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How many Inq are to many?

Contributor

How many Inq are to many?

How many hard Inquiries are to many for you?, and how many do you have in each report?

 

 

Have a nice day!!


Starting Score: EX: 713 EQ: 698
Current Score: TU: 743 EQ: 752 EX: 747
Goal Score: 775





Message 1 of 15
14 REPLIES
Senior Contributor

Re: How many Inq are to many?

There's no such thing as too many for me.lol
It's more to do with what each lender deems as too many. Unfortunetly no one has that answer.
People get approved with tons of inqs. My inqs are in the signature.

FICO 8 Scores EQ=754 TU=774 EX=766 (INQ) EQ=16 TU=14 EX=15 TCL=$500K+
Message 2 of 15
Regular Contributor

Re: How many Inq are to many?

18 inquiries when I was approved for US Bank Cash + last week.  Length of  credit history, income, repayment history and length of residence/job play a bigger role in internal scoring.  A turn down for inquiries, with exception of Chase is usually just an easy excuse. 

Message 3 of 15
Valued Contributor

Re: How many Inq are to many?

I've seen people around here sporting 50-100 inq's on each report.  Some under 5 per report.  HP's aren't all that bad once your reports are seasoned a bit more than a bad/rebuild profile.  Of course each approval on the other hand kills your AAOA which does matter more.  Once you stop apping for things and focus more on growing your current lines through CLI's the aging will help bring things back inline with where they're optimal.  Depending on which FAKO site you look at 5 or less seems to be optimal.  Personally since I've been focused on CLI's instead of apps I'm down to 1 on a couple of my reports and have grown in the past 2 years from the low 100k mark to over 200K in CL's.  Scores are now in the 830-840 range across the board.  

 

When I'm apping for things known to have multiple inq's like a car or mortgage I turn on my lazer focus and find the best rate before apping for either of them.  Then zero in on the best terms I can find through websties and phone calls and then pull the trigger for a single inquiry.  i know they say mutliple inq's while rate shopping factor into scoring as a single inquiry but, I'd rather not see them let alone have multiple people accessing my personal information.  I don't trust car dealers with the info since they put it into their system and run it through 10-15 lenders at a time so, I'll get a CU approval and then head into the dealer.  Taking financing off the table leverages power in your favor since you know you're approved already and can walk away at any time during the process.  Lately though it's wortwhile to read through the fine print on dealer financing for the first payment they make on the loan for you and sometimes sub 2% rates they offer to get people in the door.

 

I guess I lost focus... so.... yeah... It's whatever you're comfortable with.

Message 4 of 15
Community Leader
Senior Contributor

Re: How many Inq are to many?

13 EX (7 in the last 12 months)

7 EQ (2 in the last 12 months)

5 TU (1 in the last 12 months)

 

Although It has never been an issue... to me, 13 (was 15 last month) is too many.  I'm in slow mode at the moment.  I have opened 1 account and closed 5 in the last 8 months.


Message 5 of 15
Super Contributor

Re: How many Inq are to many?


Isacking97 wrote:

How many hard Inquiries are to many for you?, and how many do you have in each report?

 

 

Have a nice day!!


There is no one answer. It depends on the lender and more importantly how thich your credit profile is. For someone starting out 3 inqs can be too many, for someone with a much thicker profile its quite different. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 826 4/16/17, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 6 of 15
Frequent Contributor

Re: How many Inq are to many?

Experian:  14  Transunion:  6  Equifax:  5

 

I don't know how many are too many.  I continue to get notes on my approvals for adverse factors on my credit score like "Number of requests for new credit.  Number of requests for new credit in the last 3 months lol.  Length of time since the oldest credit card established.  Length of time since the newest revolving account established."  And that's for my newest card the Chase Hyatt which they approved me for $5,000 for the siggy after a 14 days review upon online application.

 

You can see my EX score is lower than the others and the INQs surely play into that.  They continue to note I'm seeking credit and have a short history, but continue to give me cards.  The flip side is that often I'll get low limits and high APRs.  My Hyatt card came with a 23%+ APR.

 

The lenders are doing micro-tuning for everyone's personal situations in order to keep themselves profitable.  So it probably is a case by case basis how many is too many, with people with no baddies and a long history and high income getting a little more leeway when stacking mad INQs, as opposed to a more opaque, younger credit risk.

Experian: 686 Transunion: 720 Equifax: 683
Message 7 of 15
Valued Contributor

Re: How many Inq are to many?

I had like 60 on EX and was approved by chase,BofA etc... 50 on TU, really they don't like too many in the last 6 months but if your CR seems good I don't think all lenders mind all that much.
Message 8 of 15
Established Contributor

Re: How many Inq are to many?


red259 wrote:

Isacking97 wrote:

How many hard Inquiries are to many for you?, and how many do you have in each report?

 

 

Have a nice day!!


There is no one answer. It depends on the lender and more importantly how thich your credit profile is. For someone starting out 3 inqs can be too many, for someone with a much thicker profile its quite different. 


The question is how many are too many for you.  For me I stay under 2 per year per report but I would not hesitate to go over if it was really worth it.  Currently: EQ-1, EX-2, TU-3 (two fall off next month).

Message 9 of 15
Regular Contributor

Re: How many Inq are to many?

i have 1 on Transunion. 2 on Equifax. 4 on Experian.

Message 10 of 15