04-08-2013 09:53 PM
04-08-2013 10:28 PM
I don't think I am quite where I need to be to even worry about it, but for the (near) future, are there any prime cards, or anybody really, that isn't INQ sensitive? And even though cap 1 isn't the best cc co, is there a limit on how many cards you can have with them? I do their prequalifier almost every day and I'm never prequalified. I have two cards with them, one secured for $201 and one unsecured for $750, and AU on my husband's for $300.
literally ALL prime lenders are inquiry sensitive. It just depends on what your overall CR looks like as well. If you have really high AAoA, long account history and other factors that might sweeten the pot, they might overlook the fact that your inquiries are on the high side. It's hard to give you an exact number of inquiries that is considered high. It can be 4 in 12 months for some people, it can be 10 for some others, etc etc.
Also, it depends on what those inquiries were for. if they were for rate shopping for auto/mortage loans, FICO scoring classifies them as 1 inquiry, and it's much easier for you to explain it to a human being who's reviewing your application.
04-08-2013 10:32 PM
thats A LOT of inquiries. were they all made in 1 year, or 2 years? How many cars did you buy?
04-08-2013 10:39 PM
04-08-2013 10:51 PM
if they were done over a short timeframe, they count as 1 inquiry for calculating your score, but lenders will still see and regard each inquiry as a separate one. Sometimes when you call recon, an UW might be more forgiving about the # of inquiries but I think the amount you have is way too much.
I would recommend you wait until they age past 1 year at the very least, preferably wait till they fall off completely if possible.
04-08-2013 10:51 PM
04-08-2013 10:56 PM
04-08-2013 10:58 PM
04-08-2013 11:00 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO