Approved for multiple cards, effect on credit?

[Anonymous]

Hi, i'm new here, so apologies if this is in the wrong section.

Today, I applied for an Amazon Store Card, Barclay card and Capital One Platinum card. I was (to my surprise) approved for all of them. 

The question is, did I apply for too many on one day? Should I keep going? I've been rebuilding my credit for a while. Started at 500 or so and now up to 667TU. 

I was approved for $1.5k at Amazon, $2k at Barclay and $3k at Capital One. 

I know initially this will affect my credit score in a negative way. Right? Did I over do it by applying for too many cards too soon? 

Total noob here! Thanks!

[Country_Feller]

First off, congrats on the approvals and welcome to MyFico!! I am fairly new at this also and I don't know what you have on your CR, how many inq., how old your oldest CL is, etc etc but I would enjoy them and let them age unless you have some kind of goal you're shooting for. As for myself I have racked up to many inq. and also lowered my AAOA by applying and getting approved for a lot of the cards I have basically because I wanted to see if I could get the card, not because I needed it. I am now trying my best to let everything age and grow. If I had it to do over I probably wouldn't have applied for half of the cards I have. Good luck to you on whatever you decide to do.

[Anonymous]

Thank you!

I guess that makes sense. 

Well, that last time I ran an inquiriy was to buy my truck. 5/22/14 was the last inquiriy. And another auto loan inquiry the year before, but thats it. These are the onyl inquiries I have made in a long time and I was approved for all three. 

As far as other accounts go, I have another Capital One at $300CL, Citi $4,200 CL (Authorized User), Cahse $6,500CL (Authorized User) and another Barclay card. All paid off, $0 balances.

I stopped myself from gettting more. My instincts told me it was a bad idea, so I listened. 

Do you think that these 3 inquiries will be looked at as "desperate for credit" ? 

Thank you so much for your time!

[TuffTurkey]

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@Anonymous wrote:

Thank you!

I guess that makes sense. 

Well, that last time I ran an inquiriy was to buy my truck. 5/22/14 was the last inquiriy. And another auto loan inquiry the year before, but thats it. These are the onyl inquiries I have made in a long time and I was approved for all three. 

As far as other accounts go, I have another Capital One at $300CL, Citi $4,200 CL (Authorized User), Cahse $6,500CL (Authorized User) and another Barclay card. All paid off, $0 balances.

I stopped myself from gettting more. My instincts told me it was a bad idea, so I listened. 

Do you think that these 3 inquiries will be looked at as "desperate for credit" ? 

Thank you so much for your time!

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If its been a year since the last hard pull on any report and you just took 3. it wont look desperate for credit. when you get up to like 9 + and have a handful of negatives then it looks like your in desperation. My 2 cents

[Anonymous]

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TuffTurkey wrote:If its been a year since the last hard pull on any report and you just took 3. it wont look desperate for credit. when you get up to like 9 + and have a handful of negatives then it looks like your in desperation. My 2 cents

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Okay that makes me feel better. You think if I pull another time or two it is too risky? Shoudl I wait another 6 months before doing so?

[Anonymous]

While I am no expert, I think the better question to ask yourself is if you need any more credit at this time. If you let those accounts age, and apply for a card when you can better utillize a promotion period (such as 0% apr) or qualify for a lower overall APR, you may be better served than just applying for the sake of it. 

[Anonymous]

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@Anonymous wrote:

While I am no expert, I think the better question to ask yourself is if you need any more credit at this time. If you let those accounts age, and apply for a card when you can better utillize a promotion period (such as 0% apr) or qualify for a lower overall APR, you may be better served than just applying for the sake of it. 

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Valid point. I don't need the credit lines as my income is good, but I do need the credit to help rebuild my credit. I'm trying to increase my debt to balance ratio in hopes of acquiring my first home in the next year or two. 

Ideally my "plan" was to have quite a few open lines with low to zero balance, at least 1 year of on-time payments on them to give me an edge to finally cross the 700 FICO line. 

If I am not getting denied for these cards and I only apply 3-5 times and get approved. That should innevitably help me over the course of a year or two, right? As long as they maintain low balance, get used and paid on time. Right?

[Anonymous]

Have you called for cli on the amazon store card yet?

[Anonymous]

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@Anonymous wrote:

Have you called for cli on the amazon store card yet?

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I have not. I can do that right after I get the card?? Do tell!

[Anonymous]

Yes, I was also approved for 1500 the other day. I called and asked for 6,000, and she countered with 5,000!