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What would happen if ...

Established Contributor

What would happen if ...

Let's suppose one had a perfect report (7% debt ratio or lower, established accounts, etc.) with the exception of high inquiries? We're talking 15, 20 or more inquiries but everything else pretty much exceeded the criteria of most lenders. Would this supersede the inquiries in most cases?

 

I specifically remember a Bank of America credit analyst telling me: "Oh, I don't look at those. Inquiries make no difference to me. It's the other factors that determine whether or not I will grant a customer credit."

 

Thoughts?

 

UM

Message 1 of 13
12 REPLIES
New Contributor

Re: What would happen if ...

Sounds like a YMMV situation, since I'd think the computer would automatically deny you for Too Many INQ but a Credit Analyst may override it.

TU08:: 754 (4/14) EQ: 745 (6/14) 753 (1/13) Ex: 766 (12/11)
Goal: 800! Then Keep it there and keep growing!~
Card(s): HSBC Premier WMC: 5,000 (7/09), Chase Freedom 6,000 (11/11) BCE 3,200 (12/11) Chase Saph: 5,000 (5/12)
Message 2 of 13
Epic Contributor

Re: What would happen if ...

Concord is proof that very rarely to INQ come into a problem with getting approved for more credit... I personally think INQ should always be overlooked... Sparkletts Water Delivery pulled a hard, Time Warner Cable Pulled a Hard, Apartment... Moving is a disaster on INQ!!!!!

You don't usually move every day but still if all these companies want to keep pulling our credit, they should not count in our score or taken into consideration for new apps.

Message 3 of 13
Established Contributor

Re: What would happen if ...

My thought is that most lenders don't look at inquiries.  People get very worked up over them, and I admit it twists my axle when I lose a few points on a credit score over them.  I think they might be THE single ONE most unfair aspect of credit scoring.  It goes against free market principles that consumers cannot shop around for the best deal for themselves without being punished for it by being considered a "poor credit risk."  I think they should not even be listed for the perusal of potential lenders.

 

I think that management of existing and past accounts should be far more important and I bet it is.  Also, I rarely hear credit card issuers say anything about credit scores.  I think they look at number of accounts and more importantly, balances on accounts, and to a lesser degree, percent of credit utilized.  Any time I've had a personal conversation with a credit analyst, it seems like their biggest concern was the amount of debt I had overall and the amount of that debt that was newly acquired. I was asked flat-out, "Do you realize you've taken on $X amount of new debt this year over last year?  What was the reason for this??"

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Message 4 of 13
Super Contributor

Re: What would happen if ...


Creditaddict wrote:

Concord is proof that very rarely to INQ come into a problem with getting approved for more credit... I personally think INQ should always be overlooked... Sparkletts Water Delivery pulled a hard, Time Warner Cable Pulled a Hard, Apartment... Moving is a disaster on INQ!!!!!

You don't usually move every day but still if all these companies want to keep pulling our credit, they should not count in our score or taken into consideration for new apps.


I probably have 60 or 70 inq's on my EX and I am not sure how many I have on my EQ.

Message 5 of 13
Mega Contributor

Re: What would happen if ...


PetRaccoon wrote:

Sounds like a YMMV situation, since I'd think the computer would automatically deny you for Too Many INQ but a Credit Analyst may override it.


+1

 

I think It depends on if most of those inquiries are for credit and not say auto/mortgage shopping




EQ FICO 548 3/3/16
Message 6 of 13
Established Contributor

Re: What would happen if ...

Concord,

 

What does the rest of your report look like? Do these inquiries ever come in the way of obtaining new credit or cli's?

 

Sorry for all the questions but I'm really curious about the inquiry thing.

 

UM

Message 7 of 13
Mega Contributor

Re: What would happen if ...


concorduser wrote:

Creditaddict wrote:

Concord is proof that very rarely to INQ come into a problem with getting approved for more credit... I personally think INQ should always be overlooked... Sparkletts Water Delivery pulled a hard, Time Warner Cable Pulled a Hard, Apartment... Moving is a disaster on INQ!!!!!

You don't usually move every day but still if all these companies want to keep pulling our credit, they should not count in our score or taken into consideration for new apps.


I probably have 60 or 70 inq's on my EX and I am not sure how many I have on my EQ.



Good googly moogly.....................I thought 13 was alot!




EQ FICO 548 3/3/16
Message 8 of 13
Valued Contributor

Re: What would happen if ...


LS2982 wrote:

concorduser wrote:

Creditaddict wrote:

Concord is proof that very rarely to INQ come into a problem with getting approved for more credit... I personally think INQ should always be overlooked... Sparkletts Water Delivery pulled a hard, Time Warner Cable Pulled a Hard, Apartment... Moving is a disaster on INQ!!!!!

You don't usually move every day but still if all these companies want to keep pulling our credit, they should not count in our score or taken into consideration for new apps.


I probably have 60 or 70 inq's on my EX and I am not sure how many I have on my EQ.



Good googly moogly.....................I thought 13 was alot!


passes out

Message 9 of 13
Mega Contributor

Re: What would happen if ...

Let me app for a prime card with 60-70 INQ's.......They'd kick it back with C'MON MAN!!!!!!! Smiley Very Happy




EQ FICO 548 3/3/16
Message 10 of 13