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Contributor
bellrod44
Posts: 76
Registered: ‎12-05-2011

How many inquiries is too many?

What do Lenders view as too many inquires? I think I've had 6 in the last year and 3 are related to my recent purchase of my home.

Cards in my wallet: BofA 1-2-3 Rewards - $3,000 (5/2012), Walmart - $350 (9/2012), Home Depot - $500 (10/2012), US Bank - $1,000 (11/2012)
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: How many inquiries is too many?


bellrod44 wrote:

What do Lenders view as too many inquires? I think I've had 6 in the last year and 3 are related to my recent purchase of my home.


It depends what you are applying for. I would say as a general rule, try to keep in under 3 every 6 months. Multiple apps for a home loan should be grouped as one if they were done close together.

 

Sub-prime lenders will be okay with several INQ's on your report, while "ultra"-prime lenders will even be uncomfortable with a couple INQ's.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: How many inquiries is too many?

What are your credit score? What are you looking to apply for?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Frequent Contributor
somnipotent
Posts: 367
Registered: ‎06-02-2008

Re: How many inquiries is too many?

I had like 16 HPs on my EQ report, 8 on my TU, and 9 on my EX.  I got approved for CSP but denied for too many inquries by AMEX for the BCP.  YMMV depending on the lender but I think Dustink is on the money.  I'm gardening now to rid myself of those pesky inqs.


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
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Homeowner since 05/29/13
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webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: How many inquiries is too many?


Omaplatypus wrote:

I had like 16 HPs on my EQ report, 8 on my TU, and 9 on my EX.  I got approved for CSP but denied for too many inquries by AMEX for the BCP.  YMMV depending on the lender but I think Dustink is on the money.  I'm gardening now to rid myself of those pesky inqs.


Some lenders have analysts can look at the inquiries and see that they are from mortgage apping. (chase)...

Others do not have that flexibility. (Amex, Discover)

 

In my experience, Amex didn't care about my double digit inquiries when I apped for a charge card.  Perhaps they care more when it comes to revolvers


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Frequent Contributor
SwampSystems
Posts: 358
Registered: ‎06-25-2012

Re: How many inquiries is too many?


bellrod44 wrote:

What do Lenders view as too many inquires? I think I've had 6 in the last year and 3 are related to my recent purchase of my home.


A recent CLI denial letter from Discover showed the "Too many recent inquiries in the last 12 months" reason code based upon my TransUnion report, which has 4 inquiries in the last 12 months. TU FICO at the time of the report was 736. The actual number varies based on the "bucket" you fall into based on your credit profile.

Contributor
bellrod44
Posts: 76
Registered: ‎12-05-2011

Re: How many inquiries is too many?


Dustink wrote:

What are your credit score? What are you looking to apply for?


My scores on 7/31 (Lender pulled) were:

 

EQ - 662

TU - 684

EXP - 676

 

This was over two months ago, so I'm assuming the scores should be higher with the on time payments I've made.

 

I'd like to get the Chase Freedom. Unless, someone can recommend a similar reward based card that will grow with me.

Cards in my wallet: BofA 1-2-3 Rewards - $3,000 (5/2012), Walmart - $350 (9/2012), Home Depot - $500 (10/2012), US Bank - $1,000 (11/2012)
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: How many inquiries is too many?

Chase Freedom seems like a good fit for your scores.

 

US Bank in my opinion has some better cards, but I think you will need to get your scores up a bit first.

 

Good luck, let us know how the app with chase goes.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Contributor
bellrod44
Posts: 76
Registered: ‎12-05-2011

Re: How many inquiries is too many?

Funny you mention USB. I was talking about them today. I wish they would give employees a break. I wouldn't mind the new Cash+ card. Do you know what kind of scores I'd need to qualify for them?

Cards in my wallet: BofA 1-2-3 Rewards - $3,000 (5/2012), Walmart - $350 (9/2012), Home Depot - $500 (10/2012), US Bank - $1,000 (11/2012)
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: How many inquiries is too many?

Are you an employee?

 

Do you have other ties to them, as in package checking and other credit cards?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

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