Question Regarding Multiple Hard Credit Inquires in the Same Week

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sharks2431
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Question Regarding Multiple Hard Credit Inquires in the Same Week

Postby sharks2431 » Wed May 07, 2014 1:28 pm

Hello all,

I have a rather (I think) complicated question that I would really appreciate help with. I'm trying to do a 'spring cleaning' of my finances so to speak, and have a variety of things I want to do to save money. I'm a little worried that doing all of this will affect my credit negatively. Here is my tentative plan:

1. Switch from Verizon to T Mobile
For various reasons, I'm leaving Verizon and switching to T Mobile. Unfortunately T Mobile apparently does a hard pull when opening a new account.

2. Increase the credit limits on both of my chase cards (Freedom and Amazon)
Does chase require a hard inquiry for credit limit adjustments?

3. Open a new chase card (Slate)

4. Move most of my credit limit allowance from the Freedom and the Amazon card to the new slate card
Does this require a hard inquiry as well?

5. Refinance my car

One of my questions is, should I try to do all of this at the same time so that the credit inquires get lumped together? Or is that going to matter because they are different lines of credit?

If not, will doing all of these severely impact my credit? I'm currently at 765 right now and am worried it would drop 30+ points. I could always wait to do a couple of these things.

Thanks for the help all!


mrow
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Postby mrow » Wed May 07, 2014 4:02 pm

No, that would not cause your score to drop like that. Inquiries do not have that much of an impact on your score. I just added another to mine bringing me to 4 and my credit score actually went up.

MemberSince99
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Postby MemberSince99 » Wed May 07, 2014 4:05 pm

1. If you buy the phone or bring one you are already using to the party, then T-Mobile won't do a credit check from what I read. You can get them without a hard pull if you do it right.


2. Almost always yes a CLI request from Chase will be a hard pull (I got 2 from them last time I asked).


3. Are you looking to transfer a balance? Slate is only good for that.


4. Moving limits should be no problem and shouldn't require an extra pull to do that or a pull to move from one card to another you already have.


So to sum up not sure what you are looking to do with the Slate but it's only a card to carry a balance on while the 0% APR is in effect. Not sure if your score is a FICO but if so you should be in great shape to do whatever you are looking to do. I'm not sure it will drop 30 points, I've opened plenty of new cards recently as you can see, yet you can see my scores aren't that shabby for it. It will always vary of course and I can't begin to guarantee yours won't drop, just saying that it doesn't necessarily have to take a huge dip.

takeshi
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Postby takeshi » Thu May 08, 2014 9:24 am

sharks2431 wrote:Increase the credit limits on both of my chase cards (Freedom and Amazon)
Does chase require a hard inquiry for credit limit adjustments?

Generally yes if customer initiated.

sharks2431 wrote:One of my questions is, should I try to do all of this at the same time so that the credit inquires get lumped together?

I'd suggest doing them in order of priority. For most the auto loan would be the top item, for example, as people generally want the best rate possible on big ticket items.

sharks2431 wrote:If not, will doing all of these severely impact my credit? I'm currently at 765 right now and am worried it would drop 30+ points.

765 with which CRA and using what model? I have no idea what CRA's TMO, Chase and your auto loan company will use. It's entirely possible that all the inquiries might be spread across the CRA's. It's also entirely possible that they'd all end up on the same CRA(s).

As MemberSince99 indicated there seems to be a trend of Chase double pulling recently from looking at forum posts on multiple sites.

mrow wrote:Inquiries do not have that much of an impact on your score. I just added another to mine bringing me to 4 and my credit score actually went up.

Depends on one's credit. Thicker profiles handle them better than thinner. Creditors may be more sensitive to inquiries for thinner profiles. With a 765, a couple of cards and an auto loan the OP is probably in good shape but it's difficult to say for certain.

sharks2431
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Postby sharks2431 » Thu May 08, 2014 9:25 am

MemberSince99 wrote:1. If you buy the phone or bring one you are already using to the party, then T-Mobile won't do a credit check from what I read. You can get them without a hard pull if you do it right.


2. Almost always yes a CLI request from Chase will be a hard pull (I got 2 from them last time I asked).


3. Are you looking to transfer a balance? Slate is only good for that.


4. Moving limits should be no problem and shouldn't require an extra pull to do that or a pull to move from one card to another you already have.


So to sum up not sure what you are looking to do with the Slate but it's only a card to carry a balance on while the 0% APR is in effect. Not sure if your score is a FICO but if so you should be in great shape to do whatever you are looking to do. I'm not sure it will drop 30 points, I've opened plenty of new cards recently as you can see, yet you can see my scores aren't that shabby for it. It will always vary of course and I can't begin to guarantee yours won't drop, just saying that it doesn't necessarily have to take a huge dip.


Thanks for the detailed response, much appreciated.

1. I'll look into T-Mobile's credit policy. If I can get away with a soft inquiry I'd be happy.

2. Thanks, I'll probably forego this for now then

3. And last time I checked, Slate had a 15 month introductory 0% APR, which is what I'm looking for (apologies for not mentioning that initially)
https://creditcards.chase.com/slate-credit-card/

I'm getting married and need a decently high balance 0% introductory card that I can pay off over the next 12-15 months. I always carry a 0 balance once the introductory period is over. Oh, and that score is actually CK (I have 2 inquires currently on my CK profile).

Again, thanks to you both for your reassurance and for your assistance.

thom02099
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Postby thom02099 » Thu May 08, 2014 12:35 pm

Just to be clear on what your intention is with Chase:

You want to CLI on your Chase cards that you have, correct?

Then you want to apply for a Slate, and then move the CL for the other Chase cards to the Slate card, correct?

Then you want to charge wedding expenses on OTHER cards, then transfer the balances to the Slate due to the 0%/15 month offer from Slate on a BALANCE TRANSFER, correct?

Reason I mention "other cards is, you can't transfer a BALANCE from 1 Chase card to another.

Otherwise, if I'm correct in reading what you want to do, it should be doable.
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sharks2431
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Postby sharks2431 » Thu May 08, 2014 2:37 pm

thom02099 wrote:Just to be clear on what your intention is with Chase:

You want to CLI on your Chase cards that you have, correct?

Then you want to apply for a Slate, and then move the CL for the other Chase cards to the Slate card, correct?

Then you want to charge wedding expenses on OTHER cards, then transfer the balances to the Slate due to the 0%/15 month offer from Slate on a BALANCE TRANSFER, correct?

Reason I mention "other cards is, you can't transfer a BALANCE from 1 Chase card to another.

Otherwise, if I'm correct in reading what you want to do, it should be doable.



Close, sorry I should have clarified my actual intent.

Step 1 would be to increase credit limits as much as possible on my 2 other chase cards
Step 2 is to apply for a slate card
Step 3 is consolidate credit limits mostly to the new slate card
Step 4 is to charge wedding expenses to the slate card and have it all paid off before the 15 month introductory period runs out.

Hopefully that makes sense!

thom02099
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Postby thom02099 » Thu May 08, 2014 9:10 pm

sharks2431 wrote:Close, sorry I should have clarified my actual intent.

Step 1 would be to increase credit limits as much as possible on my 2 other chase cards
Step 2 is to apply for a slate card
Step 3 is consolidate credit limits mostly to the new slate card
[color="red"]Step 4 is to charge wedding expenses to the slate card and have it all paid off before the 15 month introductory period runs out.[/color]

Hopefully that makes sense!


Charge your wedding expenses to a rewards card, get points/travel bonuses/whatever. THEN transfer the balance to the Slate card. There's no benefit to charging direct to the Slate; also, read the T&C to make sure that the 0%/15months applies to charges or BT. In most cases, it's BT.

But...with all things credit, YMMV.

ETA: Checked your link; I see that they offer it for BT AND new purchases. That's a decent offer. I only got the BT offer when I got my Slate. However, I'd still recommend getting rewards on other cards, then transfer the balance(s) to the Slate. Make sure you do it within 60 days of opening the card. Depending on when your wedding is, plan applying for the Slate to match your wedding timetable.

Also, consider a backup plan just on the off chance that you don't get approved for a Slate, for whatever reason. Look into other 0% BT cards, such as Citi Diamond Preferred. Citi can be generous with initial credit limits. Just a thought...
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sharks2431
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Postby sharks2431 » Fri May 09, 2014 6:29 am

thom02099 wrote:Charge your wedding expenses to a rewards card, get points/travel bonuses/whatever. THEN transfer the balance to the Slate card. There's no benefit to charging direct to the Slate; also, read the T&C to make sure that the 0%/15months applies to charges or BT. In most cases, it's BT.

But...with all things credit, YMMV.

ETA: Checked your link; I see that they offer it for BT AND new purchases. That's a decent offer. I only got the BT offer when I got my Slate. However, I'd still recommend getting rewards on other cards, then transfer the balance(s) to the Slate. Make sure you do it within 60 days of opening the card. Depending on when your wedding is, plan applying for the Slate to match your wedding timetable.

Also, consider a backup plan just on the off chance that you don't get approved for a Slate, for whatever reason. Look into other 0% BT cards, such as Citi Diamond Preferred. Citi can be generous with initial credit limits. Just a thought...


Gotcha, that makes a lot of sense! Thanks for all the help everyone!



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