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Member
Goal800
Posts: 21
Registered: ‎07-14-2009
0

Too Many Inquiries

I just got denied for a Citi credit card I applied for, and the reason given was:

 

Too many recent credit inquiries are recorded on your
credit bureau report

 which they got from Equifax. I applied for and received 3 credit cards in the past few weeks but it seems I have reached a threshold. How long should I wait before applying for this credit card again? I also opened a mortgage about 5 months ago and I'm not sure if this contributed. Thanks for any insight.

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Too Many Inquiries

Citi is sensitive to inquires, as are many CCC's.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Too Many Inquiries

Last 6 months a mortgage and 3 new credit cards? I would say you are done for a while. Bad time right now lay low.
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
0

Re: Too Many Inquiries

For most of the companies that pull EQ if you have more than 3 inq's they consider it as too many inq's. From what I have seen so far EQ threshold for inq's is 3. You can call and ask Citi to reconsider your app. Tell them the inq's is for a loan not for credit card and request them to resubmit your app to underwriters. It worked for me.
Member
Goal800
Posts: 21
Registered: ‎07-14-2009
0

Re: Too Many Inquiries

3 of the inquiries were for credit cards so I'm not sure submitting it to underwriters would help. The 4th inquiry for the denied credit card will also probably go on my record. How long do I need to wait for the inquiries to fall off my credit report?
New Contributor
cc29
Posts: 53
Registered: ‎11-28-2008
0

Re: Too Many Inquiries

Inquiries stop affecting your score after 1 year, and they will fall off your report after 2 years.
FICO SCORES: EQ 741
TU 692
EXPERIAN FAKO 746
Member
Goal800
Posts: 21
Registered: ‎07-14-2009
0

Re: Too Many Inquiries

From research on this forum and the Internet, it seems that 12 months is used for the "too many recent inquiries" message. I determined I had 15 inquiries in the past year when I applied for the Citi card. Since I got the 3 most recent credit cards with inquiries of 14, 13, and 12, I'd like to think that 15 tipped me over but it could also be that Citi uses a different automated number than some of the other companies.

 

By mid-January I'll be down to 9 inquiries in the past 12 months and can apply for the rest of the credit cards I'd like. Maybe I'll also try to apply for several on the same day and see if it works.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Too Many Inquiries


Goal800 wrote:
From research on this forum and the Internet, it seems that 12 months is used for the "too many recent inquiries" message. I determined I had 15 inquiries in the past year when I applied for the Citi card. Since I got the 3 most recent credit cards with inquiries of 14, 13, and 12, I'd like to think that 15 tipped me over but it could also be that Citi uses a different automated number than some of the other companies.

 

By mid-January I'll be down to 9 inquiries in the past 12 months and can apply for the rest of the credit cards I'd like. Maybe I'll also try to apply for several on the same day and see if it works.


Quite a comeback!

Valued Member
uaflyer
Posts: 55
Registered: ‎09-26-2008
0

Re: Too Many Inquiries

[ Edited ]

I hope this adds some value for someone.

 

Over 5 years, I cancelled many credit cards, not because of debt; but because I wasn't expecting to use them.

I also requested lower limits on 3 cards, eventually cancelling one,

 As the economy sank, I chopped it down to two.  Yes I know tat eliminating long termcards isn't good, but i felt safe with my recent past.  My credit score  only went down for about 3 months and spiked backup again.  I would suppose they saw that after 3 months i didn't apply for more credit or load up my cards.

 

In the last 2 years and last 3 months, I requested a limit increase.

In each case they doubled my credit limit without touching my credit record, based on pyament history.

No additional info needed either, just an SSN over the phone or a request online.

 

Not everyone is getting limits reduced, but I have worked hrd to not maintain debt.

 

Cheers

 

update: I found out today Citi upgrade my world card to World Elite, but I have no idea what the difference is

Message Edited by uaflyer on 08-10-2009 09:28 PM
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Established Member
ericdj
Posts: 20
Registered: ‎02-17-2009
0

Re: Too Many Inquiries

It seems to me that there should be a difference in "scoring" an inqury. One year ago I applied for 1. A loan on a house, and 2. raw land.  I was approved on both but didn't purchase either one. It seems that since I was APPR on both that my FICO should go UP...which in my case it has but I doubt that the two APPR's were involved.  So ... are  INQ's "graded" in some way?  

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