wondering what the time frame was for the applications to only count as one inquiry. 

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While multiple HPs in a short period may not have an additive effect on your FICO score in some models they will definitely still show up on your CRs and lenders will definitely still see them. The credit score is not the only underwriting criteria that lenders look at and inquiry sensitive lenders will continue to be inquiry sensitive even if your scores are excellent. 

There are few factors that you haven't considered:

1. Different lenders may pull different credit bureaux. So if Chase double pulls TU and EX and Citi pulls EQ like they did to me last year then that's 1 HP per CR. Since each bureau will calculate your FICO based on their own data, each of your scores will factor in only 1 HP anyway. 

2. Pulls at different bureaux do not affect each other in terms of your score. But if a lender pulls multiple reports, then they may have different ways of looking at your inqs across different CRs that do not depend on FICO models or scores. There's no way to minimize the impact of HPs in that scenario. 

3. Finally, CC lenders in general do not consider multiple pulls from different CC issuers to have diminishing marginal effect. Every hard pull is a separate application for credit (with the exception of lenders that pull multiple bureaux) and may result in a new tradeline. This makes these HPs different from HPs that you incur as a result of rate shopping an auto loan or a mortgage. You aren't buying 5 new cars or houses, which is why those rate shopping inqs are usually counted as one. But 5 HPs from CC lenders may very well be 5 new cards and some lenders will balk at that. 

[Anonymous]

If you only have two cards, one being very recent. I wouldn't even be worried about a HP. It's people who app every month that have to watch those things. Especially several within the last 3-6 months. How many HP are on your CR?

IMO, Amex might be a good fit for you. Your file might still be too thin and new for Chase, but at least you seem to be under 5/24. 

Citi who knows. 

You also might consider a local CU or bank to app with.