So I received a letter from AMEX stating these were the key factors in their evaluation.
Our evaluation of the inquiries on your credit report based on the number, type and recency (Experian)
Number and type of accounts opened recently (Experian)
Your FICO score which according to Experian was 707 as of 4/9/14
I planned on gardening for 6 months until I reapplied for the AMEX BCE but also in the same letter they stated
The following are the key factors that contributed to your FICO score:
Length of time accounts have been established.
Too many inquiries last 12 months.
Length of time revolving accounts have been established.
Proportion of loan balances to loan amounts is too high.
I never opened ANY credit cards until Mar '14 where I went on a app spree (9 hp inquiries total, 8 in Mar, 1 early Apr). 4 approvals, 5 denied, they are very low limits,the cards I have but I have no problem pretty much not even using them, (I treat the limit as 10% of what it actually is for each individual card) simply use them to establish a payment history cause their system requires me to, so I will play this little credit game that is stupid.
The reason people say gardening for 6 months, is because the effect of inquires on score drops at that point, but it still affects it, where as 12 months it has zero affect on score. 6 months from now that may still be a listed key factor that contributed to your score, or it may be replaced by somethign else that is giving more of an effect.
@VirusCredit13 wrote:The reason people say gardening for 6 months, is because the effect of inquires on score drops at that point, but it still affects it, where as 12 months it has zero affect on score. 6 months from now that may still be a listed key factor that contributed to your score, or it may be replaced by somethign else that is giving more of an effect.
Do hard inquiries more or less have an effect on your FICO score immediately or at least within 1.5 week. I figured my FICO score would have dropped a lot more than 10 or so as it appears to....
Immedietly
@treefidy wrote:
@VirusCredit13 wrote:The reason people say gardening for 6 months, is because the effect of inquires on score drops at that point, but it still affects it, where as 12 months it has zero affect on score. 6 months from now that may still be a listed key factor that contributed to your score, or it may be replaced by somethign else that is giving more of an effect.
Do hard inquiries more or less have an effect on your FICO score immediately or at least within 1.5 week. I figured my FICO score would have dropped a lot more than 10 or so as it appears to....
Inquiries are minor derogatories comparitively; however, some folks on the forum sweat bullets over every little point. Anything which can be fixed by something I can easily do (paid IRS tax lien, or revolving utilization), or will correct itself in short periods of time (inquiries) I just don't worry about even when it's swung 50 points.
If you don't use your credit report, what good is it? Ultimately use of a credit report will generate an inquiry in most circumstances, but as long as the tradeoff is worth it, shouldn't be an issue. Frivolous apps aren't worthwhile though.
