MAJOR APP SPREE!!!

[Anonymous]

So went on a major app spree no luck i think...perhaps its 1am and sunday....but anyway applied for Barclays EcoCard, Discover Open Card, HSBC Best Buy Card, and a Citibank AA/ATT and a AMEX Starwood ]card...............no luck!!!!! all said contact 7-10 days what are your thoughts? How bad is this app spree gonna hurt my scores?

TU-721 4INQS

EX-688 5INQS

EX-?? 3 INQS

[LIGHTNIN]

Every time you apply for a CC and they pull your CR, that is called an inquiry.

Every inquiry initially hurts your score by 1 or 2 points.

Inquires hurt up to 1year and report for 2 years.

Now I heard, if you have too many inquires, when you apply for a loan or a CC, the Creditors will think you are

financial trouble and may deny you credit.Some say that's true while others say they had 35inquiries and it didn't matter.

I don't know for sure, just letting you know what I heard.

[Anonymous]

Too many inquiries is more of an excuse than an actual reason.  It accounts for a relatively low percentage of your overall score, unless you have a thin file.  It is more likely that a current lender will take adverse action for too many recent inquiries, than a new app declined for that reason.  It also depends on the lender : I got approved for 3 WFNNB products, two of them bank cards, with over 25 INQs on the CRA of their choice (EX).  All within 12 months.  However,  Tryining the same with Citi, Chase, HSBC, will problably get me denied.

Also, not all the lenders you applied for pulled the same CRA, so each one of your profiles will be affected differently.

[llecs]

I wouldn't worry about the inquiries. Damage would be from 0 to 10 at best. The damage comes in with the new accounts being added.