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Valued Member
MegaZX30
Posts: 47
Registered: ‎02-05-2013
0

Re: Too many inquiries

I really think everyone here is definintly right, your credit profile, age of profile, and existing accounts have alot to do with it.

Back when I was trying to get my first credit card, i had applied for a few and been denied (not to many inquirys but basicly my non-existant credit history), the last card i had tried for a couple months later said 'to many inquiries' So I only had maybe 2 - 3 inquiries from the same 6 month period but do to my non-existent profile at the time, it was considered to much. So I waited a long time before I tried again lol. But yea definitly differnt factors of your credit history I think effect this.

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MyFico (Oct 8, 2013):
Experion: 701 -- Equifax: 705 -- TransUnion: 717

Discover IT: $2,650 -- Capital One Platinum $1K -- Cap One QuickSilver $3K -- Chase Freedom $3K
Super Contributor
enharu
Posts: 6,962
Registered: ‎02-27-2013
0

Re: Too many inquiries


FinStar wrote:

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.


+1.

Really depends on your overall profile. Some people are able to get away with a lot of inquiries because they have other factors to help "pad" their application, such as high income, long flawless credit history, etc.

 

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Contributor
1_2
Posts: 174
Registered: ‎03-06-2012
0

Re: Too many inquiries

I have a short credit history, 2 years 11 months to be precise. I'm not young. I had excellent credit for for many years but several life altering factors including a divorce ruined it. I had no knowledge of credit really. A friend suggested I apply for a secured card which I did. Then I started applying  for rebuilder cards, First Premier, Credit One Bank, Orchard (now Capial One) and I had the secured Capital One credit card. I also applied for 2 cards that I was denied for before I realized what hard pulls were and the damage they can cause. But  the cards  I was approved for did their job. I was able to purchase a home last Jan. Yay! Then last March I applied for and was approved for a Walmart Card.

 

Now I have 13 hard pulls on Equifax and my score is 689. On Transuion I have 10 hard pulls and my score as of Oct 3 Walmart fico, 722. On Experian I have 6 hard pulls and according to Credit One Bank my Experian score is 739. The only difference in my credit reports is the amount of hard pulls. This is why I am in the garden until March of next year or until my Equifax score reaches over 700. I have always had the lowest score on Equifax and the only difference in my reports is the amount of hard pulls. I cant help but believe those 13 hard pulls are what is holding my Equifax score down.

 

I have thought about trying the B* formula I have read about on another forum but I'm just not convinced it would work. Does anyone know?








Closed on home Jan 30, 2013. Yay!

Capital One (secured) $1000.00 | Capital One (former Orchard Bank) $500.00 | First Premier $500.00 | Credit One Bank $750.00 | Wal-Mart $3550.00 | Citi Thank You Preferred $6,800.00 | Discover It $4,800.00 | AMEX BCE $4,500.00
Contributor
jllunas
Posts: 77
Registered: ‎08-03-2012
0

Re: Too many inquiries

Wow I was just thinking about this last night. I have 11 inquiries on my transunion and 10 on my equifax. I just asked amazon for a credit limit increase and I was denied for to many inquiries.
Transunion 698
Equifax 713
Experian 700
Goal Score 750
HWLBA
Contributor
1_2
Posts: 174
Registered: ‎03-06-2012
0

Re: Too many inquiries

Okay, I'm confused. I've read hard pulls stay on your reports for 24 months. I know mine have. Do they hurt your scores for 24 months or 12?








Closed on home Jan 30, 2013. Yay!

Capital One (secured) $1000.00 | Capital One (former Orchard Bank) $500.00 | First Premier $500.00 | Credit One Bank $750.00 | Wal-Mart $3550.00 | Citi Thank You Preferred $6,800.00 | Discover It $4,800.00 | AMEX BCE $4,500.00
Valued Contributor
FinStar
Posts: 5,821
Registered: ‎10-21-2012
0

Re: Too many inquiries


1_2 wrote:

Okay, I'm confused. I've read hard pulls stay on your reports for 24 months. I know mine have. Do they hurt your scores for 24 months or 12?


HPs remain on your CRs for 24 months.  The FICO score effects on HPs lessens after 12 months.

Valued Contributor
red259
Posts: 2,096
Registered: ‎06-05-2013
0

Re: Too many inquiries


FinStar wrote:

1_2 wrote:

Okay, I'm confused. I've read hard pulls stay on your reports for 24 months. I know mine have. Do they hurt your scores for 24 months or 12?


HPs remain on your CRs for 24 months.  The FICO score effects on HPs lessens after 12 months.


My understanding is the impact of HPs on FICO score lessen after six months and are negligible after one year, although they still show for two years. 


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Valued Contributor
red259
Posts: 2,096
Registered: ‎06-05-2013
0

Re: Too many inquiries

If you have a thick file of non-credit cards (eg, student loans, auto loans etc), but very few credit card accounts will the inqs impact your score/chances of denial based on number of inqs, the same way they would with someone with very few credit card accounts and no other loans? 


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Contributor
1_2
Posts: 174
Registered: ‎03-06-2012
0

Re: Too many inquiries

I have 5 credit cards, Walmart, Capital One, Orchard (now Capital One), First Premier and Credit One Bank and my mortgage which resulted in several of my credit pulls since I attempted to buy a house six months earlier to actually buying but it didnt appraise for enough. All the credit cards have been in the last 24 months except the first Capital One which was/is secured.

 

Its just hard for me to understand why my Equifax score is so much lower than my other scores. I dont know what I can do to raise it. I pay all my creidt cards in full each and every month. I even pay some extra on my mortgage every month but my equifax score never seems to budge. I cant remember the last time its has changed...its been several months though.








Closed on home Jan 30, 2013. Yay!

Capital One (secured) $1000.00 | Capital One (former Orchard Bank) $500.00 | First Premier $500.00 | Credit One Bank $750.00 | Wal-Mart $3550.00 | Citi Thank You Preferred $6,800.00 | Discover It $4,800.00 | AMEX BCE $4,500.00

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