Should I do 3 apps same day?

[Anonymous]

So I have three cards I have my eye on- Best Buy, Pottery Barn and Ashley Furniture. I was gonna wait til closer to Black Friday to do my apps but I thought I should do them sooner so I can come up with a plan B if I'm not approved. Should I do all 3 apps same day? Does it really make a difference? Current scores EQ 649 TU 662 EX 663. No new inqs since last October. Negative stuff on my reports and a paid collection or two, all several years old now. Nothing currently negative showing.

[takeshi74]

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@Anonymous wrote:
Should I do all 3 apps same day? Does it really make a difference?

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Not really.  HP's show up immediately.  The only difference would be made if you waited long enough for one account to report before applying for the next.

[Anonymous]

Do you really need these cards? Is it worth altering your average age of accounts for just retail cards?

[Anonymous]

Yeah I would probably avoid applying for all 3 at one time.  These retail cards have really lousy interest rates.  You'd be better off getting a rewards card or something that has 0% for the first year.  Just my 2 cents.  

[Anonymous]

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@Anonymous wrote:
So I have three cards I have my eye on- Best Buy, Pottery Barn and Ashley Furniture. I was gonna wait til closer to Black Friday to do my apps but I thought I should do them sooner so I can come up with a plan B if I'm not approved. Should I do all 3 apps same day? Does it really make a difference? Current scores EQ 649 TU 662 EX 663. No new inqs since last October. Negative stuff on my reports and a paid collection or two, all several years old now. Nothing currently negative showing.

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Applying for all three on the same day should not cause any issues. If all three pull reports from the same CRA the second or third one might deny you if you apply for them in the same 1-3 month period. People with excellent credit can pick up several inquiries from one CRA in a month and get away with it, but with your credit scores, if all 3 pull the same CRA, you might see a denial on the second or third. If they pull different CRAs, you should be fine. 

Also, consider whether you really need 3 store cards. Each application follows you around for 1-2 years (1 year for score, 2 years on report). Moreover, each new approved account reduces your AAoA. If you want the cards for rewards or discounts and can PIF each month, then getting them won't hurt you much in the long run. However, if you plan on carrying balances, these cards are usually a very bad idea. A local CU credit card might be a better choice. Your scores are high enough to have a decent shot at most CU cards and they tend to give higher limits than store cards with lower APR (best not to carry a balance with these as well). 

[Anonymous]

Thanks everyone for your advice and input. Here is what ended up happening...

I went ahead and applied for the 3 store cards and got 3 instant approvals. BB for 1k (gonna try and get that increased if possible) Ashley for 3k and PB for 3k. These cards do indeed have crappy interest rates but I like their promo financing so that's why I was interested in them. We have some projects/purchases coming up from those stores so that's why I went for the store cards.

In addition to the 3 above, I decided to try for a card that has better rewards than my Cap One cards and better interest rates. Enter Chase Freedom and Amex Everyday. I got instant approvals for both, 2k for each. Not great limits but it's a place to start.

All in all, I did 5 apps and got instant approvals for all of them. That being said, I won't be applying for new credit for at LEAST a year, possibly longer. At this point if I can get the limits up over time with my new Chase and Amex (as well as Cap One) then I don't really see a need for anymore new credit. I don't use my cards a whole lot and I don't want to find myself in a sticky situation like I did a few years back. I'm not buying a house or car anytime soon, but maybe I'll wait until after a home loan before applying for new credit. We'll see I guess!

Again, thank you to everyone for your input/advice/opinions. I really do appreciate it, and that is what makes this forum so great!