when does too many INQs start?

[Fico2Go]

Some people on here have 18 INQs but still not excessive and still get approved. Some have three and receive denial. Is there a formula that can reasonably predict when "too many recent inquiries" start and end?

[tcbofade]

Cannot give you a certain answer on this, but can relay DW's experience...

700 score, 35% util, 6 inquries = multiple denials listing "too many inq's" as an issue.

730 score, 9% util, 14 inquiries= multiple approvals.

[masscredit]

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@tcbofade wrote:

Cannot give you a certain answer on this, but can relay DW's experience...

700 score, 35% util, 6 inquries = multiple denials listing "too many inq's" as an issue.

730 score, 9% util, 14 inquiries= multiple approvals.

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How old were they? I know that inquiries only have an impact on your score for the first 12 months but what do lenders think about the inquiries that are 12-23 months old (they can still see them listed)? 

[jenn_bar]

Inquiries are relative. They are taken into account with everything else (most importantly, utilization) when you app for a card.

I have around 12-15 inquiries on Experian and TU and 2 years is my oldest account, yet have received seven new cards this year and have a score that always hovers above 750. My most recent app was two weeks ago.

My best tip for new apps is to get utilization between 1-3% and only allow one card to report this balance on your report. All other should report $0 so make sure to pay them before your statement cuts.

[user5387]

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@Fico2Go wrote:
Some people on here have 18 INQs but still not excessive and still get approved. Some have three and receive denial. Is there a formula that can reasonably predict when "too many recent inquiries" start and end?

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The answer depends on how thick your file is.  The impact of inquiries makes up 10% of your score, compared to 30-35% each for factors like payment history and utilization.

Here are a couple of articles that touch on this:

http://www.myfico.com/crediteducation/questions/inquiry-credit-score.aspx

http://www.mint.com/blog/credit/how-credit-inquiries-impact-your-fico-score-052012

[colinstu]

Different CC companies put different weights on INQs when approving people. 

From my own experience, out of all my cards so far, Discover seems to be the most uptight about them (I have 6 INQs... maybe less now as they age). 

[Fico2Go]

I believe the impact of having INQS on a CR have two very different consequences... each having its own impact.  Nonetheless must be considered together.

1:  INQS can lower scores which by itself is damaging.

2:  # of INQs in relation to other factors.. util-debt-history ... have a completely different criteria.

For instance when buying a house one must have no foreclosure in the past 2 years + no late payment since time of foreclosures.  

This similar formula would apply in INQs.  Where said lender could require a particular score whereby INQs itself can effect total score..... PLUS # of actual INQs will be factored.  

[user5387]

A further point here is that there's not a magic formula.

For example, I took a 4-point hit for a hard pull and new tradeline a few months ago.  This was with a thick file and high scores.

For someone else, it might be different.  If you're new to credit, and run wild with inquiries and tradelines, then you may take it on the chin.

I believe that the actual FICO algorithm is fairly complex, and scores various report information based on information in other parts of the report.  So saying that an inquiry will cost you X points is misleading at best.

[indiolatino61]

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@Fico2Go wrote:
Some people on here have 18 INQs but still not excessive and still get approved. Some have three and receive denial. Is there a formula that can reasonably predict when "too many recent inquiries" start and end?

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HAPPY HOLIDAYS!

There is no "magic number"...lol. Like you said, I have read where people here have "dozens" of inquiries and still get approvals, where some get denials with 7 or less. The only "real" number would be to have zero...lol. Good luck.

[Fico2Go]

There must be more to the story. lol

I had around 730 scores with 30% ratios. One revolving TL and one installment line. One paid off student loan.

Result. four for four in the same week.

My file is thin with aaoa 7 years.