Re: (Mini) App Spree on a Thin File

Anonymous · ‎10-07-2016

Hey All,

As of right now, I am planning on a mini app spree for the Cap1 Quicksilver and the Chase Freedom in November. I still have a relatively thin file with only 1 year and 2 months of history. Here's a synopsis of my profile so far: I'm a 19 year old college student (so no prequals ) with a true 742TU and a FAKO Equifax of 739 no baddies or lates. I have two inquiries on my file one from August '15 and one from May '16, both resulted in a new card. I have a Discover IT Student card with a $1,000 limit and a JetBlue Barclaycard also with a $1,000 limit. I'd be putting down $16,000 as my income and $50,000 in assets currently held with Chase and Cap1 in savings accounts so I do I have a relationship with both banks which will hopefully work in my favor. Does the triple pull from Capital One count as 3 new inquiries or just one but on each credit bureau? How does that play out with the Chase rule? Should I app for the Chase or Cap1 card first and what do you think my chances are? When I applied for the Barclaycard in May I took a 34 point hit on my TU score and now have worked it up again, should I expect a 68 point drop this time around? Both inquiries are on my TU report if that also makes a difference. Does anyone know which report Chase pulls in NY? Should I just apply for the Quicksilver and hold off on the Freedom or can I get away with apping for both at the same time? Any pointers or advice is much appreciated!

Anonymous · ‎10-07-2016

1. Chase pulls TU and EX

2. Chase 1st

3. I'd wait until Feb so your last account is at least 6m old

4. You have a score with each Bureau meaning pulls from that Bureau only effects your scores for that bureau

While it's good to get your foot in the door with Chase ASAP, they tend to require a hard pull to give you a CLI. I would say to limit your hard pulls to one every 6 months that way at any given point, you only have 4 HP on your report and can apply for a chase card. Get your highest credit limit up so Chase won't start you too low. Alternatively, you can just get the card now, get your other CLs up and then take a hard pull later on and ask them to match your highest trade line. Amex is pretty good with granting decent CLIs every 6 months with a soft pull.

Anonymous · ‎10-07-2016

There is no way you took a 34 point hit for a HP. Don't worry so much about inquries, it's part of the growing pains of building credit. It's a pimple on your butt and the effect goes away at 12 months. Applying for Chase and Cap1 is the way I went at the same time with no issues.

AverageJoesCredit · ‎10-07-2016

Im not positive but i believe recomendation #4 is considered a no no here Donmc ( or at least recomending it).

Anonymous · ‎10-07-2016

#4 should be edited out DONMC.

Anonymous · ‎10-07-2016

I'm all for getting on board with Chase first, however, I am planning to study abroad next semester and it would be nice to have on back up MC/VISA without a FTF that's why I picked the Quicksilver.

bourgogne · ‎10-08-2016

my guess and only a guess is that the chase will be a wasted pull for you and not yeild any sl to write home about. I would do ncfu over chase in your case in a heartbeat. C1 is a solid choice.

Anonymous · ‎10-08-2016

@Anonymous wrote:
There is no way you took a 34 point hit for a HP.

There's no way to know this for sure. On a thin file with a year or so of credit history I would expect such a profile to be more volatile to inquiries. It's also not just the inquiry but the resulting new account and reduction of AAoA that all play into the score drop as well. I agree that on an aged/seasoned profile no one will lose 34 points from a single new account, but that's not the case with the OP.

Anonymous · ‎10-08-2016

Are you an authorized user on any high CL accounts? I was approved for 17k with CSR and only 1 other non-AU credit card with a $1k SL (AU on 3 - NPSL AMEX, $15.1k CL Discover, & $2.4k CL Target). I'm not suggesting apply for CSR, since I don't believe your income is good enough, but, I would think if you're an AU on any higher limit cards, you may get a higher limit with Chase Freedom. Just my thoughts.

joltdude · ‎10-09-2016

@Anonymous wrote:
@Anonymous wrote:
There is no way you took a 34 point hit for a HP.
There's no way to know this for sure. On a thin file with a year or so of credit history I would expect such a profile to be more volatile to inquiries. It's also not just the inquiry but the resulting new account and reduction of AAoA that all play into the score drop as well. I agree that on an aged/seasoned profile no one will lose 34 points from a single new account, but that's not the case with the OP.

After applying for a Freedom card.. I saw something in the ballpark of 30-35 pt hit a month or so after..... It rebounded fast but i had a few tls.. Even with the hit, I applied for another card .... went down but not as much.. ... Took about 3-4 months to rebound .. So yes you can take quite a hit on a thin file.. but as Brutal said, its the new account posting and the AAoA hit which seem to make the hit so big... ... Its not the hit for "just the HP"... but the HPs for the card itself, the new account, and the AAoA