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Frequent Contributor
MoreRewards
Posts: 434
Registered: ‎09-27-2013
0

Too many inquiries

[ Edited ]

How many is too many?

I always thought 6 was "a lot" and frowned upon by lenders.

But since I've been on this forum I've seen people with twice as many get approved for more cards or auto loans, ect.

And how many does one consider "too many" in 6 months or within a year?

I'm really enjoying my time on the forum & learning new things everyday.

 

ETA: I'm really trying to garden so practicing heavy self control not to app.

Community Leader
Senior Contributor
myjourney
Posts: 26,620
Registered: ‎02-07-2013
0

Re: Too many inquiries


MoreRewards wrote:
How many is too many?

I always thought 6 was "a lot" and frowned upon by lenders.

But since I've been on this forum I've seen people with twice as many get approved for more cards or auto loans, ect.

And how many does one consider "too many" in 6 months or within a year?

I'm really enjoying my time on the forum & learning new things everyday.

It all depends on the size of your CR's and the history it displays 

There's no one size fits all 

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


Frequent Contributor
bobbay
Posts: 310
Registered: ‎07-12-2013
0

Re: Too many inquiries

It has been said to me it depends on your file and what they are from.

 

8 Inquiries on a file with 10 years of history and 20 accounts not a big deal

 

8 inquiries with 12 months of history and 6 accounts would be high risk.  Not to mention what is in the TL's history.


Current Score: EX 702 4/19/14, TU 713 4/14/14 lender pull, EQ 701 4/14/14 lender pull
Last app 6/8/14 SPG


Valued Contributor
FinStar
Posts: 6,031
Registered: ‎10-21-2012
0

Re: Too many inquiries


MoreRewards wrote:
How many is too many?

I always thought 6 was "a lot" and frowned upon by lenders.

But since I've been on this forum I've seen people with twice as many get approved for more cards or auto loans, ect.

And how many does one consider "too many" in 6 months or within a year?

I'm really enjoying my time on the forum & learning new things everyday.

Each lender has their own underwriting guidelines to assess any risks associated with overextension of credit (amongst other factors).  Typically, the longer and thicker established files can usually "cushion" a weighted number of inquiries.  By contrast, the thinnner/shorter files lend to a higher risk on behavioral scoring.  All lenders evaluate things differently under their own underwriting lenses.  The more conservative the lender, the less chance of approval with even 2-3 inquiries <12 months.  Other lenders can have a more liberal U/W algorithm depending on other factors from your CR history, CS, etc.  What may seem excessive to one lender, may not be so for another.

 

While FICO tends to lessen the weight on inquiry impacts after 12 months, some lenders can still count those inquiries from 0-24 months, which would include any recently opened accounts within such timeframe.  What is often diluted on these forums are scenarios in which individuals get declined with that factor being listed as one of the reasons only to use the reconsideration channel as a method to appeal such decision and get approved (even if it is with unfavorable terms).  So, folks who may have 10 or 14+ inquires can get approved via this method in some cases.

New Contributor
Xer0_SiN
Posts: 92
Registered: ‎09-13-2013
0

Re: Too many inquiries

i have 60 on each (actually experian is closer to 70) and i still get approved for stuff lol. i looked into b* or whatever its called, and honestly i dont think its worth it in my case. if i do get denied its not because too many inquiries lol.
NFCU Cash #1: 15000, NFCU Cash #2: 15000, USAA Plat: 10000, USAA AMEX: 10000, Local CU #1: 7500, Chase Hyatt: 5000, NASA FCU: 5000, SDFCU: 5000, FNBO: 5000, Militarystar: 4700, Chase Militarystar: 4700, Local CU #2: 3000, Chase Ink Classic: 3000 Zales: 2700 Discover IT: 1500, GE Amazon: 1400, GE Walmart: 1400, Target: 500, GE Dillards: 300
NFCU LOC: 15000, Local CU LOC: 3000
New Contributor
pats23
Posts: 107
Registered: ‎03-13-2013
0

Re: Too many inquiries

[ Edited ]

this topic is interesting we all know less inq is better but when I first started sometime last year becoming credit obsessed I cared so much about inq and was afraid they would stop me from getting approved...I have yet to be denied for too many inq much to my surprise and I keep applying for things and kinda have the keep applying until I get a reason to stop mentality. I have over 10 inq in the last year and just yesterday got approved for bmw financing at 3% and my avg age of account is <2.5 years so its not like i have some great long history........So for me atleast, Inq havent stopped me from anything I have personally applied for....ofcourse YMMV


$4000----------- $5000------------$15000-------------$3500-------------NPSL----------$2500------------$5000----------$10000--------$5000
New Contributor
Xer0_SiN
Posts: 92
Registered: ‎09-13-2013
0

Re: Too many inquiries

[ Edited ]
i want to leave this here, just to show that im not joking about my inquiries. i think if your file can support it or is thick enough, you will be able to handle inqs. if you have new credit or a thin file, then inqs can drain your fico.

[IMG]http://i423.photobucket.com/albums/pp316/xer0_sin/0ea0959d9d18b0970ea72f5e86e75f2e_zps71026df9.jpg[/...
NFCU Cash #1: 15000, NFCU Cash #2: 15000, USAA Plat: 10000, USAA AMEX: 10000, Local CU #1: 7500, Chase Hyatt: 5000, NASA FCU: 5000, SDFCU: 5000, FNBO: 5000, Militarystar: 4700, Chase Militarystar: 4700, Local CU #2: 3000, Chase Ink Classic: 3000 Zales: 2700 Discover IT: 1500, GE Amazon: 1400, GE Walmart: 1400, Target: 500, GE Dillards: 300
NFCU LOC: 15000, Local CU LOC: 3000
Super Contributor
mongstradamus
Posts: 6,575
Registered: ‎06-19-2013
0

Re: Too many inquiries


Xer0_SiN wrote:
i want to leave this here, just to show that im not joking about my inquiries.

[IMG]http://i423.photobucket.com/albums/pp316/xer0_sin/0ea0959d9d18b0970ea72f5e86e75f2e_zps71026df9.jpg[/...

Lol i get scared when i am nearing double digits in inquiries 


EX Fico 797(amex fico) 9/25/14 Fako 806 CS/Credit.com 10/22/14
EQ SW 822 quizzle fako 796 7/19/14
TU Fico 815 Fako 785 Creditkarma 10/10/2014
New Contributor
Xer0_SiN
Posts: 92
Registered: ‎09-13-2013
0

Re: Too many inquiries

i want triple digits >=)

i am...joking lol.
NFCU Cash #1: 15000, NFCU Cash #2: 15000, USAA Plat: 10000, USAA AMEX: 10000, Local CU #1: 7500, Chase Hyatt: 5000, NASA FCU: 5000, SDFCU: 5000, FNBO: 5000, Militarystar: 4700, Chase Militarystar: 4700, Local CU #2: 3000, Chase Ink Classic: 3000 Zales: 2700 Discover IT: 1500, GE Amazon: 1400, GE Walmart: 1400, Target: 500, GE Dillards: 300
NFCU LOC: 15000, Local CU LOC: 3000
Regular Contributor
bigbang91
Posts: 179
Registered: ‎09-16-2013
0

Re: Too many inquiries


MoreRewards wrote:

How many is too many?

I always thought 6 was "a lot" and frowned upon by lenders.

But since I've been on this forum I've seen people with twice as many get approved for more cards or auto loans, ect.

And how many does one consider "too many" in 6 months or within a year?

I'm really enjoying my time on the forum & learning new things everyday.

 

ETA: I'm really trying to garden so practicing heavy self control not to app.


I have 6 inquiries on EX within last 2 weeks of Sep this year. 5 on TU and 3 on EQ. Before the app spree, i were in hiatus for almost 2 years


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