quarterly vs. monthly app(s)
Oct 8, 2012 | 12:03 pm
#1
Original Poster
Join Date: Aug 2012
Location: BOS
Posts: 49
quarterly vs. monthly app(s)
General wisdom seems to be that it is better for your credit score to apply for a bunch of cards on the same day (quarterly?) than to space them out one or two per month. Is this a theory or proven? How does quarterly affect your score differently than monthly if the total number of cards applied for ends up being equal? Where can I find information/discussion that supports this or can someone chime in on the reasoning behind it? Appreciate the input! Thanks.
Oct 8, 2012 | 1:55 pm
#2
Join Date: May 2008
Location: Las Vegas since 11/2023
Programs: No status anywhere anymore, it was fun while it lasted
Posts: 4,648
Based on what I've seen, I doubt it matters much at all.
A credit pull dings your credit score by maybe a point or two, and it rebounds over time. I space my card applications so that I can make the minimum spends, I have never applied for two on the same day, and I have never gotten turned down (except once when Chase said I had too much credit, and then they just transferred part of my line from one card to another). I really think most people worry too much about applications and their credit scores. Now maybe if my credit score was borderline I might worry more.
A credit pull dings your credit score by maybe a point or two, and it rebounds over time. I space my card applications so that I can make the minimum spends, I have never applied for two on the same day, and I have never gotten turned down (except once when Chase said I had too much credit, and then they just transferred part of my line from one card to another). I really think most people worry too much about applications and their credit scores. Now maybe if my credit score was borderline I might worry more.
Oct 8, 2012 | 4:15 pm
#3
Join Date: Jan 2010
Posts: 396
General wisdom seems to be that it is better for your credit score to apply for a bunch of cards on the same day (quarterly?) than to space them out one or two per month. Is this a theory or proven? How does quarterly affect your score differently than monthly if the total number of cards applied for ends up being equal? Where can I find information/discussion that supports this or can someone chime in on the reasoning behind it? Appreciate the input! Thanks.
Oct 8, 2012 | 7:41 pm
#5
Join Date: Sep 2012
Location: Born and raised in South Carolina, now in New York City.
Posts: 534
I think the reason why most prefer quarterly or semi annual churns is because inquiries seems to matter less over time. So if you plan to get 12 cards a year you could do one a month but after the first few months you'd always have several recent queries on your credit statement. But if you did six cards twice a year you will have no recent i inquiries when you apply for new cards thus increasing your score, how the card companies view you and your chances.