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How many apps/inqs is too many?

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CreditWorld2013
Frequent Contributor

How many apps/inqs is too many?

I just got off an app spree in January/February. I have a total of about 2-3 Inq on Equifax, 4-5 on TransUnion, and 4-5 on Experian I got 2 pulls from Citi, 3 from Capital One, and I think 2 from Discover. I had a few others from my student loans sometime in July-September so the numbers above include those as well. 2-3 from each are in 2012 alone. Is that too many? I just entered the very popular myFICO garden just to let my new accounts age a bit and can't help but think how many inquiries/applications is too many. I've lurked around the forum and see some opening 5-7 accounts in 2 months (Wouldn't that spook the banks and close your new accounts?) I would like 2-3 more cards (Chase Freedom, Maybe an Amex, and a Visa Sig or a Barclays) and I will have no use for anymore credit. I'm planning to garden until the end of July/Early August and try for 1 card and maybe the final 2 in about a year from now. Would this schedule be good or too many?

Message 1 of 28
27 REPLIES 27
Anonymous
Not applicable

Re: How many apps/inqs is too many?

I would wait until I had no more than 1 inquiry (preferably 0) in the past year and then apply for one, wait another 6 months, apply for another, wait at least 6 months, apply for the last card.  Taking your time and being patient will definitely increase your chances of being approved and with higher starting limits.  Let your accounts mature and show potential lenders that you can handle and use credit wisely.

Message 2 of 28
bichonmom
Senior Contributor

Re: How many apps/inqs is too many?


@CC365 wrote:

I just got off an app spree in January/February. I have a total of about 2-3 Inq on Equifax, 4-5 on TransUnion, and 4-5 on Experian I got 2 pulls from Citi, 3 from Capital One, and I think 2 from Discover. I had a few others from my student loans sometime in July-September so the numbers above include those as well. 2-3 from each are in 2012 alone. Is that too many? I just entered the very popular myFICO garden just to let my new accounts age a bit and can't help but think how many inquiries/applications is too many. I've lurked around the forum and see some opening 5-7 accounts in 2 months (Wouldn't that spook the banks and close your new accounts?) I would like 2-3 more cards (Chase Freedom, Maybe an Amex, and a Visa Sig or a Barclays) and I will have no use for anymore credit. I'm planning to garden until the end of July/Early August and try for 1 card and maybe the final 2 in about a year from now. Would this schedule be good or too many?


Well, it's kind of relative. Some CCCs will decline you for 2 or 3, while others won't blink at it. From what you're saying, I would suggest that you wait until the end of Summer, like you plan, before apping for any more CCs. Barclay's is VERY picky about the # of new accts, both before and after you apply with them. And Amex is VERY picky about inq. (Well, actually, they're both picky about both. Smiley Wink )

 

And to answer your question, yes, some banks do soft you and take AA if they don't like what they see *after* you've gotten credit with them. Usually, it's fine as long as you don't go crazy and your util is low. But I would say that Barclay's is the exception there. I did get Barclays in November, when I also got Walmart and NFCU; and I was really nervous that they'd freak when my NFCU reported (even tho I had been approved before I apped w/Barclays). Fortunately they didn't. As a good rule of thumb with Barclay's, you shouldn't app for new credit at least 3 mos. after getting their card.

 

I'd decide which cards you want the most and then decide. Frankly, I just wouldn't get a Barclay's at the same time as another card. I got mine when they seemed to be very generous right before Black Friday in Nov. I haven't seen the same generosity reported on here either before or after that. They're a great bank. So far, I am VERY happy with their CS (in America, BTW). All have been VERY friendly and helpful, which seems to be an anomaly with CC CS. Maybe wait till Nov for your Barclay's. Smiley Tongue

 

So, it looks like you got Citi, Cap One and Discover in the last 2 months. If you wait until August and app for the one you want the most (preferrably not a TU pull) then you would *probably* be good for Barclay's in November. Then I'd garden another 3 to 6 months and get the last card or 2 you want.

EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 3 of 28
Anonymous
Not applicable

Re: How many apps/inqs is too many?

It really depends on the lender. From my experience Citi is very strict. GE seems to be fine as long as you have low utilization. At least from my experience. They extended me lots of credit with lots of inqs (i'm talking 20+ hard) and at the time 1% util. 

 

What's a lot to me is more than 40! Smiley Very Happy

Message 4 of 28
RyVision
Valued Contributor

Re: How many apps/inqs is too many?


@Anonymous wrote:

It really depends on the lender. From my experience Citi is very strict. GE seems to be fine as long as you have low utilization. At least from my experience. They extended me lots of credit with lots of inqs (i'm talking 20+ hard) and at the time 1% util. 

 

What's a lot to me is more than 40! Smiley Very Happy



20?!?!?  40's a lot?!?!  <THUD>

Smiley Wink

 

<handing small potted plant and trowel to ocboy949>  Ok, just a bit of a suggestion, or thought.... take this, there's a great spot right past that big old solid oak with 814 all over it just waiting for you  Smiley Wink

 

No, that's not a criticism. It's just something to think about depending on your future goals and what you have and are happy with now Smiley Happy  Of course I have to tell you, I'm a bit nervous just being over 4 or 5 on any report esp since I'm sitting at 7 on EX and 5 on EQ with 4 on TU LOL  (totals in past 2 years, was higher years ago).


AKA 840flippedto480
Message 5 of 28
logan_720
Established Contributor

Re: How many apps/inqs is too many?

I know Citi is strict when it comes to inquiries, but how about Discover?
Message 6 of 28
Anonymous
Not applicable

Re: How many apps/inqs is too many?


@logan_720 wrote:
I know Citi is strict when it comes to inquiries, but how about Discover?


They approved me with something like 7-9 inquiries (don't remember the exact number, probably 9) on TU. But I did have a invitation code from a mailed promo and low util, so that probably helped. And it wasn't an instant approval, it took them one business day (applied Saturday night, got approved Monday) for the approval - so I'm guessing someone had to manually review the application.

In general, I think inquiries are going to have more of a negative impact on automated (computer-based) decisions. But for manual review with a human (either with a recon or if it just needs additional processing) the credit analysts seem to look at your overall credit profile. That was my experience with Chase yesterday - I was initially denied for too many new accounts and recent inquiries, but the credit analyst looked at my report and had no problems putting it through for approval. I guess she understood that I'm not desperately trying to get credit, I'm just trying to get BETTER credit (i.e. no Cap 1/HSBC junk).

Message 7 of 28
logan_720
Established Contributor

Re: How many apps/inqs is too many?

Thats what I'm trying to do, phase out my Capital One cards. I recently replaced one with my Amex, and want to replace another with a Discover card, but my inquiries are realtively high. I really want to try now, but am not certain what the outcome will be Smiley Surprised

Message 8 of 28
Anonymous
Not applicable

Re: How many apps/inqs is too many?


@RyVision wrote:

@Anonymous wrote:

It really depends on the lender. From my experience Citi is very strict. GE seems to be fine as long as you have low utilization. At least from my experience. They extended me lots of credit with lots of inqs (i'm talking 20+ hard) and at the time 1% util. 

 

What's a lot to me is more than 40! Smiley Very Happy



20?!?!?  40's a lot?!?!  <THUD>

Smiley Wink

 

<handing small potted plant and trowel to ocboy949>  Ok, just a bit of a suggestion, or thought.... take this, there's a great spot right past that big old solid oak with 814 all over it just waiting for you  Smiley Wink

 

No, that's not a criticism. It's just something to think about depending on your future goals and what you have and are happy with now Smiley Happy  Of course I have to tell you, I'm a bit nervous just being over 4 or 5 on any report esp since I'm sitting at 7 on EX and 5 on EQ with 4 on TU LOL  (totals in past 2 years, was higher years ago).


Hehehe.....a good chunk of them fall off this year. By April, 15 of them will disappear. OK honesty time...I currently have 29 showing on experian.....and I think 31 or so on Equifax Smiley Embarassed

Anyway...if I behave myself and stop apping, I should have 10 or less by years end Smiley Happy - and yes I am looking forward to getting in the 800s. At one point I was very close - peaked up to 769. Wish me luck?

 

I suppose with the way I see things, I'd be a very generous CC underwriter. 35 inquiries? Approved for a $7800 CL!    6 inquiries? Declined for lack of established credit history! Smiley Very HappySmiley Very Happy

 

 

Message 9 of 28
logan_720
Established Contributor

Re: How many apps/inqs is too many?

Did you happen to get a Discover approval among those 29 inquries?Smiley Wink

Message 10 of 28
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