Originally Posted by
emilio911
Does the "91 days rule" (e.g. applying for multiple credits cards on the same day every 91 days) really works in Canada?
If this is true, Cerenity, the 91 days doesn't work in Canada. The 91 days rule is relying on the fact that your credit file doesn't get updated on the same day you make the inquiry.
Clearly, each credit card companies keeps track of the applications you made with them, so that's why the "91 days rule" doesn't allow you to apply with the same company more than once.
But if what Cerenity says is true, and Capital One has a way of knowing you applied for a credit card from another company that same day, that means the "91 days rule" doesn't work as it works in the USA...
well, personally i dont think the lenders are that strict in Canada in terms of not having any apps in the past 90/91 days. i've applied for 3 cards on 3 separate days within a couple weeks of each other, and been approved for all 3.
in that regard, the american 91 day strategy is pretty useless here, because (at least so i thought) it is mainly used to get approvals before lenders realize you are doing a lot of apps.
the main reason i mentioned the clean 90 days prior to app is that i think i recall reading that C1 will actually decline you if you had any hard inquiries within the last 90 days. so i'd rather play it safe and apply for that first, even if doing it all on the same day.
personally i schedule my apps in 3 month cycles because
1. it helps with keeping track
2. its about how long it takes for the credit score to recover from a new account/hard hit