Credit Card App impact on Credit Score

Quote from msvista : How does credit score get impacted if one applies for 2/3 credit card almost at the same time?

cc apps each count as a hard hit, what you can do is apply for several cards with the same bank and they will only have 1 hard hit, but be warned a lot of banks won't issue you you more than 1 card at a time.

Each hit will usually take you 5-7 points down for 6 months and then have less impact and disappear after 2 years

Quote from hAvAAck : cc apps each count as a hard hit, what you can do is apply for several cards with the same bank and they will only have 1 hard hit, but be warned a lot of banks won't issue you you more than 1 card at a time. Each hit will usually take you 5-7 points down for 6 months and then have less impact and disappear after 2 years

Thanks for the info.

Quote from msvista : Thanks for the info.

Sure I applied for 3 citi cards and got 2, that's the only bank that I was successful with.

I always try to do multiple hard-pulls at once. I have only done different banks and it has, for the most part, worked out well. For instance, if I applied for Chase's Slate card for the 0% BT offer right now, I would apply for a card at Penfed while I open a savings acct. there (they pull credit to do anything with them, but it's only one pull within a time frame and you can apply for as much as you want from what I understand).

Last year when I applied for my second credit card, I also applied for a third and requested a limit increase on my first. I got both cards and was denied the increase, but the reason listed was length of accounts was too short; I doubt the two new cards made a difference or even showed on the report. Right now CK only shows one hard pull, but they only get data from TransUnion and I know the CL-increase-request report was from Equifax.

Keep in mind that there are 3 main credit bureaus (Experian, Equifax, Transunion). Most banks will pull your report from only 1 bureau when applying, but others are known to pull all 3 (such as Capital One) which results in 3 times the damage. If you google "credit pulls database" there's a web site that shows you which bureau each bank pulls. Also gives an idea of what score is needed for approval.

Quote from WinkyMcGee : Keep in mind that there are 3 main credit bureaus (Experian, Equifax, Transunion). Most banks will pull your report from only 1 bureau when applying, but others are known to pull all 3 (such as Capital One) which results in 3 times the damage. If you google "credit pulls database" there's a web site that shows you which bureau each bank pulls. Also gives an idea of what score is needed for approval.

I strongly believe the above statement is false. When you apply for a loan or line of credit, banks will pull from all 3 bureaus and of course they will pick the report with the worst score to go with (it's a common practice for lenders because the lower the score the more reason they have to bump your interest up a little bit). And no, having 1 hard pull from each of the 3 bureaus doesn't mean that it's 3 hard pulls.

I also know that some lenders (or car dealerships) like to run your credit with the bureau that they normally deal with.

And as far as how the hard inquiry affects your score...a single inquiry generally deducts 5-7 points from you. But let's say if you have a 2nd inquiry within a short period of time, then that 2nd inquiry will deduct 7-15 points, and 3rd inquiry will deduct 10-20 points....my figures may not be accurate but I hope you get the idea. The 2nd, 3rd, 4th inquiry and so on will deduct more points than the previous inquiry.

Quote from mythek : I strongly believe the above statement is false. When you apply for a loan or line of credit, banks will pull from all 3 bureaus and of course they will pick the report with the worst score to go with (it's a common practice for lenders because the lower the score the more reason they have to bump your interest up a little bit). And no, having 1 hard pull from each of the 3 bureaus doesn't mean that it's 3 hard pulls.

Sorry to say, but you're wrong on this.

What I've stated above is a well known fact in the credit enthusiast community. And just in case you didn't read the entire thread, we're talking about applying for credit cards here. Most credit card companies will do a "hard pull" from only 1 credit bureau when you apply for credit. Therefore only 1 of your 3 credit scores will take a hit. If we were talking about applying for mortgages then that would be different, in which case it's more common for them to pull all 3 reports at once. Also if a bank pulls all 3 then, yes, it does in fact result in more damage than if they had pulled just 1 (all 3 scores will be negatively affected instead of just 1).