Not so confident anymore..

[2anewu]

Hello all, recently (yesterday) I started to apply for credit cards and of the many that I applied for I was approved for two. I feel aweful b/c several companies that I spoke with declined me due to inquiries and made me feel like a credit monster on the phone. I was told to "not be doing that" and it made me feel like I was doing something wrong. State farm's agent said blah blah.."this is a red flag for companies and you should not apply for a lot of credit at one time, EVER"! I do feel good about the ones that I have, but if I never tried I would not have the 2 cards now.

Will I bounce back from inquiry jail with future creditors?

[MidnightVoice]

Yes.  All the CC inquis that were done at the same time should only count as 1 as regards your score.  After 6 months they count less against your score, and after a year not at all.  And after 2 years no one can see them

[Anonymous]

Absolutely!!!

Work with the 2 you have right now:

Say it with me:  1-9, ON-TIME, ALL THE TIME!! 

now, rinse and repeat, and say it again

Besides I thought I read on here that inquiries count for a 12 months period.  So this time next year, you can try some others and by that time, because you would have been "1-9, on-time, all the time" -ing, your score will be higher, you would have demonstrated  fiscal responsibility, so your chances will be better for getting other ccs.  Don't get discouraged. Keep your head up.

[2anewu]

Thanks! Sometimes you need to hear the good after the bad .

[Anonymous]

I'm in the same ballpark. I have learned not to apply for more than 2 every 3 months if you can. If you are good, you can apply for banks that check only one CRA. Then you can apply for more since the inquiries are spread around. You don't want more tha 2 inqs I learned for cc's apps in any 3 month period. While that is far more inquiries than what is recommended, if your goal is to get cards fast, this worked best for me.

[MidnightVoice]

And you probably don't want more than 3-6 cards (of all types) anyway.

Either that, or 42

[Anonymous]

thought is had been updated to 442?

[Tuscani]

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MidnightVoice wrote:

Yes.  All the CC inquis that were done at the same time should only count as 1 as regards your score.  After 6 months they count less against your score, and after a year not at all.  And after 2 years no one can see them

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Hold up! The Auto and Mortgage rule does not apply to other inqs. Each CC inq will have an impact on your score.

Message Edited by Tuscani on 06-27-2007 03:33 PM

[Anonymous]

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2anewu wrote:

Hello all, recently (yesterday) I started to apply for credit cards and of the many that I applied for I was approved for two. I feel aweful b/c several companies that I spoke with declined me due to inquiries and made me feel like a credit monster on the phone. I was told to "not be doing that" and it made me feel like I was doing something wrong. State farm's agent said blah blah.."this is a red flag for companies and you should not apply for a lot of credit at one time, EVER"! I do feel good about the ones that I have, but if I never tried I would not have the 2 cards now.

Will I bounce back from inquiry jail with future creditors?

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How many inquiries are we talking about?

In the future, if they wanna Go Nanny on you, ask to speak with a supervisor. Be calm and remain polite. Be persistent. Tell them:

"Hi, I really don't appreciate the rep I spoke with giving me a lecture like I was an errant child. I know debt collectors are forbidden under federal law from using profane, abusive or harassing language. It would seem that CCC need to also be under those same rules, if they aren't already.

I was attempting to apply for a CC with your company. If I'm denied, well then OK, that's your decision to make. But I really don't see the need to be lectured and sent to the nursery. Is this the standard of behavior there at your company? I would truly be shocked if it were."

You can insert along the way, if appropriate, your recon sob story. Fell behind in the past, job loss, divorce, young and dumb college kid, or whatever.

You want to deliver a light smack while asking for recon.

Message Edited by Noah_Bodie on 06-27-2007 01:42 PM

[Anonymous]

hahaha.  very good one.