Reply
Frequent Contributor
Posts: 473
Registered: ‎02-11-2013
0

Re: Inq

Here's my profile...

35 total accounts
19 open accounts, of which 17 are charge/revolvers

INQ's - ALL since Dec 2012
Ex. Eq. Tu.
12. 13. 6

Didn't seem to hurt me during my recent app sprees.. Never declined due to Inq, at least according to denial reasons..

Good Luck!!
Citi Hilton Honors: $25,000 -- Chase Sapphire Preferred: $25,000 -- Amex PLat: $NPSL -- Amex Everyday Preferred: $10,000 -- Citi TY Premier World: $16,800 -- NWFCU: $7,500 -- Chase Amazon Rewards: $7,000 -- Citi Home Depot: $7,000 -- Citi AAdvantage Platinum Visa Sig: $5,000 -- Visa Black Card: $5,400 -- Discover IT: $8,000 -- AmexTrueEarnings: $10,000 -- Ethan AllenGE: $4000 -- Chase Slate: $2,500 -- CapOne Platinum: $2,500 -- CapOne Platinum: $2,500 -- AmazonGE: $2,200 -- Barclays BJs: $1,800 -- WalmartGE: $1,500 -- PenFed LOC: $500
Frequent Contributor
Posts: 473
Registered: ‎02-11-2013
0

Re: Inq

Once you get US Bank up in terms of CL, you should see higher limits on your others, and more approvals.. Banks like to see a total average CL of greater than 5k across your credit profile.. Right now it looks like your avg is around $2,750...
Citi Hilton Honors: $25,000 -- Chase Sapphire Preferred: $25,000 -- Amex PLat: $NPSL -- Amex Everyday Preferred: $10,000 -- Citi TY Premier World: $16,800 -- NWFCU: $7,500 -- Chase Amazon Rewards: $7,000 -- Citi Home Depot: $7,000 -- Citi AAdvantage Platinum Visa Sig: $5,000 -- Visa Black Card: $5,400 -- Discover IT: $8,000 -- AmexTrueEarnings: $10,000 -- Ethan AllenGE: $4000 -- Chase Slate: $2,500 -- CapOne Platinum: $2,500 -- CapOne Platinum: $2,500 -- AmazonGE: $2,200 -- Barclays BJs: $1,800 -- WalmartGE: $1,500 -- PenFed LOC: $500
Community Leader
Senior Contributor
Posts: 26,659
Registered: ‎02-07-2013
0

Re: Inq

[ Edited ]

Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?

I'm guilty of the 6 month app and I'll explain:smileyhappy:

Every 6 months two things happen 

 

(1) apply for new cards ...cards age to 6,12,18, 24

 

(2) INQ's age to 6, 12, 18, 24 and drop

They stop hurting my score at 1 year

 

So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle

 

eta I also spread out choices of cards over the 3 CB's 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Valued Contributor
Posts: 1,246
Registered: ‎04-23-2013
0

Re: Inq

Ok thanks. It looks like a good strategy

SIlver:

Mega Contributor
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Inq


myjourney wrote:

Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?

I'm guilty of the 6 month app and I'll explain:smileyhappy:

Every 6 months two things happen 

 

(1) apply for new cards ...cards age to 6,12,18, 24

 

(2) INQ's age to 6, 12, 18, 24 and drop

They stop hurting my score at 1 year

 

So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle

 

eta I also spread out choices of cards over the 3 CB's 


But are these apps needs or wants??? :smileywink:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Community Leader
Senior Contributor
Posts: 26,659
Registered: ‎02-07-2013
0

Re: Inq


LS2982 wrote:

myjourney wrote:

Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?

I'm guilty of the 6 month app and I'll explain:smileyhappy:

Every 6 months two things happen 

 

(1) apply for new cards ...cards age to 6,12,18, 24

 

(2) INQ's age to 6, 12, 18, 24 and drop

They stop hurting my score at 1 year

 

So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle

 

eta I also spread out choices of cards over the 3 CB's 


But are these apps needs or wants??? :smileywink:


They vary between 3-5 cards December spree was 4 cards this spree was 4 cards a year ago in June it was only 2 card spree 

Always only what I need 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Community Leader
Senior Contributor
Posts: 26,659
Registered: ‎02-07-2013
0

Re: Inq

I forgot to add that the 6 months i'm not applying for cards I'm trying for SP CLI's again every 6,12,18,24  months

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Inq


09Lexie wrote:
Too many depends on the individuals cr. thick files can usually handle more inq's than thin files. Keep in mind inq's stop counting against your FICO after 1yr.

+1. Keep in mind inquiries is basically just to let other lenders know how frequent and active one is at seeking credit. 

People with good thick files already has a lot of data history for credit companies to analyze their risk exposure, so they're more likely to get away with a higher number of inquiries assuming everything else on their CR checks out fine. Whereas for a thin file, there's only so much data for the bank to work with, so they're forced to assume worst case scenario for a lot of things. As a result having 5 inquiries in past 12 months can sometimes be flagged as excessive for people with thin files.

 

Regardless, having an excessive amount of inquiries over a short period of time (i.e. 20+ inquiries in a 1 year period) can be interpreted as one being desperate for credit, and that should be avoided to prevent AA.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Contributor
Posts: 355
Registered: ‎02-25-2013
0

Re: Inq

[ Edited ]

Ohh Geez i have 39 lol.. thats just with equifax.. TU... 18 now 2 were removed was 20.. man dunno experian.. databases are being updated atm. Cant wait until aug though because august last year i went crazy and thats where most of these came from so if they impact less in a yr im about to have it made i hope! So when say 15 fall off what does this equate to a point wise, maybe 1 point for each??

Starting Score:Walmart TU 686, MyFico EQ 630, Credit Sesame 649, CK 636Current Score: 689 TU/Walmart CK 645 Goal Score:700 CLUB
Last HP:5/21/13Take the myFICO Fitness Challenge
Community Leader
Senior Contributor
Posts: 26,659
Registered: ‎02-07-2013
0

Re: Inq


mcf wrote:

Ohh Geez i have 39 lol.. thats just with equifax..


Thats why your gardening for awhile :smileywink:

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.