Applying for two credit cards at the same time is bad or not?

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commdiver
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Applying for two credit cards at the same time is bad or not?

Postby commdiver » Tue Nov 29, 2011 4:48 pm

I am a student and have a credit history of almost three years. My credit history comes solely from a credit card that my father cosigned for, which I pay off in full every month, except for one, in which the minimum payment was zero.

I applied for and was approved for the Chase Freedom card (no one cosigned). If I were to apply for another credit card, right now at the same time, would I have less a chance of getting it because of Chase's inquiry? If so, would Chase approving me make a difference, bad or good?
Current credit cards:
American Express: Blue Cash Everyday, Fidelity Investment Rewards
Discover: It
MasterCard: Chase Ink Cash
Visa: BB&T Visa Signature, Capital One Business Platinum, Chase Freedom, Citi Forward


sdoonan
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Postby sdoonan » Wed Nov 30, 2011 9:56 pm

I would hold off on getting a second one. Make sure you can handle the extra credit available to you before adding any more.
Cards I Carry:

Visa: CitiForward Student (1k CL, 15.24%), Capital One Student Journey Rewards (.5k CL, 19.8%)
Discover: More Student (1k CL, 17.99% regular, current rate 1.9% through 3/6/12) (Primary card at this time)
AMEX: Blue Cash Everyday (2k CL, 21.25%)

sticf
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Postby sticf » Thu Dec 01, 2011 6:46 am

The only way to know 100% if you would get approved is by applying.

How long ago was the Chase application? (Weeks ago? Months ago?)
Also why are you looking for another card? Is it to have issuer diversity? (An Amex to add to your Visa or MC)
What other cards/banks are you looking to for your next card? (Some are easier than others to get approved)

commdiver
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Postby commdiver » Thu Dec 01, 2011 12:28 pm

sticf wrote:The only way to know 100% if you would get approved is by applying.

How long ago was the Chase application? (Weeks ago? Months ago?)
Also why are you looking for another card? Is it to have issuer diversity? (An Amex to add to your Visa or MC)
What other cards/banks are you looking to for your next card? (Some are easier than others to get approved)


The Chase application was two weeks ago. It took a week or so to approve because I have an initial fraud alert on my credit file and kept missing Chase's phone calls.

I want other cards for their benefits. Here are the cards that I eventually want to have and why:

-Discover More: together with Chase Freedom, this gives me a better chance of having a store in a 5% cashback category
-PenFed Platinum Rewards Visa: year-round 5% cashback on gas
-Citi Forward Visa: year-round 5% cashback on Amazon and restaurants
-Fidelity Investment Rewards American Express: 2% cashback on anything that I cannot use the above cards for
Current credit cards:
American Express: Blue Cash Everyday, Fidelity Investment Rewards
Discover: It
MasterCard: Chase Ink Cash
Visa: BB&T Visa Signature, Capital One Business Platinum, Chase Freedom, Citi Forward

sticf
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Postby sticf » Fri Dec 02, 2011 6:23 pm

Getting more cards can happen I have opened 2 in the same month. At that time but that was back in the '90s and I was employed by the USMC (steady dependable paycheck). Today I am not sure how creditors will react.

Remember that Rome was not built in a day. It may take a while to acquire those cards. I would say prioritize your cards and try to get a new one every 6 months to a year. Credit is a "long game" that you will be playing for the rest of your life (even if they change the system on us in the future). No need to try to rush it when you are aiming at a moving target. By the time you actually get around to some of these cards their rewards programs may be outdated or superseded by the "new new thing."

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jumbo
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Postby jumbo » Sat Dec 03, 2011 8:01 am

college student here, Last month I applied for 2 cards within 3 days and was accepted for both of them, Citi Platinum Select and Chase Slate... and to my surprise I just have ONE hard inquiry in my credit report from citi.. I don't know why chase didn't do hard inquiry...
I have checked credit report twice in last 2 months from all three credit bureaus and its just 1 hard pull..
so not much bad happened due to applications.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card

MOC
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Postby MOC » Sun Feb 19, 2012 9:47 am

Chase posts their inquiries as FirstUSA. I think I've noticed that they don't show up on all my credit reports, or that they also do soft inquiries randomly.

MOC
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Postby MOC » Mon Feb 20, 2012 7:29 am

I know I just replied, but since I just applied for a Chase card I can tell you that they pulled from Equifax.



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