Importance of inquiries

[Anonymous]

I was denied  and now my inquiries are adding up. The prequal site at Cap 1 said I had a VERY GOOD chance( QS). I will wait to see their reasons. I have good scores . Just above 700 but other holes in my app.

I was wondering how much damage these inquiries do and how long they stay ? I think I have 8 inqs on exp.

Any ideas ?

[Mantis350]

Inquiries stay on your report for 2 years.  They affect your score for 1 year.  Depending on how thin your file is (and if you have any baddies) they may put a bigger dent in your scores.  Its not just the score that lenders look at.  Those prequal things may be don't by score but once they actually look at your app, they will see numerous inqs and sometimes that scares them.  Did you do what I suggested in your other post regarding your Cap1 denial?

[Anonymous]

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@Mantis350 wrote:

Inquiries stay on your report for 2 years.  They affect your score for 1 year.  Depending on how thin your file is (and if you have any baddies) they may put a bigger dent in your scores.  Its not just the score that lenders look at.  Those prequal things may be don't by score but once they actually look at your app, they will see numerous inqs and sometimes that scares them.  Did you do what I suggested in your other post regarding your Cap1 denial?

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You suggest  that I call. I

[Anonymous]

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@Anonymous wrote:

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@Mantis350 wrote:

Inquiries stay on your report for 2 years.  They affect your score for 1 year.  Depending on how thin your file is (and if you have any baddies) they may put a bigger dent in your scores.  Its not just the score that lenders look at.  Those prequal things may be don't by score but once they actually look at your app, they will see numerous inqs and sometimes that scares them.  Did you do what I suggested in your other post regarding your Cap1 denial?

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You suggest  that I call. I

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What I did was ask for increases on the 2 cards that I have. That will help solve my Utilization problem. Then I want to wait for their response and the Cap one explaination.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Mantis350 wrote:

Inquiries stay on your report for 2 years.  They affect your score for 1 year.  Depending on how thin your file is (and if you have any baddies) they may put a bigger dent in your scores.  Its not just the score that lenders look at.  Those prequal things may be don't by score but once they actually look at your app, they will see numerous inqs and sometimes that scares them.  Did you do what I suggested in your other post regarding your Cap1 denial?

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You suggest  that I call. I

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What I did was ask for increases on the 2 cards that I have. That will help solve my Utilization problem. Then I want to wait for their response and the Cap one explaination.

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Oh...and I asked for a seedling!!! I think I belong in the garden for awhile........Thanks for the answer on the application board. I didn't see it until I had posted here

[Mantis350]

Call the Cap1 backdoor numbers and try and get a friendly analyst on the phone.  They can turn a denial into a recon and possibly an approval.  It NEVER hurts to ask!

[Anonymous]

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@Anonymous wrote:

I was denied  and now my inquiries are adding up. The prequal site at Cap 1 said I had a VERY GOOD chance( QS). I will wait to see their reasons. I have good scores . Just above 700 but other holes in my app.

I was wondering how much damage these inquiries do and how long they stay ? I think I have 8 inqs on exp.

Any ideas ?

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Are you sure you were at the CapOne prequal website? After entering in your info, the results will either say "congratulations! blah blah blah" or they'll have a list of cards they "suggest" for your profile. I've never seen them gauge your expected results. That's usually at sites such as CK, etc.

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@Mantis350 wrote:

Inquiries stay on your report for 2 years.  They affect your score for 1 year.  Depending on how thin your file is (and if you have any baddies) they may put a bigger dent in your scores.  Its not just the score that lenders look at.  Those prequal things may be don't by score but once they actually look at your app, they will see numerous inqs and sometimes that scares them.  Did you do what I suggested in your other post regarding your Cap1 denial?

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+1

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I was denied  and now my inquiries are adding up. The prequal site at Cap 1 said I had a VERY GOOD chance( QS). I will wait to see their reasons. I have good scores . Just above 700 but other holes in my app.

I was wondering how much damage these inquiries do and how long they stay ? I think I have 8 inqs on exp.

Any ideas ?

---

Are you sure you were at the CapOne prequal website? After entering in your info, the results will either say "congratulations! blah blah blah" or they'll have a list of cards they "suggest" for your profile. I've never seen them gauge your expected results. That's usually at sites such as CK, etc.

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@Mantis350 wrote:

Inquiries stay on your report for 2 years.  They affect your score for 1 year.  Depending on how thin your file is (and if you have any baddies) they may put a bigger dent in your scores.  Its not just the score that lenders look at.  Those prequal things may be don't by score but once they actually look at your app, they will see numerous inqs and sometimes that scares them.  Did you do what I suggested in your other post regarding your Cap1 denial?

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+1

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I did use the Cap 1 site...And what.threw me was that I wasn't offered a backup. The deal breaker, I imagine , is that I am not employed and have no checking account !!!

I have rental income and the house is paid off.

[Anonymous]

I still have 30+ inquiries on each report and I still get approved for cards from chase.

[Anonymous]

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@Anonymous wrote:

I still have 30+ inquiries on each report and I still get approved for cards from chase.

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The inq,s for the denial did not lower my myFICO numbers. But it sure hurt to get an HP and a rejection !!!!!

How many cards do you have?