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Inquiries Question

Regular Contributor

Inquiries Question

My question is what is considered too many inquiries? Because I have seen people getting approved and they have like 18 inquiries !!!! I have 7 and I am freaking out. Any advice?

 

Thanks!

4 REPLIES
Regular Contributor

Re: Inquiries Question

i believe more than 3 within 6 months is considered too many.

but keep in mind that creditors dont always go by inquiries....


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


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Moderator Emerita

Re: Inquiries Question

 


william23 wrote:

My question is what is considered too many inquiries? Because I have seen people getting approved and they have like 18 inquiries !!!! I have 7 and I am freaking out. Any advice?

 

Thanks!


OK, first of all, it's not how many inqs you have; it's how many you have on each account, plus how old they are, and what they were for.

 

 

7 inqs on one bureau would be pretty exciting for most of us. But if it's 2 on EQ, 3 on EX, and 2 on TU, that's a different story. Lenders only see the inqs on the report that they pull.

 

Some lenders are (in)famous for hating inqs, PenFed being the prime example. Others go hmmm. And still others don't give a flip.

 

Also, if some of these inqs are for car loans or mortgage apps, which generally create multiple inqs, that's different from unrestrained CC apping.

 

A separate issue is how inqs affect scoring. From what we've seen here, after 5-6 inqs on one report, your scores are no longer affected. (If you get new accounts as results of the inqs, then yes, there's a separate scoring effect from the new account, the new CL, etc.) We have some major appaholics here whose scores aren't going to get much out of the 700-720 range due to low AAoA, etc., but the new inqs don't hurt. The scoring formula just gives up after a while.

 

Another issue with inqs and scoring is that inqs over 1 year old aren't included in FICO scoring, although they continue to show on your reports for two full years.

 

I'm pretty allergic to inqs, but they're not the end of the world. The trick is to apply intelligently, after thinking about what CC's might fit your usage patterns and even help you out (via rewards, etc.), and then research the heck out of various cards. Once you've done this, go get your card and be happy with it. Smiley Happy

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor

Re: Inquiries Question

AGREED, nice job, Hauling


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Super Contributor

Re: Inquiries Question

 


william23 wrote:

My question is what is considered too many inquiries? Because I have seen people getting approved and they have like 18 inquiries !!!! I have 7 and I am freaking out. Any advice?

 

Thanks!


Their 18 inquiries may have been more than a year old the reason why they got approved.  Your 7 inquries may be less than a  year old.