Multiple CC's on one inq....less impact??

[veracious]

Would  applying for more than one credit card on the same app. with the same lender

help   lessen the impact on your score   than one app. each  with two different CC issuers.

I understand that the largest score drop would occur when the two new acct's

appear on your report.   My question is :___ is there ever any advantage to aquiring multiple  cards

on the same inquiry?

Let's say,  you get three cards and can aquire them with only two inquiries on the same CRA

would you receive any benefit by having fewer inquiries affecting your score for the first six months?

Do the CRA that was pulled  see this event as three seperate inquiries or do they only score two.

Thanks

[Anonymous]

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veracious wrote:

Would  applying for more than one credit card on the same app. with the same lender help   lessen the impact on your score   than one app. each  with two different CC issuers.  Slightly.  Some inquiries have little to no impact on your score - it depends on how many you already have among other things.

I understand that the largest score drop would occur when the two new acct's appear on your report.   Right.  You're being hit with new accounts, a score hit in and of itself; and your AAofA will be impacted - that's another score impact.

My question is :___ is there ever any advantage to aquiring multiple  cards on the same inquiry?  Might see a few points difference with one inquiry vs. two.

Let's say,  you get three cards and can aquire them with only two inquiries on the same CRA would you receive any benefit by having fewer inquiries affecting your score for the first six months?  Do the CRA that was pulled  see this event as three seperate inquiries or do they only score two.  The CRA only counts each pull as a single inquiry.

You put it in a nutshell when you said "I understand that the largest score drop would occur when the two new acct's appear on your report."  However, it's always nice to get two for the price of one.  Just always do the math on AAofA before opening one, or two, accounts and it will help you decide which is better for you.

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[veracious]

Thanks, beamMeup.

I was curious about the  2for1   benefit  since I've seen it used so much around here.

You're right about  doing the math for AAoA. It has something to do with score buckets. Right?

.  Hey, I followed the rules and I broke some rules,but nobody from Fair Isaac told us to

open new lines of credit occasionally,while you are young,to reap the benefits of AAoA

later on in life.

 Today's young,savy,and extremelywell paid young professionals may be gaming the system.

At a certain point some can add new acct's with no apparent effect on their score.

I just hope some of them don't end up with exploding wallets;    that can be very messy.

[Anonymous]

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@veracious wrote:

I wonder if  FICO knows it may have to change that old adage about "keep the number of accounts on your file low".  

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veracious,

I'm curious, where are you seeing this?

[MarineVietVet]

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@veracious wrote:

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beamMEup ,               My Bad!!  I was paraphrasing advice given in the  Credit Scoring 101-Start Here

                                        under the suggestions-    How can I improve my  score?   See DONT:  items 2.&3.

Please delete my post if the information is erroneous or misleading.

           veracious

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It's easy to edit your own post. (Believe me I have done it countless times.  )  Just click on "Options" in the top right and then click "Edit Reply". After editing simply hit "Post" again.

[Anonymous]

Nice Catch... MyFICO is naturally very cautious about Credit Repair topics. Good thing they make it so easy to edit your post, eh?

[veracious]

Yeah, JJSmith.

In addition to being able to edit your post a person may also report inappropiate content.

Maybe that happened as well.  I thought I was reading the intent   of the statement I quoted,

someone doubted it's accuracy so I deleted it. No big deal.

 veracious