When Will Credit Inquiries Disappear?

[Anonymous]

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@Creditaddict wrote:

I would go ahead and apply for the zync, Amex is being pretty relaxed right now on approvals for the Charge Cards, 1 more inq at this point won't really hurt you if you ask me but I tend to not be conservative! lol

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+1

So true.  A zebra with 12 stripes and a zebra with 13 is still a zebra.

[grigorexxxcore]

LOL! Creditaddict, that last message isn't helping. As you can tell I have a bad temptation of applying. I might just go ahead and do it and see what happens? Is there a recommended fico score before applying?

[haulingthescoreup]

American Express doesn't use FICO scores. They have their own in-house score formula, using your EX report.

Why do you want another card?

[Anonymous]

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@haulingthescoreup wrote:

American Express doesn't use FICO scores. They have their own in-house score formula, using your EX report.

Why do you want another card?

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Glass half empty / half full. 

I would say, "Why do you not want another card?"

[grigorexxxcore]

I use cash now and the idea that a charge card can offer the same benefits plus more makes it exciting. Plus it'll go nice with my neat wallet? Haha, sarcasm. I just feel it'll make me more financially responsible, even though I feel I already am, it could be more beneficial.

[Anonymous]

Hi grigorex

So, gotta ask, with 66 or so inquiries, how many cards/accounts do you currently have open?

And, just gotta ask this too, what is your current AAofA?

[haulingthescoreup]

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@grigorexxxcore wrote:
I use cash now and the idea that a charge card can offer the same benefits plus more makes it exciting. Plus it'll go nice with my neat wallet? Haha, sarcasm. I just feel it'll make me more financially responsible, even though I feel I already am, it could be more beneficial.

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To each his own, as long as you actually understand how personal credit works, and aren't surprised at some of the consequences. Understanding the wise use of credit is part of financial responsibility, of course. But if it floats your boat, that's your choice.

[grigorexxxcore]

I have 4 accounts open, soon 5 when Nordstrom plans to re-open my account. My problem back then was I was applying for the wrong cards, I was applying for cards that required excellent credit and I didn't have much established back then. Can I ask what AAofA means? I know its something Affirmative of Action? I would just like the Zync card to start receiving benefits, that's all. The cards I have presently are all LOW limit cards. It may seem like I have a lot but the total credit limit is about $2,300. And that's all my cards combined.

[armymom]

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@MarineVietVet wrote:

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@armymom wrote:

Inquires stay on your cr for 2 yrs but they only count for one yr.  Amex always pulls EX.  With 25 inq your probably looking at a decline.  I'd wait one yr until they fall off.

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Let me clarify this a bit. After one year they stop affecting scoring but they can still be seen by a potential lender and that many inquiries could make that lender very nervous. They might wonder why a person is looking to get that much credit in such a short amount of time.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

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Thanks for clarifying..  Poor wording on my part. 

[Anonymous]

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@grigorexxxcore wrote:
I have 4 accounts open, soon 5 when Nordstrom plans to re-open my account. My problem back then was I was applying for the wrong cards, I was applying for cards that required excellent credit and I didn't have much established back then. Can I ask what AAofA means? I know its something Affirmative of Action? I would just like the Zync card to start receiving benefits, that's all. The cards I have presently are all LOW limit cards. It may seem like I have a lot but the total credit limit is about $2,300. And that's all my cards combined.

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Okay - that's good to know.  Very helpful info.  So you have 66 inquiries and 5 low limit cards.  Now folks have more data to help you understand if you're Zync-able at this point, or if there's some additional work you need to do before applying so that you don't have 67 inquiries and 5 low limit cards.

AAofA means Average Age of Accounts.  That's the average age of all the accounts listed on your credit report.

Figure out how many months old each account is from the date opened to current month.  Add them together and then divide by number of accounts.  That's your AAofA.

Now, can you tell us what your current FICO scores are?  If you pull your FICO here, what's listed under "What's Helping your Score" and "What's Hurting your Score"?

If you provide that additional information, you'll be able to know - and get feedback on - when it's time to app for a Zync.  With the number of declines you've received and the credit limits you currently have, it's likely that there are more issues on your reports than just inquiries.  Most of us have been in a situation like that - and know how it feels and, more importantly, how to get to a better spot credit-wise.  Folks here are great at giving feedback - especially if you're able to give them good solid info.  Like you said in your initial post, you want to app when you're likely to get accepted!