Applying for multiple cards on same day... does it really matter?
 

I've been out of the credit card app game for the past 2 years because I was looking for a home, and am happy to say that I just closed 3 days ago. After a long wait, I'm looking to apply for 3 cards for now-- Chase Ink Plus 70K (in-branch), USB Club Carlson Business, AMEX Old Blue Cash. Currently, I have 3 Chase personal cards, 1 Chase business (Ink Bold), 2 AMEX, 3 Citi, 1 Capital One cards.

I've read stories about how strict US Bank is about approvals for the Club Carlson card due to too many inquiries, so I figured I would apply for that one first. I anticipated an approval due to high FICO (Experian 795), pretty high income (>$300K), and I could use my physician status as a business, as I did with Ink Bold 2 years ago. Unfortunately, US Bank now has me under review". I called the reconsideration line and the rep said everything looked good, but they had to do a formal review to confirm identity or whatever. He couldn't approve me over the phone.

At that point, I wasn't sure if I should've gone ahead and applied for the Ink Plus and AMEX cards, or waited to hear from US Bank first. I chose to wait. I've been told that it's best to apply for multiple cards on the same day because banks can't see same-day inquiries from other banks, but I don't know how true that is. I was worried that if I applied for the Chase and AMEX, I would almost certainly get declined for the USB CC card as they reviewed my file and found 2 apps immediately after I applied for their card. On the other hand, if I wait for USB to complete their review and then apply for Chase and AMEX 1 week later, will they be more likely to decline me due to a recent inquiry?

What would you have done?

Inquiries show up instantly, so Bank #3 will know that you made two previous applications that day (assuming they pull the same bureau). The advantage is that new accounts will not show up on your report yet, so there is less risk that the later banks will be worried about you opening tons of new credit lines since they can't see it, yet.

I did get denied on the Club Carlson due to "too many new account" - note accounts, not inquiries. I think I had five new cards in the last six months. I called recon and they asked why I had so many new accounts. I told them that I was simply doing my annual credit card reward realignment and that since I had some trips to Europe planned, the CC card would work well for me compared to other banks. I also offered to close/convert another old/unused US Bank card, which he noted and sent it off to a credit analyst. I ended up approved without having to close the other line.

As long as you can get around trigger level rejection count on number of applications and talk with a real person you many not have a problem. What banks are worried about is a bust out fraud or someone who is going to do a big run up of debt and default.

Doesn't matter. You have so few inquiries that there's no need to apply same day. Applying for the US Bank first was good idea but with so few inquiries you'd likely get approved no matter what.

Careful, pilgrim...

Last time we did a home refi, I told my lender that I wanted to apply for some credit cards shortly after we closed. He didn't mince any words and told me NOT to apply for any credit until after out load had "settled" - which he told me could be up to a week or 10 days after closing. He said that the "closing" date wasn't the end of the underwriting scrutiny, and if I went out and applied for credit cards the day after closing, it could cause the mortgage approval to get pulled, or at least delayed/complicated due to additional scrutiny. Basically, he told me not to futz around with anything credit-related, which he clearly thought was foolish, until the fat lady had really finished singing. Apparently, the "closing date" wasn't quite the final note.

It might vary by lender but if it were me I would not cut it too close. Check with your mortgage lender to be sure you have a green light before starting the credit card apps.

That's interesting. My loan broker does the mileage game to a degree (no MS, but credit card sign ups) and said the day after closing would be fine. The loan funded prior to closing, and he told me months ago to avoid applying for any cards prior to that date.

Then you should be fine.

I filed it away for next time. Have fun and congrats on the new home.

Do you really mean truly instantly, as in if you have two browser windows open, hit Submit in one, then hit Submit in the other, one will see the inquiry of the other?

Of course, even if they're both "instant" approvals, one might take many seconds longer than the other, so even if they do show up truly instantly, it might be hard to predict which one would hit the bureau first and which second, even if you know in which order you hit Submit.

("Instant" approval is not truly instant, ie, it typically takes a good chunk of a mninute, at least. Compared to that, it's possible to hit Submit on two -- or even more -- applications much faster than it takes one to process an "instant" approval.)

While your profession and income certainly speak well for you, it is possible that US Bank is looking into the amount of any student loan debt that you might be carrying.

I'm going to do exactly what you've done in this scenario. ^ I have a very similar profile, with high income and FICO 08 scores in the 840-850 range. US Bank Club Carlson will be first, with a couple others to follow. Unfortunately, they all pull Experian here in So Cal.

Keep us posted on the outcome.

Inquiries have nothing to do with approvals, just applications.