Twice in one day?

[thebrim]

I just applied for the Hooters card today and was told by the rep that I would here from them in 2 to 3 weeks whether I was approved or not. I was wondering can I apply for a second bankruptcy friendly card today as well, or should I wait a few days, weeks, or something.

[SinkingFast]

Generally speaking,............ What I've read,............. A series of credit inquiries in a short period of time is viewed basically as one event.

If you do a flurry of apps within a few days, like car or mortgage loan shopping for example,........... Down the road, prospective Creditors will view them all as one occurance. Your Credit Scores will probably reflect the same thing. You'll take a dip initially and then recover.

[FilingOnMyOwn]

Yes thats correct. Its better to go on a 'spree' of applications than to spread out the inquiries over a long period of time. As long as you can handle any credit that is issued to you. I'd go for maybe a half dozen or so of the well known bk friendly lenders. You might get one or two of them. Then further down the road in 3-6 months, you can go back and do some fine tuning. Apply for some new cards, keeping the ones you like and getting rid of any you don't along the way.

[thebrim]

Thank you for replying.........

[emoney]

NO, NO, NO, that is not correct. Each credit card application is a new application for credit.
There is a 14 day window or maybe it is now up to 30 days for shopping for car financing or to buy a home is considered as one inquiry.
regards,
emoney

[SinkingFast]

Seems that EMoney is right in this instance.

From MyFICO.com,.............

Will my FICO score drop if I apply for new credit?

If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

http://www.myfico.com/CreditEducatio...Inquiries.aspx

Multiple CC inquiries in a short period of time for people who recently filed BK can be a problem for a couple of reasons.

Very few other accts that are Open and Active to counterbalance the Score effect of the multiple inquiries.

Prospective Lenders can view several CC accts as a potential risk when you don't have much of a Credit History. Since you just filed BK, basically, you have a clean slate. Basically, you have very little Credit History to show responsible use of Credit.