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How many inquiries is too much?

I haven't applied for a credit card since last july.  Are two inquiries this year too much?
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Re: How many inquiries is too much?

No.. and only INQs in the last 12 months go against your score. The previous 6 months hold the most weight.
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Re: How many inquiries is too much?

Its states on my score watch alert that
"New inquiries on a credit report may lower the FICO score by a modest amount. Multiple inquiries can lower the score a little more than a single inquiry. But note that multiple inquiries within a two-week period are treated as a single inquiry."

So If I am shopping for new credit cards should I do it within the 2 week period and
is this true for all the 3 CRAs
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Re: How many inquiries is too much?



inzaghi wrote:
Its states on my score watch alert that
"New inquiries on a credit report may lower the FICO score by a modest amount. Multiple inquiries can lower the score a little more than a single inquiry. But note that multiple inquiries within a two-week period are treated as a single inquiry."

So If I am shopping for new credit cards should I do it within the 2 week period and
is this true for all the 3 CRAs

The two week rule only applies to auto and home inqs.. NOT CCs!
 
And to correct my previous statement.. 12 month old inqs hold the same weight as 6 months old inqs.
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Re: How many inquiries is too much?

I have over 12 inquiries with in 6 months and started to get turned down by most. I'd say 12 is too much. When I had less than 6 I didn't have any problems.
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Re: How many inquiries is too much?

I have over 113 inquiries with scores in high 700's...Just kidding!!:smileysurprised:
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Re: How many inquiries is too much?



ilovepizza wrote:
I have over 12 inquiries with in 6 months and started to get turned down by most. I'd say 12 is too much. When I had less than 6 I didn't have any problems.

They seem to think more than two in 12 months is too many, even if one is for a cell phone  :smileysad:
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Re: How many inquiries is too much?

Here's something I learned and will be careful of next time. My husband and I just recently bought a new car. I did not know that the finance manager had ran credit checks with alot of banks just to get a great interest rate. A month later I went to apply for a CC to roll my other two credit cards into one to make payments easier. I was turned dow because there were too many inquires on my credit report. We got a good interest rate, but be careful when you go to by a new car. I had my credit report on private so I could stop getting all those stupid credit card offers in the mail. I think banks should pay a fee to run a credit check.
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Re: How many inquiries is too much?

 Many consumers get confused on auto and home inqs.. Most are under the impression that endlessly shopping around for 14 days won't hurt you..NOT TRUE.  While FICO only calculates these Inqs as one.. EACH Inq still shows up and increases your overall Inq count. Thus, hurting you in a manual review or an automated approval system that checks Inq count.
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Re: How many inquiries is too much?

From what I know a inquirey is only like 2 points so you would need quite a few. Six a year is viewed as average. Ten or more excessive.
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Re: How many inquiries is too much?

Equifax does not like 4 in a year, only two for credit  :smileysad:
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Re: How many inquiries is too much?

And even 1 cell phone inquiry is too many ... :smileyvery-happy:
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Re: How many inquiries is too much?

LOLOL.. I think I will always laugh at the cell phone thing.
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Re: How many inquiries is too much?

Do you know how to get them off your account. I checked my credit today and it caused it to drop a couple of points? Then It went back up a couple of points....How long does FICO consider a year.. From the time it was checked or December 31? Can your score increae by at lease 20 points if you pay down everything and make monthly payments on time.. How do you get your score up?
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Re: How many inquiries is too much?

One of my credit card companies has monthly posting of my FICO score on my online account. I notice that it will occasionally say I have had inquiries, yet I have not applied for anything or given permission for anyone to pull my credit. 2 questions: How can I find out who has made the inquiries, and can I moniter when inquiries occur? Can companies do unsolicited inquiries, and if yes, how can I stop it? Thanks
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Re: How many inquiries is too much?

[ Edited ]


rosieposie wrote:
One of my credit card companies has monthly posting of my FICO score on my online account. I notice that it will occasionally say I have had inquiries, yet I have not applied for anything or given permission for anyone to pull my credit. 2 questions: How can I find out who has made the inquiries, and can I moniter when inquiries occur? Can companies do unsolicited inquiries, and if yes, how can I stop it? Thanks

When was the last time you checked your credit reports? You should check them immediately to rule out potential ID theft. Assuming the companies who pulled did not have PP you are $1k richer for each one.
 
See:
 


Message Edited by Tuscani on 06-07-2007 02:47 PM
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Re: How many inquiries is too much?

This is why I recommend young folks get four or five credit cards as soon at their scores pass 700.

N.B.: "Getting" is NOT the same as "charging to the max."

This has several advantages:

1) If you're just starting out, you're not going to be looking for a mortgage. Mom and Dad are probably helping out with the car payment. So if your score tanks 20 points due to the inquiries, no big deal. Within a year it will pop right back up again...plus the gainage from showing up for your financial life on time for that year, and the benefits of low utilization. The youngster's score might drop from 700 to 675 from inquiries and new accounts, but within a few months, it will be back to 700, and after a year and a half, probably 730 or so.

2) This will place the young person in an excellent position to finance an automobile. Now, rather than starting out with one credit card, and having the installment loan chop the person's average age of accounts in half, the installment loan's new age will be weighed against the existing ages of the four or five maturing credit card accounts.

3) By college graduation, the consumer will have a FICO of 760 or so, credit limits in the $5-10K range, and be in a prime position to buy a home.
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Re: How many inquiries is too much?

Ah, TNWM, you make it sound so easy...
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Re: How many inquiries is too much?

[ Edited ]
TNWM, I agree with you. That has been my advice for my daughters, and it has worked. (DS was too headstrong, and did his thing before I learned how this works!)

But, good golly Moses, you're really cleaning out the basement with this thread, aren't you?! :smileyvery-happy:


edit: cna't speel...

Message Edited by haulingthescoreup on 05-06-2008 04:08 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
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Re: How many inquiries is too much?

[ Edited ]

TheNewWorldMan wrote: This is why I recommend young folks get four or five credit cards as soon at their scores pass 700. N.B.: "Getting" is NOT the same as "charging to the max." This has several advantages: 1) If you're just starting out, you're not going to be looking for a mortgage. Mom and Dad are probably helping out with the car payment. So if your score tanks 20 points due to the inquiries, no big deal. Within a year it will pop right back up again...plus the gainage from showing up for your financial life on time for that year, and the benefits of low utilization. The youngster's score might drop from 700 to 675 from inquiries and new accounts, but within a few months, it will be back to 700, and after a year and a half, probably 730 or so. 2) This will place the young person in an excellent position to finance an automobile. Now, rather than starting out with one credit card, and having the installment loan chop the person's average age of accounts in half, the installment loan's new age will be weighed against the existing ages of the four or five maturing credit card accounts. 3) By college graduation, the consumer will have a FICO of 760 or so, credit limits in the $5-10K range, and be in a prime position to buy a home.
This directly addresses a question I have had. I'm a 23-year-old student in grad school (3 more years til I graduate) with 1 CC (Visa) with a limit of $11,250. I have two current loans totaling $14,500 and two loans from undergrad that are paid off. I just checked my FICO score and it is 751 (down from 772 last July, prior to the two current loans). I also own my car outright. I'm wondering if I should get a second CC, and if so what company I should go with. Obviously my CL is more than fine now but I would like to take some proactive steps to continue my good credit scores. Any suggestions? Edited to add: I will definitely be taking out two or three more loans next fall, and probably the same in fall 2009. Don't know if that matters...

Message Edited by pez478 on 05-06-2008 07:43 PM

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Re: How many inquiries is too much?

Just read your post, although it was from some time ago. Be aware that for car loans and home loans, inquiries made within 2 weeks of each other are supposed to be treated as 1 inquiry, because people often shop for the best rate. You should contact both the credit report company and the company that turned you down to find out who is making the error.

Something else useful - You can dispute an inquiry just like you can dispute anything else on your report. Dispute them based on the fact that you not only never authorized all those inquiries, you never even knew they were being made. In most cases, creditors do not bother even responding to a dispute about whether or not they had made an authorized inquiry. And if they don't respond, the inquiry comes off your report.

The one problem with this is that bureaus, especially Experian, sometimes do not want to process disputes about inquiries. They may tell you that an inquiry simply means that someone checked your credit, that if they hadn't in fact checked your credit there would be no record of an inquiry, and that there is therefore nothing to dispute.

If they try to pull that one, point out that too many inquiries hurt your score because it is assumed you applied for credit too often, that you DID NOT make all those applications, and that the inquiries were made without your authorization or even knowledge, and that the FCRA requires that they investigate such disputes.
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Re: How many inquiries is too much?

I am wondering what can I expect my score to be at when I do receive a score? I am new to credit and just started apping last month, unfortunately I have apped WaY too much (like 25 apps). Being that I had no credit when I started apping, will this affect my score when I finally get one? I was approved for about 5 cards 3 cc's and 2 retail. I was mostly denied due to lack of credit or no revolving credit. I was thinking that I could go grab a burger or something on them to keep my UTIL low and then pay in full for 6 months and then maybe I will start out with a good score, what do you think? Can I start out in the high 600's or have I already threw that out the window being that I have apped so much already?
And FYI, I vow to not app again until late 2009, maybe 2010!
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Re: How many inquiries is too much?

denetra9090,
 
Your credit score is likely low right now but that is simply because you have no extended account length or payment history. Within a year your scores should pass 680 and within 2 years, with perfect payment history you could hit 720. I don't recommend any more accounts right now anyway, 5 revolvers is plenty. When you NEED an auto loan, that will only help to increase your score. If you want a rewards card in a few years when you have a couple years of history behind you then you will be in great shape.
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Re: How many inquiries is too much?


This directly addresses a question I have had. I'm a 23-year-old student in grad school (3 more years til I graduate) with 1 CC (Visa) with a limit of $11,250. I have two current loans totaling $14,500 and two loans from undergrad that are paid off. I just checked my FICO score and it is 751 (down from 772 last July, prior to the two current loans). I also own my car outright. I'm wondering if I should get a second CC, and if so what company I should go with. Obviously my CL is more than fine now but I would like to take some proactive steps to continue my good credit scores. Any suggestions? Edited to add: I will definitely be taking out two or three more loans next fall, and probably the same in fall 2009. Don't know if that matters...

Message Edited by pez478 on 05-06-2008 07:43 PM

pez,
 
The new loans will not help your credit mix as you already have loans and they will ding your average age....the balances likely won't ding you too much. You probably lost the 20 points on the loss of account age as your lone card's length lost its positive effect on your score to some degree.
 
If you don't plan on buying a house in the next 2 years I recommend you obtain 1 store card you will use (it will boost your mix points) and a rewards card or two that you would use as well. Avoid annual fees and look for something that will grow with you. You already have one semi-high CL so another lender will likely give you something respectable (and the 750 score won't hurt either!). These moves will tank your age further now, and will likely hurt your score in the next 6 months, but after that time you should bounce back and be in great shape in 2-3 years.
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Re: How many inquiries is too much?

Just trying to understand all of thiis, but from what experience I have recently, inquiries are weighted differently by creditors than how they are used to determine your FICO scores.

By that I mean that yes, inquiries affect your score, but lenders look at the dates and actual number of inquiries over a predetermined period of time for approval purposes- from what I understand. So if your score was 700 with -no- inquiries on your CR's, and it fell to say 690 with 4 hard pulls showing, the new score of 690 wouldnt be as much of an disapproval factor moreso than the 4 actual inquiries would when the creditor does its "overall" assesement on whether to approve or disapprove an application.

So from my understanding, your FICO score dropping from inquiries doesnt affect approval or disapproval as much as how the credit issuers themselves internally weigh inquiries. Else they wouldnt have a need to actually list on a disapproval letter that a person was declined for "too many recent inquiries"...right?
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Re: How many inquiries is too much?



ChrisGA43 wrote:
Just trying to understand all of thiis, but from what experience I have recently, inquiries are weighted differently by creditors than how they are used to determine your FICO scores.

By that I mean that yes, inquiries affect your score, but lenders look at the dates and actual number of inquiries over a predetermined period of time for approval purposes- from what I understand. So if your score was 700 with -no- inquiries on your CR's, and it fell to say 690 with 4 hard pulls showing, the new score of 690 wouldnt be as much of an disapproval factor moreso than the 4 actual inquiries would when the creditor does its "overall" assesement on whether to approve or disapprove an application.

So from my understanding, your FICO score dropping from inquiries doesnt affect approval or disapproval as much as how the credit issuers themselves internally weigh inquiries. Else they wouldnt have a need to actually list on a disapproval letter that a person was declined for "too many recent inquiries"...right?

Exactly right!
 
This also holds true for auto and mortgage inquiries which are deduplicated for FICO scoring purposes as long as they occur within a certain window of time.  Even if they are deduplicated so that FICO sees them as one inquiry, they will still show as individual inquiries on a report, and it would still be possible for creditors to deny new credit based on "too many inquiries."
 
----------------------------
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Re: How many inquiries is too much?

Yeah--and I just checked my EQ file, which shows an insane **19** inquiries in the past two years, up from two before I went car-shopping last week. What is this line about "all inquiries will be treated as a single," then?... Not like I'll be hunting for any more credit cards in the next two years, but this is an AWFUL lot. And this doesn't include the Macy's card I added to lower my UTIL (gulp).


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Re: How many inquiries is too much?

[ Edited ]

 


poet wrote:

Yeah--and I just checked my EQ file, which shows an insane **19** inquiries in the past two years, up from two before I went car-shopping last week. What is this line about "all inquiries will be treated as a single," then?... Not like I'll be hunting for any more credit cards in the next two years, but this is an AWFUL lot. And this doesn't include the Macy's card I added to lower my UTIL (gulp).


 

All the inqs display, but for scoring purposes, those within a certain time frame are scored as if they were just one.

 

Sort of similar to the fact that inqs display for two years, but are only scored for one.

 

 

 

eta: cna't splel

 

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
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Re: How many inquiries is too much?

I have had too many inquiries in the past year but want to transfer balance from a high interest cc. Should I keep shopping for low interest cc's that will inquire about my credit or just hold out another year?
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Re: How many inquiries is too much?

How many is too much? If you can, I'd wait another year. Interest rate depends also on other things on your credit profile like any derogatives, late payment, AAoA, etc.


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Re: How many inquiries is too much?

I never ever ever coment at forums- simply too busy. However, this is exactly right!! This person is spot on- you will get denied a credit card EVEN if you have a 760 FICO, but have maybe 3-4 inquiries in 3 months or so. It happened to me in 2008. CC companies are jerks about this!

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Re: How many inquiries is too much?


matthew94515 wrote:

I never ever ever coment at forums- simply too busy. However, this is exactly right!! This person is spot on- you will get denied a credit card EVEN if you have a 760 FICO, but have maybe 3-4 inquiries in 3 months or so. It happened to me in 2008. CC companies are jerks about this!


Welcome to writing in the forums!!! hehehe

 

I have 17 inq and Im still getting approved, $700 for amazon yesterday :smileyvery-happy:

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Re: How many inquiries is too much?

I have 43 inquiries on Equifax and my Fico is 635 and 13 opened accounts in 1 year with 3-1/2 year old bankruptcy and I just got a $4,000 Sears Platinum MasterCard hows that work? My other Fico score is 676 at Transunion and I have 31 inq over there and Experian I don't know my Fico score. But Citi/Sears Card pulled Experian then TU 1 week after I got the card no idea why. I called them and asked if they made a mistake. They didn't they said its suited to my particular credit situation... Thank you Sears compared to $750 credit limits from Capital One. I'm done applying for credit of any kind and I'm paying all accounts off in full I have 11 open cards, 5 Major cards counting Sears MC and Capital Ones. I did lose a $500 Barclays Card over too many credit inq. They approved me with way too many to begin with then even with 5 payments in full in one month they closed it. Then I got Sears. Their loss. But way too many inquiries is trouble these companies seem to be looking at not just your credit score anymore but their own criteria they use. Chase told me they don't use credit scores.. I said what do you use they said their own reasoning. If that is true I don't know you call these places and get a different story from each different person.


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Re: How many inquiries is too much?

What about the same credit company pulling your report 2-3 times over several days from the same bureau? What is the impact on your score then?

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Re: How many inquiries is too much?


Etoainshrdlu wrote:

What about the same credit company pulling your report 2-3 times over several days from the same bureau? What is the impact on your score then?


If those inquiries from the same company are not coded as mortgage, auto loan, or student loan inquiries, then each will be scored as an individual inquiry and not lumped together. Impact to your score can vary. Most of my inquiries resulted in no FICO change when comparing a new FICO report the day before the pull and the day after. Of those that did, usually just one would ding a few points and the rest less than that. It's a YMMV-thing per person. Everyone's credit profile is different.

 

It's not that common for the same lender to pull that many times over a short period. If these were non-duplicatable inquiries (car, mortgage, SL), then you can always try asking them to see if they wouldn't mind removing one or two. They don't have to, but couldn't hurt to ask I suppose. I started a banking relationship with BofA to get a secured CC and that resulted in 6 individual inquiries over the course of 3 weeks. One was for the checking acct, one for savings, 2 were for two indiviual CC apps and when denied, they offered two 99/500 partially secured CCs and I applied for both. 6 inquiries in all and they wouldn't give the time of day to remove them (all were legit inquiries).

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Re: How many inquiries is too much?

What I find interesting is that I've been shopping for a home for maybe 4 months (since late March), and my mortgage lender (and underwriters) have me dealing with all these requirements..  I found a home, and was going through the closing process, but it didn't appraise, so long story short - I walked away..   During this time, they have ran my credit maybe 4 times (since late March), and it's showing up each time, a new Inq.   It hasn't negatively affected my credit, in fact, I am getting slight bumps every time they run it..  I can't figure out for the LIFE of me why.

When I get the FICO Score Alert, and check, it shows slight 4-5 point bumps UPWARD.  The reason shows as:

'Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

  • You've recently been looking for credit.'

Is this accurate?  Should I get a BUMP UP on my score just because the mortgage lender checks my credit?    This score alert I got today shot me up a full 7 points..

Not that I'm mad about that!  LOL


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Re: How many inquiries is too much?

That's a new one on me!!!!!!



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Re: How many inquiries is too much?

Threw me for a loop also. It literally bumps up every time I get an inquiry from either Equifax Mortgage Service or Bank of America/Landsafe..

The last time I applied for credit was early last year when I got a CapOne secured card, which I've had since and have used sparingly, paying off the full balance a day or 2 after use and never letting it report a balance (which is bad, I hear)... I guess they WANT me to get more stuff...

This is so confusing...

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Re: How many inquiries is too much?

If that was the case, I'd go to every car lot in town and have them shotgun out my apps.  LOL....

 

But seriously, just let those scores go up, grow your garden well.



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Re: How many inquiries is too much?

Ok, someone threw this point out there, but the answer never got solidified........Does the ding from the inquiry have the same weight at the 11 month mark as it does at the 1 month mark?

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: How many inquiries is too much?


jarroldharrell1 wrote:

Ok, someone threw this point out there, but the answer never got solidified........Does the ding from the inquiry have the same weight at the 11 month mark as it does at the 1 month mark?


The damage fades over time. A 11-month old inquiry does not carry the same weigh as one added yesterday, assuming there was any damage from the inquiry to begin with. Now some in here have seen gains at 12 months but it wasn't due to the inquiry, but due to their newest TL hitting a year. I've personally seen gains a couple of different times.

Frequent Contributor
Posts: 431
Registered: ‎05-23-2013
0

Re: How many inquiries is too much?

Ok that's great to hear. I can't wait fof my TL's to hit a year. Right now I have 4 inquiries and 4 TL's that are 2 months away from a year status.

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
New Contributor
Posts: 70
Registered: ‎08-28-2013
0

Re: How many inquiries is too much?

how long did it take you to go from the 500 to 800?

Moderator
Posts: 13,761
Registered: ‎04-15-2011
0

Re: How many inquiries is too much?


homebound14 wrote:

how long did it take you to go from the 500 to 800?


A couple years or so.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Visitor
Posts: 1
Registered: ‎09-14-2013
0

Re: How many inquiries is too much?

I don't like that the "MyFicoFinessChallenge" scores are not verified and are just self inputed. Someone with very low scores could simply put that they have high scores and give others advice. Just something to think about.. Hmm, let's see how high I'd like my scores to be...LOL! 

Starting Score: 800
Current Score: 800
Goal Score: 850


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