Can You Apply for More than One Credit Card at a Time
Author: gsr
Posted: Sat Mar 11, 2006 3:05 am
Post subject: best to apply more then one card at the same time?
Is it best to apply for more then one card at the same time? I heard that its better that way since there would be less things on your credit report, just wanted to make sure. Any thoughts?
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Author: Board Monitor
Posted: Sat Mar 11, 2006 9:27 am
Post subject:
Gsr,
Greetings and welcome to the board! I know that if you apply for multiple mortgages within a week or two, that they only show up as one inquiry. I don't think this applies to credit cards, though. Maybe others will have some suggestions...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: Polonius
Posted: Sat Mar 11, 2006 11:19 am
Post subject: Can You Apply for More than One Credit Card at a Time
Credit inquiries show up instantly on the credit reports. The reason for applying for many credit cards at once is that the results of those applications won't appear for a while, so one bank may not know that you're applying for credit with many others. Typically a bank will draw ONE credit report on you from ONE bureau. (CapitalOne gets all three bureau reports--3 hard inquiries.) So the bank will be considering your new application knowing ONLY about the inquiries made that day to ONE bureau.
But once the accounts are set up, they'll appear on ALL the bureau reports as new accounts, and ALL the creditors will see them from then on.
Applying all at once every, say, 6-9 months, also concentrates those inquiries in one time period. By the time the next round rolls around, the "hit" on your credit scores is gone. If you apply constantly, one card each month say, it looks like you're always asking for credit and always opening new accounts--and that doesn't look good.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Mar 12, 2006 1:15 pm
Post subject: Re: best to apply more then one card at the same time?
gsr wrote:
Is it best to apply for more then one card at the same time? I heard that its better that way since there would be less things on your credit report, just wanted to make sure. Any thoughts?
Some people have been able to get a bunch of cards in a short time like one day or one week
I personally have never done more than two in one week
Some people figure it only hurts for 6 months with all the inquires so they will get a score bump after 6 months
Some cards usually do one CRA so if you pick the right cards you can end up with 3 cards and only 1 HARD on each CRA
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Mar 11, 2006 3:05 am
Post subject: best to apply more then one card at the same time?
Is it best to apply for more then one card at the same time? I heard that its better that way since there would be less things on your credit report, just wanted to make sure. Any thoughts?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Sat Mar 11, 2006 9:27 am
Post subject:
Gsr,
Greetings and welcome to the board! I know that if you apply for multiple mortgages within a week or two, that they only show up as one inquiry. I don't think this applies to credit cards, though. Maybe others will have some suggestions...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: Polonius
Posted: Sat Mar 11, 2006 11:19 am
Post subject: Can You Apply for More than One Credit Card at a Time
Credit inquiries show up instantly on the credit reports. The reason for applying for many credit cards at once is that the results of those applications won't appear for a while, so one bank may not know that you're applying for credit with many others. Typically a bank will draw ONE credit report on you from ONE bureau. (CapitalOne gets all three bureau reports--3 hard inquiries.) So the bank will be considering your new application knowing ONLY about the inquiries made that day to ONE bureau.
But once the accounts are set up, they'll appear on ALL the bureau reports as new accounts, and ALL the creditors will see them from then on.
Applying all at once every, say, 6-9 months, also concentrates those inquiries in one time period. By the time the next round rolls around, the "hit" on your credit scores is gone. If you apply constantly, one card each month say, it looks like you're always asking for credit and always opening new accounts--and that doesn't look good.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Mar 12, 2006 1:15 pm
Post subject: Re: best to apply more then one card at the same time?
gsr wrote:
Is it best to apply for more then one card at the same time? I heard that its better that way since there would be less things on your credit report, just wanted to make sure. Any thoughts?
Some people have been able to get a bunch of cards in a short time like one day or one week
I personally have never done more than two in one week
Some people figure it only hurts for 6 months with all the inquires so they will get a score bump after 6 months
Some cards usually do one CRA so if you pick the right cards you can end up with 3 cards and only 1 HARD on each CRA
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:11 PM
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