Opening 2 cards in one day a good idea?

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mltno
 
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Opening 2 cards in one day a good idea?

Postby mltno » Mon Aug 04, 2014 2:04 pm

Hi, last time i checked i had a score in upper 700s closer to 800.
I currently only have 3 credit cards and one car loan
I received a mailer for amex everyday card for $250 back/no anual fee and 20% after 20 purchases so was about to apply for it.
I also received a discover one which i don't really need, but it would be nice to have a 2nd card with rotating cash back categories and it usually has some discounts on some online stores i shop at.
I've heard different stories that its better to open cards at same time so that they fall off at same time but also that only one card per 6 months
In my situation what would be better, I don't plan to get a house within 6 months.
Thanks


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djrez4
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Postby djrez4 » Mon Aug 04, 2014 5:48 pm

Two in one day? I've done five. Others have done more.

An inquiry will drop your score 3-5 points. If the new accounts drop your average age significantly, your score may take another dip.

I also applied for six new accounts within six months of getting a mortgage (three the month before the mortgage application). I had to explain what they were, but they didn't prevent approval.

The people who tell you not to open too many accounts are the ones who don't understand or are afraid of credit. I have 20 revolving accounts open, plus two student loans, a car loan, and a mortgage. My scores are all 750+. (I only use about four of my accounts with any regularity, but keep the others open for various reasons.)
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MemberSince99
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Postby MemberSince99 » Tue Aug 05, 2014 6:36 am

djrez4 wrote:Two in one day? I've done five. Others have done more.

I have 20 revolving accounts open, plus two student loans, a car loan, and a mortgage.




You, sir, are a terrorist to credit.

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nismoZtuner
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Postby nismoZtuner » Tue Aug 05, 2014 12:39 pm

djrez4 wrote:Two in one day? I've done five. Others have done more.


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woogs
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Postby woogs » Wed Aug 06, 2014 7:18 am

I agree with djrez4. Applying for both of those cards should not be a problem. When I apply for new cards I often do 2 in one day.

Depending on your state, different banks pull different credit reports. In my case (state of PA), Barclays always and only pulls Transunion, Amex pulls Experian, etc. You should be able to google to see what Discover pulls.

Either way, even if they both pull Experian it should not be a problem assuming you do not have a bunch (5+) hard pulls already.

This is based on the assumption your credit score is near 800 as you mention.
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Postby DONx3 » Thu Aug 07, 2014 3:01 am

I applied for both the Marriott and United chase cards today; first time I ever applied 2 cards in one day. I got denied for the United but I called the recon line right away and the reason for me getting denied because of the Marriott app and CLs on my other chase cards (including the new app). Thankfully, he offered to transfer CLs from my CF and CSP which I agreed and got approved.

I think you'll get approved for both and recon if they deny you.
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MemberSince99
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Postby MemberSince99 » Thu Aug 07, 2014 5:46 am

If you drapp, it only counts as 1 inquiry.

mltno
 
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Postby mltno » Sat Aug 09, 2014 12:47 pm

Thanks gave me the push to apply for both of them and approved.
What do you mean by drapp to have it count as only 1 ?

nyctory
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Postby nyctory » Sun Aug 10, 2014 10:04 pm

thx for these infos,

what did you say to them when you did the recon?would you share?

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Aug 10, 2014 11:55 pm

mltno wrote:Thanks gave me the push to apply for both of them and approved.
What do you mean by drapp to have it count as only 1 ?


Happy to see you got approved.

Others know more, and I'm probably more at the app-conservative end of the spectrum here, but I'd suspect that applying for five cards in one day is reasonable only if you have a very long and broad credit history, or if some cards are with repeat issuers. I expect Amex and Chase are a lot more friendly when it comes to opening multiple cards at once than, say, Barclays is. I'm guessing some of your current accounts are a few years old to have a near-800 FICO.

However, (if someone with a short credit history and only one or two cards is reading this) it is possible to have a fairly high FICO score (maybe 760) with only a short but clean credit history. You are not in the same credit situation as someone with a longer history, half a dozen cards, and a similar FICO.

I don't know what the right frequency is for applications, but 5 in one day on a high-FICO but thin file would be overkill.
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