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Concord,
You may be glad you were not approved , which you have said about other apps in the past, but you should feel the gladness before the apping and DON'T.
The important thing for you is that YOU WERE APPROVED for an INQ that will be on your report for two years for which you can do nothing. And don't be fooled by the fact that FICO doesn't regard it after a year. LENDERS DO look at the inqs for the full two years.
If you want to improve your scores (which are not bad) , you will never go higher. You are stuck because of your inq history. It says a lot about you to people here and it says even more to lenders.
I hope you take this as a well intended expression of concern for the fact that what you say and your actions are not compatible. I hope you will think it over.
Good luck,
CI
@Red1Blue wrote:
@MojaveMoon wrote:Off-topic question.
So when you're applying online for a USAA credit card, there's a step in the application process where you can view the credit cards designs (and select the design you want) ?Yes, at least for me it showed about 20-25 different designs of the card I could choose. I could not resist and applied for it. I am glad, I am not approved. Twelve months or until I reach 700 Club no more new accounts.
Message Edited by concorduser on 02-24-2009 04:17 PM
@CHARGE_IT wrote:Concord,
You may be glad you were not approved , which you have said about other apps in the past, but you should feel the gladness before the apping and DON'T.
The important thing for you is that YOU WERE APPROVED for an INQ that will be on your report for two years for which you can do nothing. And don't be fooled by the fact that FICO doesn't regard it after a year. LENDERS DO look at the inqs for the full two years.
Right after the app rejection, I pulled my EQ Fico scores and I see new inq from USAA, but there is no drop in my scores. My scores are still at 682 same as before I applied. By end of march 3 accounts would turn 1 year old. By end of Apr 2 more accounts would turn 1 year. I should start seeing boost in my scores. I am also trying to get some baddies out in the coming months, should also help boost my scores. Let us see what future will bring to my scores in the next 12 months.
I was not stressing scores to you, I was only mentioning them because of your "siggy".
You place a lot of importance on the one year anniversary. I will repeat that what inqs do to your score is not the only issue . There is also the issue of lenders looking at those inqs for two years. They are there and they matter. You think you are getting away with it because you have so many but if you didn't, you would probably be knocking on 800.
For every inq that falls off , you always have a new one to replace it. Therefore you cannot know what would happen if you had a cleaner report.
You should refocus your report objectivity. Think about the question that Hauling asked. Last week you said no apps and here you are again. I'm sure from what I have read from your postings that you really don't need another card. REFOCUS AWAY FROM CARDS AND FOCUS ON SCORES AND CLEAN REPORTS.
INQS are part of your problem whether you are willing to believe it or not.. Do your reports mention seeking new credit as a negative in your scores?
Again, just caring hoping you will get it under control.
Good luck,
CI
@Red1Blue wrote:
@CHARGE_IT wrote:Concord,
You may be glad you were not approved , which you have said about other apps in the past, but you should feel the gladness before the apping and DON'T.
The important thing for you is that YOU WERE APPROVED for an INQ that will be on your report for two years for which you can do nothing. And don't be fooled by the fact that FICO doesn't regard it after a year. LENDERS DO look at the inqs for the full two years.
Right after the app rejection, I pulled my EQ Fico scores and I see new inq from USAA, but there is no drop in my scores. My scores are still at 682 same as before I applied. By end of march 3 accounts would turn 1 year old. By end of Apr 2 more accounts would turn 1 year. I should start seeing boost in my scores. I am also trying to get some baddies out in the coming months, should also help boost my scores. Let us see what future will bring to my scores in the next 12 months.
I don't know, I kind of tend to not overly stress about inq, once you have so many they don't really do anything to you anymore and although some lenders are picky about inq, many are not! and even more can be talked around a few extra inq.
now granted I would agree if you are only in a lower bucket because of inq, you won't ever see yourself move to that next bucket because you keep getting more inq. but i feel you can make those points up other ways which I think concord will see as he stated with aging of accounts and removal of baddies.
plus with rebuilding you kind of have to keep replacing your lesser cards as your scores improve so you take on more inq to better your cards.
@Creditaddict wrote:I don't know, I kind of tend to not overly stress about inq, once you have so many they don't really do anything to you anymore and although some lenders are picky about inq, many are not! and even more can be talked around a few extra inq.
"XPN FACS+ FRAUD DETECTION TOOL" : Indentify potential fraudulent activity with alerts when an applicant's data is cautious, high-risk or non-residential.
"FACS+ Indicator Definitions" :
MORE THAN 3 INQUIRIES IN LAST 30 DAYS
(link)
"too many" inquiries is six or more times in the past 12 months"
https://www.visaicsdirect.com/faq.html#jump3
"These studies have shown that the most powerful predictor of such credit loss is application activity for a social security number (SSN). Accounts with SSN bankcard application activity greater than selected thresholds are significantly more likely to become bankrupt or charged off than accounts below those thresholds. The most telling SSN activity threshold is 6 or more applications within 90 days. As many as 75% of accounts that hit this threshold are likely to become bankrupt or charged off."
https://www.visaicsdirect.com/faq.html#jump2
"ICS is not a credit bureau. It was not designed to replace existing credit bureau information, but to add incremental value to it. ICS handles a subset of the data credit bureaus use, and handles it differently than credit bureaus do. Credit bureaus use relational databases, whereas ICS uses only critical data elements from an application (address, phone, social security number) and tracks information separately by those elements. This enables ICS to provide views of these elements that are not available from credit bureaus."
@Creditaddict wrote:I don't know, I kind of tend to not overly stress about inq, once you have so many they don't really do anything to you anymore and although some lenders are picky about inq, many are not! and even more can be talked around a few extra inq.
now granted I would agree if you are only in a lower bucket because of inq, you won't ever see yourself move to that next bucket because you keep getting more inq. but i feel you can make those points up other ways which I think concord will see as he stated with aging of accounts and removal of baddies.
plus with rebuilding you kind of have to keep replacing your lesser cards as your scores improve so you take on more inq to better your cards.
well go ahead then, name names! lol.
score_building wrote:
@Creditaddict wrote:
I don't know, I kind of tend to not overly stress about inq, once you have so many they don't really do anything to you anymore and although some lenders are picky about inq, many are not! and even more can be talked around a few extra inq.
well go ahead then, name names! lol.
@Creditaddict wrote:
...plus with rebuilding you kind of have to keep replacing your lesser cards as your scores improve so you take on more inq to better your cards.