Rebuilding Your Credit

[mytime321]

So I got a little App happy after I got approved for a JCP card in September.  I had a slight bump and got overzealous. 

What I am trying to figure out is now that I am working on my credit improvement, my TU is now 603 and my EQ is 594.  Both should be higher soon with a Chase charge off to be falling off soon.  How strongly will those be held against me if in the next 10-12 months I am in the 700 range?

[BrickTime]

If you are referring to your inquiries, generally, they stop affecting your score after 12 months. What did you apply for? If several apps were auto or mortgage related they may be grouped together as one inquiry.

[BrickTime]

Other big question, of course, is how many new inquiries did you add with your spree?

[mytime321]

A capital one, chase, usaa. 

So it's possible to have my score siginificantly go up, i.e. 700 in the next year but those hard inquiries to cause me to get declined if I would otherwise be approved for a credit card or a better rate on a  car?

[mytime321]

6-7 over the past 7-8 months. 

[Shogun]

Inquiries are highly overrated by some members.  It is actually very low in the scoring process.  After 6 months, they lose some affect, after a year, they're not included in scoring. 

[BrickTime]

Good news is that hard pulls aren't as hard to overcome as a derog, but you will want to garden for the next several months before you apply for anything.

Generally, the FICO scoring model is forgiving of 2-3 new inquiries per year. Lenders on the other hand can get spooked with a lot of new credit requests. For a refinance, I doubt your inquiries will have much effect at all, just getting new additional credit.

[mytime321]

Thanks for the heads up.  I didn't think they were quite the boogeyman that some people made them out to be.

Gardening is the process of not applying and getting other accounts, limits , etc under control right?

[Shogun]

Absolutely.  

[fishbjc]

I was declined a cc for:  Too Many Inquiries.....I had TWO