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CLI's and hard inquiries

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Anonymous
Not applicable

CLI's and hard inquiries

Hey y'all,
 
I've got a question that may not be a simple answer, but I'm going to give it a shot.  First, a synopsis of me as seen by Experian:
 
Inq's: 24 (red flag, but caused by buying a truck, house, then refinancing truck, as well as adding CC's over the last 24 months...only 5 inq's in last year)
All Revolving: 9 TL's w/ 31% usage (total $23,550 avail)
Major CC's: 4 TL's w/ 10.3 usage ($13,450 avail)
Real estate: 2 accounts w/ no lates, $183K owed
Installment: 1 account, no lates, $14K owed
 
I'm trying to up my CL's on my major cards (CL's are $300, $400, $750, $2000, and $10,000).  The $10K is a new Visa, and upgrade from Target, so not worried there, and BofA just blessed the $2000 from $1000, so I'm okay there.  For the others (CapitalOne, Chase, and Household), I would like to request a CLI, but can't justify an inquiry because of the high number on there.  I'm not getting ready for anything major (we bought a second car at a good rate, but it's not in the CRA's records yet, I guess).  Is there a way around that?  Why do some require an inquiry and some don't?  And for a financial review, why are people afraid of one?  It seems as long as you have something saying you make what you make, you should be okay, right?
 
I have another question, but will create another thread, as it may help others (haven't seen the topic yet).  Thanks in advance for the help!
 
Frank 
Message 1 of 25
24 REPLIES 24
Anonymous
Not applicable

Re: CLI's and hard inquiries

chase would likely be your best hope, then cap1's magic numeber.
Message 2 of 25
Anonymous
Not applicable

Re: CLI's and hard inquiries

lol you have 24 inquiries and I have less than half of that now I feel better Smiley Happy
Message 3 of 25
Anonymous
Not applicable

Re: CLI's and hard inquiries



ashabbir1 wrote:
lol you have 24 inquiries and I have less than half of that now I feel better Smiley Happy


he only has 5 in the last year, you have 5 in the last 15 minutes!
Message 4 of 25
Anonymous
Not applicable

Re: CLI's and hard inquiries

LOL, I thought of you while typing that out, Asha (hope that doesn't sound weird!), I see you've caught some, er...flack over your inquiries, and thought to myself, Wait 'til they see THIS!'.
 
DNM, you referred to CapOne as a magic number?  What does that reference?  A special phone number, or special amount they'll increase?  Thanks for your help, y'all...


Message Edited by OBXFrank on 11-03-2007 04:56 PM
Message 5 of 25
Anonymous
Not applicable

Re: CLI's and hard inquiries

the thought i've heard about this number is that it may be directly to a rentention type of csr. others have had good reults getting apr's lowered and or cli's. i've never used it, but here go.
 
800-889-9939
 
good luck!
Message 6 of 25
fused
Moderator Emeritus

Re: CLI's and hard inquiries



OBXFrank wrote:
Hey y'all,
 
I've got a question that may not be a simple answer, but I'm going to give it a shot.  First, a synopsis of me as seen by Experian:
 
Inq's: 24 (red flag, but caused by buying a truck, house, then refinancing truck, as well as adding CC's over the last 24 months...only 5 inq's in last year)
All Revolving: 9 TL's w/ 31% usage (total $23,550 avail)
Major CC's: 4 TL's w/ 10.3 usage ($13,450 avail)
Real estate: 2 accounts w/ no lates, $183K owed
Installment: 1 account, no lates, $14K owed
 
I'm trying to up my CL's on my major cards (CL's are $300, $400, $750, $2000, and $10,000).  The $10K is a new Visa, and upgrade from Target, so not worried there, and BofA just blessed the $2000 from $1000, so I'm okay there.  For the others (CapitalOne, Chase, and Household), I would like to request a CLI, but can't justify an inquiry because of the high number on there.  I'm not getting ready for anything major (we bought a second car at a good rate, but it's not in the CRA's records yet, I guess).  Is there a way around that?  Why do some require an inquiry and some don't?  And for a financial review, why are people afraid of one?  It seems as long as you have something saying you make what you make, you should be okay, right?
 
I have another question, but will create another thread, as it may help others (haven't seen the topic yet).  Thanks in advance for the help!
 
Frank 


FICO scoring has a "de-duplication window" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be 45 days.
 
Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will show-up on your reports for up to 2 years. So, how many of the inqs were mortgage and auto related? And how long were you shopping for both?

Message 7 of 25
Anonymous
Not applicable

Re: CLI's and hard inquiries

lol
Message 8 of 25
Anonymous
Not applicable

Re: CLI's and hard inquiries

I used freecreditreport.com (I know, I know...FAKO).  I'm going to guesstimate at least 12 were auto or mortgage.
Message 9 of 25
fused
Moderator Emeritus

Re: CLI's and hard inquiries



OBXFrank wrote:
I used freecreditreport.com (I know, I know...FAKO).  I'm going to guesstimate at least 12 were auto or mortgage.


I just posted in your other thread. Inqs at this point should be the least of you worries, you have very high util on your military star card. This will surely be a roadblock if you start apping for CLIs.
Message 10 of 25
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