Applying for two credit cards on the same day

info_maniac

My OH applied for two cards (one after another) on the same day, while the first application was approved the second one was rejected. I know this was a bit foolish, the credit rating is excellent, so thought it was worth a shot. Two Hard seraches are visible on the credit report.

Just wondering whether it was back to back applications which caused this? Not sure if waiting for 2-3 days or a week would have been better.

Any ideas? Thanks.

Brie

Not surprised as 2 applications together may give the look of desperation.  Doesn't matter how good one's "rating" might be.

Many will say that it's best to wait a couple of months at least between applications.  

Hoenir

The second application would have automatically triggered a red flag. Straight decline. No thought required. No questions asked. No point in wasting anytime on the matter. 

NorwichMan

Were both applications to the same lender, or different ones? I am no expert but I am sure other people on this forum, some years ago, reported successfully applying for multiple credit cards (from different lenders) on the same day or over one weekend. The idea was that one lender wouldn't be aware of another application as the credit files take some days to be updated. This may well have changed, perhaps it is immediate now?

Fingerbobs

Admittedly many moons ago, I applied successfully for two card on the same day, actually within minutes of each other. I don't know, but I'd have thought a search would 'show up' pretty-much immediately on credit files. Why would there be a delay in recording a search?

NorwichMan

As I say, I am not an expert, but there are examples where people have reported successfully applying for multiple cards from different providers in a short time period, with the rationale that the hard searches may not be available straight away to the new providers when they check.

For example, this from 2016 where someone apparently applied for 8 cards over one weekend and was accepted for almost all. 
https://forums.moneysavingexpert.com/discussion/5459702/applying-for-multiple-cards/p1

Quote from the OP on page 2:"I figured if I apply for them all at the same time then they would not have time to appear on my credit file as most are approved pretty much straight away doing a while you wait credit check."

Maybe times have changed and now searches are available almost immediately, so that one lender can see that you made another application an hour ago? Or maybe this was always the case but it didn't stop the person above.

Fingerbobs

NorwichMan said:

Maybe times have changed and now searches are available almost immediately, so that one lender can see that you made another application an hour ago? Or maybe this was always the case but it didn't stop the person above.

I suspect this is the most likely scenario. Obviously I have no specific knowledge, and I'm just guessing the same as everyone else, but intuitively I can't see why an event occurring on a database would fail to show up the next time that database is searched.

When I log into the MSE Credit Club and look at a fresh copy of my Experian report, the "soft search" carried out by MSE a few seconds ago is already there.

NorwichMan

Yeah you may be right. But then, advice to wait a few months between applications, or that a second application the same day will automatically raise a flag and most likely result in a decline, doesn't seem to be correct. Or at least, not for everyone. The thread I linked above features several people claiming to have been accepted for multiple cards following same-day applications, getting decent credit limits on each card. Maybe lenders have stricter criteria these days.

Nebulous2

I once took over £30k in credit, mostly money transfers, over one weekend ,to stooze. 3 new credit cards. All applications went through. 

It was as an experiment, and I didn't foresee needing any credit in the future, so had no concerns about the impact it night have. 

Time flies - but I think it might have been 2017. Unfortunately in 2018 I decided to buy another house and had to pay most of it back first. 

People needing a substantial loan were often recommended to try two at the same time. There is a sweet spot for loans between £7k and £15k so if you needed £25k splitting it was seen as a way to get better rates. 

Cashmygiro

I did this once a few years ago but I was approved there and then when I did the applications so I received both cards. Would I do it now, probably not.

I didn't do it because I was desperate, I just liked the offers. 

daivid

I don’t think I've taken out 2 the same day but have taken out a second card a few days later several times. Next time I get a new card I'll try for another the same day to see what happens. I agree it could present as a red flag but then so should taking out 2 (or more) cards in a week which seems to work fine.