Credit Card Programs - Do you factor non-CC inquiries into your app cycles once the inquiry has posted?
Jul 31, 12, 5:24 pm
Just curious on everyone's experiences as I'm just approaching the end of my first year of CC apps. I've been getting a few cards every 3-4 months but have a new car loan thrown in as well as a refinance on my mortgage. Now I made sure to hold off on new credit apps for several months before the car loan and refinance. But do you all hold off on the new apps AFTER a non-CC inquiry such as a loan, basically counting it as if you had done a round of apps?
For example, this year I got a new car loan mid-February, applied for and got the SPG AMEX mid-March, and refinanced mid-June. I'd like to do an application round now, as it's been ~4 months since my last CC. But would you all count the refinance in place of an application round, and wait another 3 months?
Edit: just realized this should probably be in the CC forum. I thought I was in that forum but I think I started this in another tab :eek:
Jul 31, 12, 5:32 pm
Did you shop around for your refinance? If I only have one, maybe two inquires for a non cc loan I usually go ahead and apply. It would obviously make a difference if a dealership or mortgage broker submitted your app to multiple lenders. Supposedly multiple inquires for non cc loans are scored as one, but they still show up separately on a credit report.
Jul 31, 12, 5:36 pm
It was only one inquiry (to all 3 bureaus). And I think the auto loan was just a single bureau. Credit score is still high, in the 770+ range so I'm not so worried about that. When considering past inquiries and waiting 3+ months, is the sole reasoning just to allow your score to recover?
Jul 31, 12, 5:58 pm
That's the main reason, there's also the chance that you could be declined for too many recent inquiries. With your case though, one on all three for the refi and one for the auto, I wouldn't worry about it. Even if you did have to make a call, that's an easy explanation. It also helps that your score is so high, mine is similar and I wouldn't worry about it.
Jul 31, 12, 8:45 pm
You might be ok, depending on how many credit cards you want to apply to. I refinanced my mortgage in May but did shop around and have 3 credit inquiries with all three credit bureaus. My score is 780.
I am usually very conservative and have applied for 1 or 2 credit cards at a time.
In July I decided to apply for 4 credit cards (amex, bank of america, bank of hawaii and citi). citi did not approve me instantly. The reason: too many recent inquires. I am still trying to see if they can approve me (have sent them a letter).
But you are four months out so you might be ok.
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