When will credit inquiries go away
- 1 when will credit inquiries go away
- 2 Credit Inquiries: Hard Pull vs. Soft Pull
- 3 Will credit inquiries hurt my credit score?
- 4 Why Credit Score Matters Day-to-Day
- 5 when will credit inquiries go away
- 5.1 Should You Apply For Multiple Credit Cards In A Day?
- 5.2 American AAdvantage Can#8217;t Book Etihad Airways Award Space
- 5.3 Starwood Platinum Suite Upgrades: Why Does It Have To Be A Fight?
- 5.4 Is The PayPal 2% Cashback Mastercard Worth It?
- 5.5 Who Is Still Eligible For A Chase Sapphire Welcome Bonus?
- 5.6 60K American Miles After First Purchase With AAdvantage Aviator Red Card
- 5.7 Great Deal: Southwest Card 60K Point Sign-Up Bonuses Are Back
- 5.8 Chase Adds Major Restrictions To Applying For Sapphire Cards
- 5.9 The Chase Freedom Card Gets A New Design
when will credit inquiries go away
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Credit inquiry removal from your credit report will increase your credit score immediately after your credit inquires are removed.
IN FACT. When you apply for a new credit card, automated underwriters will automatically decline you if you have more than 6 credit inquiries on your report.
CREDIT INQUIRY REMOVAL from your credit report will INCREASE your credit score immediately that will allow you to get better rates on your mortgage, drive the car of your dreams, get business lines of credit, get credit cards with higher limits.
Why Credit Inquiries Matter
New credit is one of the factors used to determine your credit score. In fact, new credit accounts for 10 percent of your credit score. Hard credit inquiries are considered a subset of the new credit category. According to Fair, Isaac Co., the information about credit inquiries that can be factored into your FICO score includes: The number of recently opened accounts that you have and the proportion of accounts that are recently opened compared with long-standing accounts, by type of account; The number of recent credit inquiries; The time since recent account openings, by type of account; and The time since you last had any credit inquiries
Did you know that each credit inquiry costs you up to 5 points on your report? What if you had 10 recent credit inquiries? That would cost you up to 50 points!
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Credit Inquiries: Hard Pull vs. Soft Pull
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Today we#8217;re going to dive into the difference between a hard pull and a soft pull and by the end of this, you should be an expert in identifying which one applies to which scenario and what they can potentially mean to the health of your credit score.
Let#8217;s start from the top.
This is what happens when you issue a hard pull.
A hard pull, often referred to in the industry as a #8220;hard inquiry#8221; typically occurs when a lending institution, such as a bank or credit card issuer checks your credit report to make a financial decision.
Notice I said #8220;financial decision#8221;. This is important, because a hard pull creates a record on your credit report as it#8217;s treated as an official inquiry to obtain a line of credit or a loan. More than 1 hard pull in a short timeframe can lower your credit score! One hard inquiry is usually OK within an 18 month timeframe, but more than that and you risk a lower credit score.
Why Do Hard Pulls Lower Your Credit Score?
Uh oh! Watch out for falling credit!
If you look at it from the view of a potential lender it#8217;s beneficial for them to know if you#8217;re applying for a lot of credit or loans in a short timeframe. Why? Because data shows that consumers who are applying for multiple lines of credit, or multiple loans in a short timeframe are more likely to be doing so because they#8217;re having a hard time obtaining a loan and possibly running out of money!
Would you lend money to a friend that was asking everyone they knew for a loan?
What are the odds you#8217;d get paid back if that person was so desperate they were willing to ask anyone?
That#8217;s the same analogy that FairIsaac uses in their FICO credit score algorithm and it essentially dings you when you start accumulating hard inquiries in a short timeframe, though FICO themselves say this on their website#8230;
#8230;most credit scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time.
As comforting as that sounds, the timeframe isn#8217;t clarified! Is it 1 month? 1 Week? 1 Year?
The general consensus is it#8217;s about 14 days, or 2 weeks. Any hard inquiries outside this timeframe will be not be counted as #8220;1 attempt to get a loan#8221;, but multiple attempts, and will likely lower your credit score.
How Much Do Hard Pulls Affect Your Credit Score By?
For most people, one additional credit inquiry will take less than five points off their FICO Scores.
This sounds reasonable, but the truth is every single person is different and the amount of your deduction can vary wildly. If you run a quick search online for #8220;hard inquires affecting credit scores#8221; you will see some very different accounts.
For example, look at this one.
90 points! That#8217;s absolutely insane!
Most credit scores cannot withstand a 90 point ding. In this persons case his score dropped from an excellent credit score of 735 to a miserable 645!
A score like that could disqualify you from many of the best loan offers!
That#8217;s not to say this is typical, in fact, it#8217;s probably an outlier. A 20 #8211; 30 point drop wouldn#8217;t be out of range, though. So, please be careful with hard inquiries outside a 2 week window!
How Long Do Hard Pulls Stay On Your Credit Report?
A hard inquiry stays on your credit report for 2 years.
Make a wish and blow! #8220;Go away credit inquiry!#8221;
As time passes the impact of the hard inquiry lessens, so it#8217;s not too worrisome to see those hard pulls on your report if it#8217;s been 12+ months. Lenders won#8217;t likely factor in old inquiries like they would a current inquiry.
Think about it this way. If your friend stopped asking for a loan 2 years ago, you#8217;d probably assume they found some help.
If they#8217;re now asking for a loan again, you#8217;re going to re-evaluate it on its own merits. 2 years ago was 2 years ago, and the situation might have changed dramatically.
As the inquiries drop from your credit report you may see a 1 #8211; 5 point increase in your credit score.
Do I Have To Give My Consent For A Hard Pull?
Banana Cat Does Not Agree!
Absolutely! Can you imagine if companies were allowed to run a hard inquiry on your credit without your knowledge or consent? That could be devastating!
Any company that runs a hard inquiry on your credit needs your consent.
There are some cloudy situations here, though. Keep in mind that when using certain lenders or websites that act as a lead service, you may be agreeing to allow your credit report to be pulled by many lenders at one time!
Unfortunately, this situation would be deemed consensual.
It really pays to read the fine print whenever applying for a loan or a credit card. If you are authorizing the company to share your information to other lenders that may pull your credit report, this could affect your score.
Can I Dispute A Hard Inquiry That Occurred Without My Consent?
Yes! If you#8217;re checking your credit report regularly (get a free report at AnnualCreditReport.com) or belong to a credit monitoring service, you#8217;ll see any activity on your credit report. If you notice a hard inquiry that was added without your consent dispute it immediately.
Note: You cannot dispute hard inquiries that occurred with your consent! If you could, we#8217;d all do it!
Will credit inquiries hurt my credit score?
Hard inquiries will; soft inquiries won#8217;t. What#8217;s the difference? That#8217;s what we#8217;re here to help you understand. Read on to learn about the different types of inquiries and how they affect your credit score and ability to secure a loan.
A credit inquiry is a request to pull an individual#8217;s credit report from one or both of Canada#8217;s credit bureaus, Equifax and TransUnion. There are two types of credit inquiries, hard inquiries and soft inquiries.
A hard credit inquiry occurs when you authorize a potential lender to pull your credit report. Hard inquiries occur when you seek financing for a car or house, open a new credit card account, or apply for student loans.
Typically, each hard credit inquiry has a small negative impact on your credit score, regardless of whether the resulting loan application is approved. That doesn#8217;t mean you should avoid all hard inquiries—creditors expect occasional inquiries. Exactly how many inquiries are #8220;too many#8221; is up for debate, and depends on your credit situation. For most borrowers, dropping your credit score by a few points will not have a meaningful impact on your ability to secure a loan.
Hard inquiries have a slight negative impact because they reflect your desire to increase your access to financing and, as a result, potential debt. Multiple hard inquiries suggest that a borrower may be living beyond their means or desperately seeking another avenue to repay outstanding debt.
Credit bureau research support this, with data showing that borrowers with six or more inquiries on their credit reports are up to eight times as likely to declare bankruptcy as those with no inquiries. Still, inquiries are a minor component of your credit report, which is one piece of your overall credit worthiness.
Keep in mind that multiple inquiries and more new financing will reduce the average age of your accounts, which is another factor in your credit score. Taking on debt slowly over time makes sense financially, and that disciplined approach is reflected in your credit score.
A soft inquiry may occur without your permission and does not come from a potential lender. This includes when you check your own credit report, which does not have any impact on your credit score.
Other common soft inquiries may be part of a background check or employment process, as well as those by credit card companies that send out mailers with special offers to prequalified individuals.
Some inquiries may register as hard or soft depending on how they#8217;re requested. These include
Ask the business checking your credit whether the inquiry will be hard or soft. Periodic monitoring of your credit report will help identify unexpected or inaccurate hard inquiries.
How long do inquiries stay on your credit score in Canada?
In Canada, the length of time an inquiry stays on your credit report varies by credit bureau. Equifax retains the information for three years; TransUnion keeps the information in your report for six years.
The impact of those inquiries is not constant, however. As with all aspects of your credit, recent events are weighted more heavily than those in the distant past.
Will shopping for the best credit rate impact your score?
It#8217;s a logical question: If multiple inquiries have a negative impact, wouldn#8217;t shopping around for the best rate have the same effect?
Not exactly, as long as you rate shop in a short time frame. The Financial Consumer Agency of Canada recommends keeping all hard inquiries for a single loan within a two-week period. Credit bureaus typically combine these inquiries into a single inquiry.
According to Equifax, they are required by law to post each inquiry—so all inquiries appear on the credit report—but those inquiries are scored as a single inquiry.
Will applying at different dealerships help?
If you go to several dealerships and apply several times, you are just applying to the same banks over and over. Most dealerships access the same financial sources, and once a bank has made a decision on you at one dealership, it won’t change when you go to another.
The bank makes a decision based on you and your credit—not the person or dealership submitting your application. Automotive banks get frustrated if they see the same application come from different sources and may decline your application because they#8217;re worried you#8217;re trying to get more than one car or aren#8217;t being honest.
Even though the lending institute will make the decision on terms and rates, you need a finance manager who understands the non-prime market and has a good relationship with buyers at these banks. A strong finance manager will work between you and the bank to negotiate and plead your case.
Langley Auto Loans has a team of experts dedicated to helping you make the right decision on your next vehicle and obtaining a financing plan that works for you.
Why Credit Score Matters Day-to-Day
If you think that your credit score is just a number entered into a system by someone who either likes you or not, you are incorrect. Your credit score is an important part of you and if you let it fall wayside, you will be in trouble when it comes time to put it to good use.
Credit scores are not just a set number and they fluctuate on a daily basis. Different factors affect them, which means the score is never going to stay the same. For instance, a handful of hard inquiries on your credit report can drop your score a couple of points in a single day!
So, you may be wondering just why your credit score is so important, right?
One of the reasons your credit score is important is because it will determine whether you are approved for credit. In many situations, your score will be used to determine if you will receive something you want or not. For instance, if you are shopping for car insurance and you have a weak score, you may end up paying a higher yearly premium than someone who has a good credit score. In addition, you may end up not even being approved to go through the insurance company you want.
In addition, if you need a personal loan or credit card, you will not receive one with a poor score. Relying on a pawnshop or payday loan can actually help you fall farther into debt.
There are ways to improve your credit, and, of course, you could just pay cash for everything, nevertheless, you may eventually need the credit lifeline and it won’t be there.
Your credit is relied upon when you are shopping for a new car, and, yes, for an apartment as well. Property owners and apartment management teams will run your credit and evaluate your report before you move into their complex. If you do not meet the minimum standards they have set forth, you will not be able to rent from them.
In addition, when purchasing a new or used car, the dealership and financing companies peek at your credit score. Without a good one, you will be driving away in the same car you came with.
Your credit score will negatively affect you when it comes time to purchase a home or even close on a home loan. For instance, if you have a low credit score, but it meets the minimum to purchase a home, you will pay a higher APR rate than someone who has better credit. This can be a difference of $100,000 of more in some cases.
If you are trying to close on a home loan, fluctuations in your credit score can place the entire process on hold. This means that if you go out and apply for three credit cards, your loan may not close due to the change in score.
What Factors Affect Your Credit Score?
There are a number of factors that play into your credit score and each one can have a negative impact. The bad thing about your credit score is that you can miss one or two payments and your score will take a nosedive quickly, but rebuilding your credit can take years.
Some of the factors that lower your score include:
· Any accounts in use, which will affect your score daily
· Inquiries, which affect your score daily as well
Most negative information will remain on your credit report for up to seven years. If you want to improve your credit score, you can take steps to do so such as paying your bill on time, avoiding credit inquiries, and avoiding credit applications.
It is important to know that you cannot go into your credit report and remove negative information. Unfortunately, even if you begin paying on an old account that you let go to the dumps, the negative information will not go away and it can still be seen by financial lenders and corporations.
As a final note, make sure that you are always checking your credit report on an annual basis and report any wrong information quickly to help preserve your credit score.
when will credit inquiries go away
Should You Apply For Multiple Credit Cards In A Day?
In the interest of full disclosure, One Mile At A Time earns a referral bonus for anyone that’s approved through some of the below links. These are the best publicly available offers that we have found for each card. Please check out our advertiser policy for further details about the partners we work with. Thanks for your support!
In this world we learn things from the people that came before us.
I#8217;ve been involved in the miles/points hobby for about a decade now, and even so there are lots of people that came before me.
So when I provide advice it#8217;s partly based on the knowledge that I picked up from others, and partly based on my own experiences.
When it comes to applying for credit cards, one #8220;tip#8221; that has been around for as long as the Loch Ness Monster is that you should apply for multiple credit cards in a day.
But lets dissect this for a minute:
What impact does applying for credit cards have on your credit score?
There are a lot of misconceptions about how credit scores work. Most of the people that I know that aren#8217;t involved in this hobby are convinced that if you apply for five new credit cards the police will knock on your door and take away your house.
That couldn#8217;t be further from the truth.
To understand credit scores better, here are the components which make up your credit score:
- 35% of your score is made up of your payment history
- 30% of your score is your credit utilization
- 15% of your score is your credit history
- 10% of your score is made up of the types of credit you use
- 10% of your score is your request for new credit
When you apply for a new credit card you get hit with an inquiry, which falls in the category of requests for new credit. You’ll temporarily be dinged 2-3 points on your credit score, though that falls off within two years.
Meanwhile, virtually all the other components of your credit score can improve as a result of applying for a credit card, meaning your credit score can actually go up as a result of applying for more cards. For example, 30% of your credit score is made up of your credit utilization, which is the amount of your available credit you#8217;re using.
Think of it this way. If you have one credit card with a $10,000 credit line and spend $8,000 on it per month, you#8217;re using 80% of your credit.
Meanwhile if you had 10 credit cards with $100,000 of credit lines but were still only spending $8,000 per month, your credit utilization would be only 8%.
When you#8217;re requesting more credit through a new application, which scenario is going to be riskier to the bank?
Obviously the former, since you#8217;re already utilizing so much of your available credit. If you#8217;re utilizing only a small percentage of your credit you#8217;re much lower risk.
Why should you apply for multiple cards in a day?
Or more accurately I should say why does conventional wisdom suggest that you should apply for multiple cards in a day?
The reasons, in theory, are as follows:
- When you apply for credit cards, the inquiry doesn#8217;t go onto your credit report immediately, so if you apply for five cards at once then none of those issuers will see the impact immediately
- In some cases, if you apply for multiple cards from the same bank in one day, it may only show up on your credit score as one inquiry
Why applying for multiple cards on one day shouldn#8217;t matter anymore
The reasons for applying for multiple cards in a day were questionable to begin with, but nowadays more than ever there really isn#8217;t any good reason to go out of your way to apply for multiple cards in a day:
As I said above, in the past you#8217;d sometimes get hit with only one inquiry if applying for multiple cards from the same issuer in a day.
There#8217;s no evidence suggesting that#8217;s the case anymore.
Credit reporting is faster than ever
In the past it might have taken a day for inquiries to hit your credit score, though most report that not being the case anymore. It#8217;s almost instant in a vast majority of cases.
You shouldn#8217;t be one credit card application away from being denied
This is really the most important point to me.
If you#8217;re applying for credit cards responsibly and consistently, it really shouldn#8217;t matter when you apply.
That#8217;s because inquiries fall off your report after two years. So whether you apply for one card every month or six cards every six months, it#8217;s the same number of inquiries in the end.
So unless you#8217;re literally one inquiry away from being in the #8220;rejection#8221; range of credit scores #8212; in which case I really think you should reconsider applying for cards #8212; it shouldn#8217;t make a difference.
Why should you spread out credit card applications?
So what are the benefits to spreading out credit card applications?
Spreading out minimum spend requirements
There are some amazing credit card offers out there right now with sizable minimum spend requirements, like the:
And realistically, it#8217;s a lot easier to tackle these cards one at a time in terms of reaching the minimum spend.
Applying for the best offers as they come up
She wanted to know whether to wait to apply so she could apply for multiple cards at once, or get this one while it still has the higher bonus.
If you#8217;re locked into a #8220;cycle#8221; of applying for chunks of cards every few months, you have less flexibility to take advantage of limited time offers when they come up, so it can make sense to spread applications out.
At the end of the day, twelve new cards a year is still twelve new cards a year #8211; whether you applied for them in batches every 90 days or one every month.
This hobby is constantly evolving.
There#8217;s a lot of great advice out there, though as technology advances and our understanding of credit reporting improves, it makes sense to sometimes stop and reconsider conventional wisdom.
What do you think? Is there any merit to going out of your way to apply for multiple credit cards in a day anymore?
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Ben Schlappig (aka Lucky) is a travel consultant, blogger, and avid points collector. He travels about 400,000 miles a year, primarily using miles and points to fund his first class experiences. He chronicles his adventures, along with industry news, here at One Mile At A Time.
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You make some valid points, but I#8217;ve read in forums that people were turned down for credit due to too many inquiries in the last 6 months. Wouldn#8217;t it make more sense to group your applications, starting with whichever credit issuer you think would be the toughest, going down to the easiest? That way, you#8217;d at least start with no inquiries in the last 6 months.
I personally have never applied for multiple cards in a single day. That#8217;s not because I was afraid of hits to my credit rating. Instead, my applications always correlate with #8220;spending cycles#8221; so that I am able to quickly and efficiently make any spend requirement. That#8217;s always been the primary variable for me.
@ MisterChristian #8212; For what it#8217;s worth, that#8217;s not an issue I#8217;d ever have. But ultimately the inquiries in the past six months will still show up, most likely. So if I apply for a card now, another in 10 minutes, another 10 minutes later, etc. Chances are the first and second inquiry will show on the pull. It always makes sense to apply with the most difficult card issuer first, but that#8217;s the case whether you apply for a card a month or six cards in a day.
I do think there#8217;s evidence contrasting with your first point (#8220;One card = one inquiry#8221;). I continue to read reports of success with #8220;combined inquiries#8221; with the right combination of cards with the same issuer, and I can report with 100% confidence that I received only one inquiry in January of this year when I applied for the Mercedes-Benz Platinum Amex and the SPG Business Amex on the same day. There is genuine, lasting value to my credit card strategy as a result of that fact.
How many inquiries would you say put one in the #8220;rejection#8221; range of credit scores, or is it more a number of just having the right FICO/utilization/etc.?
Some valid arguments, but my personal line of thought for applying (mostly) within a single day is that credit score isn#8217;t the only factor in the approval process. For example, another factor is how much credit you have with the particular card issuer you are applying for. These other factors could lead to (initial) denials, which forces you to call reconsideration. Also, there is a difference between a credit inquiry and a new account#8230; the former shows up on your report instantaneously, while the latter may take a few days. While new accounts will help your score eventually, they initially drag down your average age of accounts. Also, if a person is looking at your credit report (as opposed to a formula), they might have more questions regarding new accounts as opposed to inquiries.
When it comes down to it, there is probably not a one size fits all strategy for everyone.
This looks eerily similar to a post I read on hack my trip a month ago.
Truth is, they can go back as far as the inqs stay on the card. I#8217;ve had some quote #8220;one year#8221; to me.
As lucky says, it#8217;s easier to meet the min spend requirement when you space your apps out
Besides, some of the better offers don#8217;t come on a predictable schedule, so I#8217;d rather have some room in my Chase portfolio for a #8220;limited time offer#8221; instead of wasting my Chase inqs on some inferior offers and screwing myself out of a better offer it were to come along.
I found out that my previous app-o-ramas made in a single day did make a difference during my mortgage application. When the bank pulled up a credit report, the report collapsed multiple CC inquiries made on a single day into 1. This might only apply for mortgage/car loan applications. YMMV based on the company that prepares the credit report.
I can confirm that for American Express, two cards in the same day will result in only one hard inquiry.
I already tried this theory twice myself and once for my wife and it works 3/3.
Lucky are you using a service to monitor your credit reports?
Tell me how can I let the creditors not pulling from Experian? All Amex, Citi, Chase BoA pull from it#8230;
I believe the credit bureaus are now updating your account in real time #8211; an inquiry just a couple of minutes before now shows up on a credit pull. On my last AOR in April I was turned down my Citi on my third app. The reason was #8220;too many inquiries#8221; but I had only 2 on my last 6 months. I think they new about the 2 others I had just submitted to different banks minutes before. Changes the game for me.
#8220;Should You Apply For Multiple Credit Cards In A Day?#8221;
@Diamond Vargas. I don#8217;t believe AMEX grouped your inquiries when you applied for the amex plat benz and spg biz; because SPG is a biz card and it will not show up on your personal credit history. If you look at your credit history, the spg biz account will not show up.
Hilarious. This is nothing more than a veiled attempt to blog the 60K Ink affiliate links, under the guise of offering advice about whether to wait for an AOR, much if which is pure claptrap.
I just pulled a report this month.
Consolidated pull from US Bank.
Do people really have trouble meeting minimum spends anymore?
And the part about 1 card = 1 inquiry is pure bunk. There is plenty of evidence that multiple cards from the same bank only give one inquiry (but watch out for BofA/FIA since they still operate separately when it comes to inquiries). In fact as of last week I got 2 barclays cards and 3 Chase cards, 1 pull each.
@ Jin #8212; personal and business inquiries all show up together in the same lists, for the same duration in the credit reports from each of the three bureaus. You are correct that the ongoing reporting of lines of credit and open accounts show on separate reports, but it is different for inquiries. All of my past business card inquiries have remained showing alongside my personal ones for two years on the reports that I check annually.
HikerT nailed it.
The greed of bloggers knows no limits.
All that just to pimp ink cards#8230;
@Butch Thanks for reading my post on hackmytrip. Yes, I did write a Devil#8217;s Advocate column about a month ago on this same topic. But Lucky has been around these parts a lot longer than me, and his added input is always valuable!
Woah, this is completely bs Lucky. People, dont listen to this sham, if your into the points and miles games, ALWAYS apply for multiple cards if you can meet the minimum spend. I just checked my credit report and out of my 6 apps I did last month, theres only 3 inquiries. So yeah they do get bunched together and always apply from banks (e.g Barclays)that are tough on credit first. Wow lucky, your greed knows no bounds, you just wanted a new way to push the 60k links again.
1. Matt#8211;hell yeah#8211;the spend is the only thing slowing me down (a lot). You have a secret way to spend? I#8217;m all ears.
2. Why are all you haters even READING this blog if you think L is just pimping ink cards? Just go away or shut up. Geez.
This method has worked for me:
I have been denied a couple times for number of recent inquiries (last 6 months), so to the extent that they might not see that most recent inquiry I still see value in batching. Point taken that if inquiries are showing up in a matter of minutes it still may be for not. Could you point to a source on how fast inquiries are posting now?
@ Argaman #8211; I second that. I did that a while ago and no longer get denied from US Bank.
@Lucky I am surprised about how big of a noob you sounded with this comment: #8220;One card = one inquiry
As I said above, in the past you’d sometimes get hit with only one inquiry if applying for multiple cards from the same issuer in a day.
There’s no evidence suggesting that’s the case anymore.#8221;
There is no evidence. Have applied for more than one card from the same bank in the same day? Well I have and it shows as only one inquiry. You just proved to me and a lot of churners how way off you are when it comes to CC. Still looking forward to your other aspects.
Lucky, you#8217;ve always done the best that you could for us frequent travelers. Please continue to do the same.
Very helpful input from other readers #8211; glad to hear some cards still show up as one pull. I guess Lucky#8217;s main point was that number of inquiries shouldn#8217;t matter all that much which assumes 1 card = 1 pull.
Perhaps someone with more experience can do a follow-up/guest post on what cards/issuers do only one pull and which ones show up as multiple pulls.
Hello. How bad did your apps affect your mortgage app? I#8217;m trying to refinance my home(score of 760+)and I am applying for the Slate to do a balance transfer from the Sapphire Preferred and a BofA cc.
Thanks for the further explanation Lucky!
@lucky and anyone else with an opinion or personal experience to share #8211; after you have reaped the initial rewards of a signup bonus for a credit card, if the card isn#8217;t one that you plan to use regularly, do you cancel it or just keep it, just in case, or as one more open credit line? The conventional wisdom I#8217;ve heard is that longstanding credit lines should be left open even if not used, as they help a credit score. But I am not sure this goes equally for a card opened a year ago, especially if an annual fee is looming.
Batching has one significant benefit that is somewhat counter to the idea presented here: While 6 inquiries in a year#8211;whether all together or one a month for six months#8211;is still 6 inquiries in the same year, if I apply to them all at the same time, they will also all fall off my CR at the same time. If I spread them out, I will have to wait many more months for the impact of the apps to completely clear. I applied for four cards last November. By this coming November, four apps will fall off. If I had spread them out, I would have nine months of waiting ahead rather than five months.
Though this post is somewhat old, I wanted to provide my experience: I just applied for the USAirways Premier Barclaycard with the 50k bonus today, January 5th. It hit my credit report in about 90 seconds (seriously) after I hit the #8220;apply#8221; button and was approved online. I don#8217;t know if Barclays is just one the ball, but it was almost instantaneously on my credit report. On the plus side, my credit score (798) only dropped one point.
So, if you apply for multiple cards at the same time on one day or two, and got 4 or more approved cards. Would that trigger anything? Will the bank review and close the accounts because of too many new opening accounts or inquiries?
@ Danny #8212; It shouldn#8217;t, assuming you#8217;re otherwise following the rules set by each issuer.
Is this site still active#8230;I have a question. Thanks.
@ Svetlana #8212; Let me know what I can help with!
Uh, yea the minimum spends are something to consider. Do you have hacks for that?
I can#8217;t use a card to pay my car loans/some bills/rent, and I#8217;m not spending thousands in a month#8230;
So, I decided to test this out today. I applied for Discover #8216;It#8217;, Cap One Venture One, Chase Freedom and Amex Gold Delta Skymiles. I was instantly approved by the first three and was told by Amex that they would follow up with me after review. My score was definitely affected- 9 points down within an hour of applying.
So, sorry this might be slightly off topic.
*I was accepted to grad school off the waitlist less than 2 months ago
*I#8217;m have to take out the max govt student loans possible
*i initially had $9000 in cc debt
*my credit score is around 720
*i need a new computer ($1500)
*i have a necessary dental surgery planned ($1500)
I had no idea I can#8217;t take out a smaller student loan over the COA (cost of attendance) and was convinced by Wells Fargo to apply for a personal loan, which I was denied
*then I spoke to to a financial advisor at usaa who advised me to apply for a higher credit line with them, which I was also denied
*then I went to Apple today to apply for their finance plan (0% interest for 18 months-and I#8217;ll have a part time waitressing job to help pay it off)
I was told they could not make a decision immediately, which I take to mean they are just going to deny me (now for the third time in a week)
My question is, what is a person to do? I haven#8217;t made inquiries into my credit over the last two years#8230;AT ALL. I#8217;ve improved my score massively over the last 4 years, from a low-mid 600 to a 720, am not delinquent on any accounts.
I wouldn#8217;t be making inquiries if it weren#8217;t absolutely necessary, but these are the facts and needs I have at this moment in time.
Again, apologies for going off this specific topic, but any suggestions would be greatly appreciated, as I#8217;m at my wits end.
Now after I wrote that long thing, I realize this may not be the right forum. Thanks anyway for reading.
After reading this article on Tuesday, August 25th, 2015, I decided to try it myself and apply for multiple credit cards/store credit cards in a day. Sorry that its so long, but hopefully its at least a little entertaining/interesting. The cards I owned before this little experiment are as follows:
Bank Credit Card / CL #8211; $5900
Chase Amazon / CL #8211; $6000 (was just bumped from 3k to 6k 2 months ago, did not request CLI)
AMEX Blue Everyday / CL #8211; $2000
Target RedCard (Not Visa) / CL #8211; $1600 (bumped from 1200 to 1600 2 months ago, did not request)
Kohls Store Card / CL #8211; $2000 (bumped from 1k to 2k two months ago, again did not request)
Nothing mind blowing. Ive collected these cards dating back to the early/mid 2000#8217;s so its safe to say that I dont apply for many CC#8217;s, and when I have, they#8217;ve been pretty spaced apart.
The following credit events took place on August 25th, 2015. Names have been changed to #8220;rep#8221; because I don#8217;t remember the names.
So I dont own many, my credit is meh because my utilization is pretty high, around like 80 #8211; 85% but I always pay on time. Ive never requested a credit increase, just never felt the need to. Anyways a couple days ago I wanted something in particular and it cost about $1000 to $1500 and I remembered a walmart MC application I got and that it has a no interest feature for certain lengths of time depending on how much you spend. So in the process of researching, which I tend to do frequently, I happened upon this very article and curiosity got the best of me. Ive been toying with getting the Walmart card for a while and waited because it came with a 25 credit you can use, but can only be used on the day you apply (bogus offer but whatever). I should mention that every once in a great while, the obsessive reviewer in me takes a nap and impulsive me takes the reigns of the keys and clicker. So I pulled the trigger and applied for the Walmart MC and was approved for $1200 CL (Havent called in yet, but Im gonna see if I can get that increased. I havent called for any of the following yet actually, but I will, believe you me) Not a mind blowing limit to start, but to be honest I was expecting around 600 so I wasn#8217;t too upset about it.
Total credit achieved #8211; $1,200
I happened to have a web tab on amazon and was messing with a prime trial earlier and right after completing the Walmart card, noticed a 5% back feature on the amazon store card, or you could opt for a no interest option for purchases over $149. I accidentally applied for an amazon store card a couple years ago and couldn#8217;t remember if I cancelled it. So I called in and spoke with a rep who verified that I had indeed cancelled it shortly after receiving it (meant to apply for the amazon chase card) and I asked if it was possible to reapply. She said I would need to make a new amazon account, no big deal, done and done. Re-applied for the store card and the site said something like call a rep or need to time to review#8230;.something like that, so I called in and another rep I talked to at first didnt sound like he had to much confidence in me receiving anything, then I heard him say it went through then I swore he said something about a credit limit and 300. Was sort of bummed, but hey I wasnt denied which is what it sounded like. So I asked just to verify what he said because it wasn#8217;t 100% clear on my end, but seemed clear enough to catch #8220;300#8221;. The rep said #8220;No you#8217;ve been approved for $2300. Ohhhh. Sweet. Thanks, Ill take it.
Personal Daily Credit Increase Total #8211; $3,500
While I had Credit Cards on the brain, I mentioned my good fortune to a family member and got on the subject of high credit utilization on my chase amazon card. He told me about the chase slate card which I had a heard a little about and verified what I had heard about no balance transfer fees. (I know you cant X-fer balances between chase cards, but I could x-fer balances from other cards so that I could pay the amazon one off exclusively) So while still in the state of #8220;let it ride#8221; mode, I filled out the application as quick as I could before sensible me could wake up and slammed my good ol pointer finger on the submit button. I was sure at this point my luck would run out and alas I was told that I needed to wait 30 days or whatever it is to hear back. Didn#8217;t say I was approved, didn#8217;t say I was declined. I decided not to give up, and since I had no where to be, and nothing much to do, I looked up the reconciliation line and decided to give it a shot. The first rep I spoke to said I needed to talk to someone else and gave me a different number, at which point I was fairly certain this was the end of my credit journey. Rep #2 came on, and just as I was about to ask why I was declined followed most certainly by a long winded answer that could be summed up with #8220;because you are dumb#8221;, she asked for my DOB, SS#, and within 5 seconds of giving her both said I was approved for $2000 and wanted to know if I had any questions. I said no a little quicker than intended and decided to say as little as possible to prevent somehow screwing up my current good fortune.
Personal Daily Credit Increase Total #8211; $5,500
At this point I decided to pick a card. After looking at a few I picked one that didnt seem too hard to get, but at the same time wasnt super easy. I landed on the citi double cash card, as their double cash back incentive seemed appealing. So although this one was less eventful, I once again filled out the application which I was starting to get pretty quick at, submitted, waited the long 5 #8211; 10 seconds for the thing to process (Thank god we dont still use 56k modems or my heart would have given out multiple times today) and was told I was approved for $1700. Friggin awesome. I should mention that I realize there are people out there that get significant CL#8217;s off the bat but Im not one of them. Personally anything about $1000 to start is cool by me. So anyways, thus far 4/4 batting 1.000
Personal Daily Credit Increase Total #8211; $7,200
Couldnt say why exactly at this point, might be because I noticed a few things around the house that still needed to be fixed up, and I got the bright idea to apply for a store card. So I did a bit of researching, not obsessive this time, but enough to decide to go for a Lowes Store card. Filled out the application and was approved for $1500.
Personal Daily Credit Increase Total #8211; $8,700
Honestly at this point I thought that doubling my credit card total in a matter of hours seemed a little nerve racking, and sort of half decided that enough was enough. Within about 15 minutes I was researching credit cards again and decided that I liked my everyday blue AMEX card so much that maybe I should apply for another AMEX card. Why not. Its just plastic after all. So I went through all the different cards, looked at the rewards programs, looked at the bonus points I could receive for meeting various purchasing thresholds, and landed on the AMEX Everyday card. I had the AMEX Blue card as mentioned previously, and the Everyday one seemed to have some interesting perks if used right. I then remembered at one point saying to myself that maybe I should have gotten the Amex Blue Preferred and had missed out on some solid bonuses by settling for the everyday blue. Not gonna make that mistake again, I aint no sucka. (In this full story, being a sucka is pretty relative) Switched up the application to apply for the Everyday Preferred card, and deep down a part of me seemed pretty certain that I had pushed my luck and that there was no way I was walking away with this preferred card. Probably should have stuck with the regular one, might have had a chance at getting that one at least since apparently its easier to get approved for. Way to go me. I looked up at my screen after hanging my head in shame and read that I was approved for $3300. Ja-what? I blinked a couple times because I wasn#8217;t expecting anything more than $1200 let alone anything at all except an out of order sign, but I was not hallucinating and had indeed had been approved for my sixth card of the day.
Personal Daily Credit Increase Total #8211; $12,000
I applied for a seventh card, but received the #8220;expect to hear back soon#8221; and was unable to speak with anyone on the reconciliation line due to it closing. I decided not to try for another one, although I will still call the reconciliation line tomorrow just to check. So my journey ends with 4 Credit cards, 2 Store cards, and $12,000 of additional credit. Fairly significant for me. Time to go buy something expensive. Maybe two expensives.
Damn son #8211; what a ride. You went crazy there. Congrats on the new CC#8217;s! Don#8217;t go too crazy though #8211; Don#8217;t want to keep up that 85% utilization on the new plastic.
What I#8217;d like to know is how this effects your credit score. Do you see the multiple inquiries? Will your credit score drop? You#8217;ll probably have to wait another month or so to see what comes of it.
BTW #8211; have you set up a Credit Karma account? If not, it#8217;s very worth it. Lots of great features and you get a new credit score every week. Great tool.
Best of luck with the new cards #8211; though not too lucky
Here#8217;s info from the FICO web set on multiple applications same day. They tend to ding you less if it#8217;s an application that is for rate shopping (i.e. car, house, personal) vs a new CC (at least that#8217;s my reading of it).
No. Research has indicated that FICO Scores are more predictive when they treat loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, FICO Scores ignore inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won#8217;t affect your scores while you#8217;re rate shopping. In addition, FICO Scores look on your credit report for rate-shopping inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.
1 card does not necessarily equal 1 inquiry. Here was my experience:
The cards I had before the applications their limits were as follows:
Delta Gold SkyMiles Amex #8211; $6500
Regular old CapitalOne card with no rewards #8211; $6500
Express Card #8211; $150
Between September 23-25, I applied for the following 3 cards and was approved:
Chase Sapphire Preferred #8211; $7000
Citi Hilton HHonors #8211; $13000
Starwood Preferred Guest #8211; $6500
I tripled my available credit in a matter of days. I checked credit karma expecting to lose
10 points or so due to the inquiries. I dropped 2 points in Transunion and maybe 3 in Experian. On top of that only ONE inquiry showed up for each credit bureau! That stands even now. 3 credit cards, 3 different issuers within a 3-day period, one recorded inquiry per credit bureau.
I think it does pay to apply to multiple cards within a short period of time.
I applied for 12 cards in 24 hour period and got approved for 10 and since deference creditors check specific reports they got evenly split so I have 3-4 inquiries on each report and it doesn#8217;t look bad after all
Sooooo#8230;.. if I wanted to do multiple applications to simply acquire as much unsecured credit as possible so as to withdraw and utilize all available credit and then change phone number and address would this route be advised?
Yes, I mean to hijack as much credit as possible and not pay one red cent.
What does everyone think of such an adventure?
What if you have 2 or more computers and run applications at the same time, then hit the #8220;submit#8221; button exactly at the same time on all the computers? Will that mean you#8217;re more likely to be accepted by all of them?