Card Apps on the same day

Discussion in 'Other Credit Card Programs' started by lusfort, May 31, 2012.  |  Print Topic

  1. lusfort

    lusfort Silver Member

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    Hello All,

    I've tried doing a search on this but the search button does not seem to be working.

    When doing Multiple card apps in a short span of time ( app o rama),

    Does the credit report include each and every new inquiry or would the inquiry be too new to be recorded in the report?

    Let's presume I have 5 hard hits now, and plan to applying for 5 new cards

    Will all 5 banks see that i have 5 hard hits or will they see like 6, 7 , 8 , 9 & 10 respectively?

    Hope someone can shed light on this!
     
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  2. ericb

    ericb Silver Member

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    Generally, if you apply for all of those cards on the same day, it should only count as one inquiry. If you want to be extra savvy/cautious, search for which banks pull from which credit agencies in your state, then you can minimize the impact even further (do all experian this time, transunion next etc).

    Someone keep me honest here, but if you say apply for a capital one card (which pulls from all three bureaus yuck) or somehow hit multiple agencies in a churn, it still counts as one hard pull right?
     
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  3. marcwint55

    marcwint55 Gold Member

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    I think you are safe, as my inquiries have taken a bit longer to show up on the reports.
     
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  4. jbeutel23

    jbeutel23 Silver Member

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    That's not exactly correct, they DO count as multiple inquiries. The only time they may only count as one is if they are from the same bank, such as the CIti AA Visa/Amex cards.
    As for the OP question: general consensus is that banks should not be able to see inquiry 6-10 if processed on the same day, but it varies by bank. I applied for 5 cards on May 12th and had to call on reconsideration lines on four of them. Of the four, Bank of America, Bank of Hawaii (FIA Card Services), and Barclays all questioned my inquires within the past six months before approving the accounts but never led me to believe they were seeing any hits from the May 12th app-o-rama. However Citi saw ALL OF THEM. I called and they mentioned the inquires and would not approve me over the phone. Even after writing the Citi Executive Office they would not approve me, citing the four other inquires on May 12th as the reason. It's important to note I completed these applications back to back to back without any breaks, and in the case of B of A and B of H at the same time.
    In short, they can see them, and it appears the credit reporting systems are getting more up to the minute than ever so it's imperative you plan your sequence of applications accordingly. If I had it to do over again I would of processed the Citi app first just because their reconsideration line/process is a pain as many others can attest to.
     
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  5. ericb

    ericb Silver Member

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    Good point, I didn't realize their reporting had gotten faster. Either way, it's safer to "bundle" them so that if multiple do hit the same agency you get some advantage with banks that have slower systems (also easier to track when you last applied for products and upcoming annual fees)

    To the more general community (to jbeutal's point), are there particular orders of banks/apps that you favor to avoid particularly nasty reconsideration lines or auto-denials? I imagine most of this will be anecdotal, but there may be consistent trends out there.
     
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  6. lusfort

    lusfort Silver Member

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    This is great information, I applied for the BA card two days ago and the credit inquiry only showed up a day later as I have Amex's creditsecure service ( very very useful btw). I'll bear in mind to apply for citi cards first if i'm ever going to do an AOR. Thanks!
     
  7. cotter77
    Original Member

    cotter77 Silver Member

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    is the weekend a bad idea to do any app-o-rama?
     
  8. jbcarioca
    Original Member

    jbcarioca Gold Member

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    These are good points. A few elaborations:
    1. Despite popular belief to the contrary, parts of multiple bureaux are used by many large issuers;
    2. The notion of "hard pull" and playing bureaux/states against one another sometimes works, but less well than it once did;
    3. All major US issuers use third-party aggregators for some of their data. Among those data points are inquiries, which can be reported as quickly as hourly in some areas if the issuer pays for the data. Account updates and changes (openings/closings/status reporting) always are updated according to the credit bureau and issuer cycles (typically seven days for issuers, but now some are updating on every change, same day).
    4. Customer-initiated credit requests usually produce one inquiry recorded for each action requested, thus even for Citi there will often be multiple reports if the applications are made to different parts of Citi.
    5. The general misconception is that most issuers use only a single credit bureau in a given state. That is unfortunately spread by some ill-informed but confident bloggers. Virtually all issuers have 'primary' and 'secondary' bureau choices in all areas. Many use the secondary one as well for any application that triggers certain criteria. Churning or similar behavior usually makes a trigger event. That may not produce a turndown. Even if it does the required notification of declined credit makes a reference to only a single credit bureau in almost all cases.
    6. CapitalOne is NOT the only major issuer to use all three credit bureau reports for new applications. See point #1 above. There are several techniques used by issuers to obtain very current information, not all of which produce a visible record for the consumer.
    7. Please also keep in mind that the credit scores you can buy are not the basis for a credit decision on your application. All major issuers have custom processes that include non-score based screening factors, non-score algorithms, usually score-based profitability evaluations and also score-based credit evaluation based on their own portfolios.
    8. The scores one can buy, and are promoted with tag lines such as "...a credit score of 599 or less is bad..." are not used by issuers, but are built to sell to consumers and are a good profit center for scoring companies, credit bureaux, issuers and other sellers. Those scores do provide rank ordered risk, but the variances are so huge that they're fairly useless for actual credit approval. The promotions are carefully worded, though, so they violate no laws.
     
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