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Capital One - Too many inquiries

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butters149
Established Member

Capital One - Too many inquiries

One of the reasons for Capital one rejecting my app was because of too many inquiries.  How long should I wait before trying to apply again?

 

Thanks!

Message 1 of 5
4 REPLIES 4
Dustink
Valued Contributor

Re: Capital One - Too many inquiries

6 months

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 2 of 5
HoldingOntoHope
Valued Contributor

Re: Capital One - Too many inquiries

Well first off did you try calling Cap 1 and having them reconsider the application? The denials are strictly from a computer review. Sometimes a human being can be persuaded to override. It also depends on how recent and how many inquiries you have. If you have established a number of new accounts recently you may need to wait longer than 6 months.

 

Inquiries remain reporting to your credit report for a period of two years from the date of the inquiry. They lose their effect for FICO scoring after 1 year. If the majority are over 1 year old then a recon is a good possibility.

 

Edited to add: And during any waiting period you can work on whatever other factors they listed in your denial.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Message 3 of 5
butters149
Established Member

Re: Capital One - Too many inquiries

I have not tried to call them back yet.  I have not opened any new accounts.  The inquires were mostly from Capital 1 auto because I applied with different information.  I had one inquiry from roadloans as well.  All these inquiries were within 2 weeks however.

Message 4 of 5
HoldingOntoHope
Valued Contributor

Re: Capital One - Too many inquiries

I would call whatever number was given on the denial letter and explain that the inquiries were for an auto loan. No guarantee that they change their mind but it has been known to happen. And you have already taken the hit for the application.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 5 of 5
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