Applying for Multiple Credit Cards at a Time
Author: Lee
Posted: Wed Jan 28, 2004 1:59 am
Post subject: Help With Applying for Credit (Lots of cash, need credit)
Is it ok to apply for a bunch of cards at one time? Example: On the internet do amex, discovery, and citibank all in one shot. I just got a recording contract, I have lots of cash (6 figures) and lots of credit history mostly bad (just being honest). Regardless of my credit, is appling for 2 or 3 cards at on time ok?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Wed Jan 28, 2004 7:33 am
Post subject: Applying for Multiple Credit Cards at a Time
Too many inquires can hurt the credit score further, but if you have lot of cash - you can move mountains on establishing credit. I would suggest just applying for one or two cards now.
But if you can - go to a local bank or credit union and open up an installment loan or the such - just be sure the bank has a policy of reporting to all three credit reporting agencies. Talk with a loan officer about what type of account would be best for you. Open up one or two of these. And you will have a real good start.
Author: Lee
Posted: Wed Jan 28, 2004 10:44 am
Post subject:
I understand that, but I just wanna know if I'm apply for more than one card at a time is it going to my chances at getting one or the other. Like I heard that if you are applying for an auto loan if your doing like 2 or 3 in one day or week it's kinda looked at as one inquiry. Will the card companys be able to see my inquiry for the card i just applied for 3 mins ago and would that be bad or not?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Wed Jan 28, 2004 11:16 am
Post subject: Applying for Multiple Credit Cards at a Time
Let me check with another person, I know Sis and some other talked about one particular company that might allow you to apply for 3 cards with only one inquiry being added to the credit report. I keep thinking it is Household Bank cards. But I am not 100% sure.
Yes, it can look bad to lenders (especially mortgage) if you open too many accounts prior to getting a major loan through them.
They don't want to much available credit, to later be an issue with keeping up your obligation direct with them.
They say you should not have more then 3 inquiries in a months time, but this is not always realistic if you are auto / home shopping as these case multiple inquieis in a short period of time.
Try to keep below 6 inquiries total in a years time Would recommend getting a few like 2 now, then wait 6 months to add a few more inquiries. Just keep streaching it out and you should be fine.
Also some here subscribe to monitoring service - www.privacyguard.com which if you pull the max reports you can, after a period of time it will start to bump inquiries off of the credit report. Some even call in the CRAs to dispute inquiries to get them removed. I have seen quite a few people working wonders with this method. I don't do this myself, but it is an idea.
Warning though, if you have a extra large credit file sometimes you might result in spliting the file since only so much data can be held on one (ture with Equifax). And sometimes in rare cases old tradelines can be bumped too - good accounts bumped. And it can be hard getting them back added it they are closed and no longer on file with the creditor who reported them. But sometimes you can get them back. Just takes some work on this part.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jan 28, 2004 1:59 am
Post subject: Help With Applying for Credit (Lots of cash, need credit)
Is it ok to apply for a bunch of cards at one time? Example: On the internet do amex, discovery, and citibank all in one shot. I just got a recording contract, I have lots of cash (6 figures) and lots of credit history mostly bad (just being honest). Regardless of my credit, is appling for 2 or 3 cards at on time ok?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Wed Jan 28, 2004 7:33 am
Post subject: Applying for Multiple Credit Cards at a Time
Too many inquires can hurt the credit score further, but if you have lot of cash - you can move mountains on establishing credit. I would suggest just applying for one or two cards now.
But if you can - go to a local bank or credit union and open up an installment loan or the such - just be sure the bank has a policy of reporting to all three credit reporting agencies. Talk with a loan officer about what type of account would be best for you. Open up one or two of these. And you will have a real good start.
Author: Lee
Posted: Wed Jan 28, 2004 10:44 am
Post subject:
I understand that, but I just wanna know if I'm apply for more than one card at a time is it going to my chances at getting one or the other. Like I heard that if you are applying for an auto loan if your doing like 2 or 3 in one day or week it's kinda looked at as one inquiry. Will the card companys be able to see my inquiry for the card i just applied for 3 mins ago and would that be bad or not?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Wed Jan 28, 2004 11:16 am
Post subject: Applying for Multiple Credit Cards at a Time
Let me check with another person, I know Sis and some other talked about one particular company that might allow you to apply for 3 cards with only one inquiry being added to the credit report. I keep thinking it is Household Bank cards. But I am not 100% sure.
Yes, it can look bad to lenders (especially mortgage) if you open too many accounts prior to getting a major loan through them.
They don't want to much available credit, to later be an issue with keeping up your obligation direct with them.
They say you should not have more then 3 inquiries in a months time, but this is not always realistic if you are auto / home shopping as these case multiple inquieis in a short period of time.
Try to keep below 6 inquiries total in a years time Would recommend getting a few like 2 now, then wait 6 months to add a few more inquiries. Just keep streaching it out and you should be fine.
Also some here subscribe to monitoring service - www.privacyguard.com which if you pull the max reports you can, after a period of time it will start to bump inquiries off of the credit report. Some even call in the CRAs to dispute inquiries to get them removed. I have seen quite a few people working wonders with this method. I don't do this myself, but it is an idea.
Warning though, if you have a extra large credit file sometimes you might result in spliting the file since only so much data can be held on one (ture with Equifax). And sometimes in rare cases old tradelines can be bumped too - good accounts bumped. And it can be hard getting them back added it they are closed and no longer on file with the creditor who reported them. But sometimes you can get them back. Just takes some work on this part.
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 12:30 AM
0 Comments:
Post a Comment
<< Home