Hard Inquiry Rule? Shopping CCs?

[DaWhole9]

Does the multiple hard inqiries within 7 days rule apply to credit card applications?   I read that for shopping for loans that multiple hard pulls within 7 days counts as 1 hard pull.  Since i just got a new card and have a hard pull, if I add another card now will that not count as a second hard pull?   Is there any reason NOT to add another credit card now since i just got one?   I am planning on getting discover or chase and just added a sofi. Just wantvto make sure i understand that rule.  

[DaWhole9]

Doing more research the multiple hard inquiry rule is for auto loans and home loans.  So apply for another card now or later?  I have 3 hard inquiries now. 1 new amex card in january and now a new sofi. Apple card was a year ago.  All other cards are over 2 years old.  Utilization is under 1%.  Looking at dicover and chase to add.  

[coldfusion]

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@DaWhole9 wrote:

Doing more research the multiple hard inquiry rule is for auto loans and home loans.  So apply for another card now or later?  I have 3 hard inquiries now. 1 new amex card in january and now a new sofi. Apple card was a year ago.  All other cards are over 2 years old.  Utilization is under 1%.  Looking at dicover and chase to add.  

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 Based on your initial post I want to make sure you fully understand the inquiry rule you mention - with regard to auto or home loans inquiries made within a specificd time window are scored together as a single inquiry (the exact window depends on the scoring model used) but each individual inquiry is still reported on your credit report.   This was done to avoid penalizing applicants who actively shopped looking for the best rates possible.

You might want to wait a few months before applying for another card and then another 4-6 months before applying for yet another one.  The timing is somewhat less about the inquiries themselves as it is about the cadence of the applications.

[dragontears]

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@DaWhole9 wrote:

Doing more research the multiple hard inquiry rule is for auto loans and home loans.  So apply for another card now or later?  I have 3 hard inquiries now. 1 new amex card in january and now a new sofi. Apple card was a year ago.  All other cards are over 2 years old.  Utilization is under 1%.  Looking at dicover and chase to add.  

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You need to provide WAY more information if you want advice. Currently, the only things you have shared is 2 new cards in the last 3 months and a unknown number of cards older than that.

Scores, AAOA, negative items (including late payments) all also factor into approvals. 

Based solely on the fact you have 2 new accounts, I would recommend you not apply for anything else for several months. 

[DaWhole9]

Score is 802.  I have zero negative info.  Perfect payment history.  I have 7 credit cards total.  I started rebuilding a little over 2 years ago and went from 600 to 802.  

[805orbust]

I can say pretty confidently that you'll want to let some time pass if you're gunning for a Chase card. Twice I've included Chase in an app spree and it's always the first app. As far as the inquiries the ding they cause is temporary. However, I find that starting limits are better if you space your applications out. However at 800... its whatever. 

Respect Chase tho... respect Chase.  😉

[moto4man]

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@DaWhole9 wrote:

Does the multiple hard inqiries within 7 days rule apply to credit card applications?   I read that for shopping for loans that multiple hard pulls within 7 days counts as 1 hard pull.  Since i just got a new card and have a hard pull, if I add another card now will that not count as a second hard pull?   Is there any reason NOT to add another credit card now since i just got one?   I am planning on getting discover or chase and just added a sofi. Just wantvto make sure i understand that rule.  

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I'm not as credit savvy as many here.  But I've learned a lot... Enough to offer some advice here and there from my own short lived experiences.  Let me give you a small example of how inquiries work from a "learning, but not so educated" credit repair activist.

Recently during my rebuild I hit huge score increase due to knocking out some old baddies.  Shortly after that (within 60 days) I went on a semi app spree before doing a little gardening.  I app'd for 2 new cards (approved), and hit one of the known "soft pull" approval establishments.  I did it 2x, a little over a week apart....  My first attempt, I was approved for an 8k SCL.  I didn't take the offer at the time.  Then my other 2 HP inquiries/approvals hit my CR.  I returned to the same site, offering the same soft pull and I was declined.   Just got the email from them this morning.  "Denied due to too many recent inquiries". 

Tread water lightly my friend....