How does applying for CC's impacts your credit?
Jun 21, 2016 | 12:43 pm
#1
Original Poster
Join Date: Jun 2016
Posts: 4
How does applying for CC's impacts your credit?
I havent applied for any CC in a few years and I'm thinking of applying to 2 if not 3. I'm wondering If I should I apply to them all out once or spread them out over some months etc...
If someone can link me to a thread or provide some basic knowledge that would be great.
If someone can link me to a thread or provide some basic knowledge that would be great.
Jun 21, 2016 | 5:55 pm
#2
FlyerTalk Evangelist
Join Date: Jan 2005
Location: home = LAX
Posts: 26,113
It depends on your credit history and your longer-term plans and the specific banks.
For example, if you have some cards that you've held for a decade or more, and have no blemishes on your credit record, then it shouldn't matter much how quickly you apply for just 2 or 3 cards if they're each from a different bank and if you're going to stop for some time after that.
But if all 3 are from the same bank, then the answer might be different. (Each bank may have a different limit on how often / how quickly you can apply for multiple cards from that same bank.)
And if you're planning to apply for several more in half a year or a year, the answer might be different. (Because, for example, one bank -- Chase -- won't likely approve you for its cards after you've opened 5 cards from any banks in the previous 2 years, so if you plan to apply at that rate, you should apply for cards from that bank first, before "you're locked out" from it, no matter how perfect your credit score.) So what order you apply for cards in can actually more than how quickly you apply for them!
And if the cards you got a few years ago are the oldest cards you have, or you cancelled most of them, and thus don't have a very "deep" credit history, the answer might be different again.
For example, if you have some cards that you've held for a decade or more, and have no blemishes on your credit record, then it shouldn't matter much how quickly you apply for just 2 or 3 cards if they're each from a different bank and if you're going to stop for some time after that.
But if all 3 are from the same bank, then the answer might be different. (Each bank may have a different limit on how often / how quickly you can apply for multiple cards from that same bank.)
And if you're planning to apply for several more in half a year or a year, the answer might be different. (Because, for example, one bank -- Chase -- won't likely approve you for its cards after you've opened 5 cards from any banks in the previous 2 years, so if you plan to apply at that rate, you should apply for cards from that bank first, before "you're locked out" from it, no matter how perfect your credit score.) So what order you apply for cards in can actually more than how quickly you apply for them!
And if the cards you got a few years ago are the oldest cards you have, or you cancelled most of them, and thus don't have a very "deep" credit history, the answer might be different again.
Last edited by sdsearch; Jun 21, 2016 at 6:01 pm
