Trying to help a friend

DerekD · ‎05-16-2014

So a friend of my just started a business but in turn he has gotten like over 30 inquiries because of it. His credit was in the 700s before but now it's in the 500s.. He's really trying to get a cc to get back on track and he skeps getting preapprovals for business credit cards but every time he tries to get it he gets denied.. Any ideas where he could start

DevotionToU · ‎05-16-2014

More than a 100 point drop doesn't seem possible from just inquiries. How many cards was he accepted for?

I think it is extremely unlikely that he will be accepted for any more cards in the near future, especially if he was accepted for any of those cards. If someone has a ton of new lines, and keeps looking for more, it is seen as very high risk behavior. Time heals all wounds in this case, so he will probably just have to wait in order to get any more accounts open.

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MissMoni223 · ‎05-16-2014

I agree that your friend should wait it out and garden for a while. Right now with his current credit score, it's going to be difficult for him to get approved for a quality card with a decent CL.

Gardening Until Further Notice
15 Credit Cards (12 Major Banks & 3 Store Cards)

DerekD · ‎05-16-2014

It's not credit cards that caused him to get the inquiries. He said that him starting the business he's in they had to pull his credit multiple times for multiple things.

Creditaddict · ‎05-16-2014

@DerekD wrote:
So a friend of my just started a business but in turn he has gotten like over 30 inquiries because of it. His credit was in the 700s before but now it's in the 500s.. He's really trying to get a cc to get back on track and he skeps getting preapprovals for business credit cards but every time he tries to get it he gets denied.. Any ideas where he could start

your friend is leaving out the details in the pudding.... New accounts and INQ's would never put you in the 500's if everything is on time... (I do feel almost 100% confident in saying never too) I have never seen someone have 500's with no baddies of any kind of a report.

DerekD · ‎05-16-2014

He said he has a lot of things paid off and 3 accounts on his credit that totals about 3000$ he owes. He has the money to take care of that no problem but he claims he thinks he truly doesn't owe that which is why he won't pay it.

Creditaddict · ‎05-16-2014

@DerekD wrote:
He said he has a lot of things paid off and 3 accounts on his credit that totals about 3000$ he owes. He has the money to take care of that no problem but he claims he thinks he truly doesn't owe that which is why he won't pay it.

lol... sorry not funny I suppose but kind of funny that just because he thinks he doesn't owe it he doesn't understand why is credit crashed and why he can't get new credit... What exactly are they that he doesn't think he owes... well it doesn't matter... he has destroyed his credit already and i don't even know why he would be getting pre-approvals for anything, they must be running a little further behind of his baddies reporting but you can tell him he shot himself in the foot for building his business faster because he took the bull headed way of resolving whatever it is that he "doesn't owe"

DevotionToU · ‎05-16-2014

@DerekD wrote:
He said he has a lot of things paid off and 3 accounts on his credit that totals about 3000$ he owes. He has the money to take care of that no problem but he claims he thinks he truly doesn't owe that which is why he won't pay it.

Well that is why his score is in the gutter, not because of the inquiries. He has to get those accounts addressed (whatever they may be, charge off, collections, etc). If he doesn't, he will have to wait a very long time for those to fall off the report.

$18000 Discover IT / $6000 Chase Freedom / $5000 DCU Visa / $3900 Fifth Third / $2500 Capital One Quicksilver / $2000 AMEX Blue Cash Everyday / $500 Chase Slate

DerekD · ‎05-16-2014

Do you think that I'm stating false information? He pays what's his and owns up to it. He's a smart guy that's on top of his finances even with those baddies he was in the 700's and you saying that's its funny is making it seem like I came here to lie to your guys faces and just asking for info that irrelevant? I'm asking for advice not to hear you insult him for your opinion on what you think is the situation.

DerekD · ‎05-16-2014

Right I understand that just looking for advice on what his next move should be whether it be waiting it out or not.