I know it is time to garden, but inquiry question

[Anonymous]

Okay big mistake maker here. Never heard of the board before I got myself covered up. WIshed I had. Did not know what an inquiry was, just thought you applied and were accepted or denied based on your overall report. So I racked up alot of inquiries just seeing whom I could get started with for just a little credit. My current TL's are in my sig. I know it is time to garden, and after 2 years I will be at 0 inquiries again accross the board. What I am wondering though is am I stuck like this for two years or can I app once again at the 6 month or 1 year mark and not be denied because of to many inquiries and such. I hate that I did not know. Life lesson learned For those of you interested my usaa credit report account says I have:

Experian®

Hard Inquiries:

38

Equifax®

Hard Inquiries:

44

Transunion®

Hard Inquiries:

10 (but ck list TU as 16)

[MarineVietVet]

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@Anonymous wrote:

Okay big mistake maker here. Never heard of the board before I got myself covered up. WIshed I had. Did not know what an inquiry was, just thought you applied and were accepted or denied based on your overall report. So I racked up alot of inquiries just seeing whom I could get started with for just a little credit. My current TL's are in my sig. I know it is time to garden, and after 2 years I will be at 0 inquiries again accross the board. What I am wondering though is am I stuck like this for two years or can I app once again at the 6 month or 1 year mark and not be denied because of to many inquiries and such. I hate that I did not know. Life lesson learned For those of you interested my usaa credit report account says I have:

Experian®

Hard Inquiries:

38

Equifax®

Hard Inquiries:

44

Transunion®

Hard Inquiries:

10 (but ck list TU as 16)

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Hi there.

Patience can be your best friend. Even though inquiries only impact your score for one year they report for 2 years and lenders can see all of them and it could make them nervous.

Let everything age. Wait the two years to apply for any other CC and use that time to research and determine what your next cards(s) should be.

Don't apply just because you can. Be smart about it.

Just my opinion.

Edited for a typo.

[Anonymous]

Thanks for the information, all I need in the next 2 years right now is a refi for a car because it is at 22% and a refi on a personal loan that is about 30%. But with my inquiries I am thinking I may just have to keep the loans for a bit longer than I wanted to. Again thanks for the help, that does sound solid. Time to garden and grow my CL's

[Anonymous]

Wow did u get approvals w that many inquiries? What's your scores if u don't mind sharing I know I had one hp it cost ten points 😞

[Anonymous]

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@Anonymous wrote:
Wow did u get approvals w that many inquiries? What's your scores if u don't mind sharing I know I had one hp it cost ten points 😞

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scores are in my signature. When apping I got the credit one card and capital one cards early on so inquirys were not a problem for them. After that I had 2 car dealers getting me a car loan and have a personal loan to help run up the inquiries. The only things I got approval for with so many inquiries on my record was Fingerhut for 600$ and Kohls for 300$. My scores at that time were in the 580's according to the USAA Experian Credit monitering. So do not know what the fico's really were.

[QFJFKSYD]

Welcome aboard. 

Any inquiries within 30 days for a car loan are usually considered one pull by scoring methods even though they list each in the hard pull listing.

So your situation is likely not as bad as it first looked.

The credit one card, be sure to close that before the annual fee comes around.  I'd set a calendar reminder to close the account in the 11th month from opening personally.  Your two cap1 cards will be enough to get you started rebuilding.

As for the high personal loan and car loan.  I would find a credit union that reports to all three bureaus and become a member there.  Credit Unions are your friend with both rebuilding and also getting lower rates.  

And as others have said. Garden.  At minimum a year. Let those accounts age. Use them properly. PiF all the time on time.  And your scores will be back above 700 in no time (2 years or less i'd guess)

Also in the bankruptcy forum, look for the bk7 to 700 in 2 years thread.  This will help in general rebuilding steps even if you didn't go through bk.

[Anonymous]

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@QFJFKSYD wrote:

Welcome aboard. 

Any inquiries within 30 days for a car loan are usually considered one pull by scoring methods even though they list each in the hard pull listing.

So your situation is likely not as bad as it first looked.

The credit one card, be sure to close that before the annual fee comes around.  I'd set a calendar reminder to close the account in the 11th month from opening personally.  Your two cap1 cards will be enough to get you started rebuilding.

As for the high personal loan and car loan.  I would find a credit union that reports to all three bureaus and become a member there.  Credit Unions are your friend with both rebuilding and also getting lower rates.  

And as others have said. Garden.  At minimum a year. Let those accounts age. Use them properly. PiF all the time on time.  And your scores will be back above 700 in no time (2 years or less i'd guess)

Also in the bankruptcy forum, look for the bk7 to 700 in 2 years thread.  This will help in general rebuilding steps even if you didn't go through bk.

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Thanks alot Will go read some more right now. Would not be this far without finding the forum and the great help from it's members.

[Mayn]

What were your scores when you got the cap 1 quicksilver card if i may ask?

[Anonymous]

When I got the capital one card it was a regular platnium card. I PC'ed to the quicksilver later on. I do not know the scores when I PC'ed to quicksilver but my scores were all near 550 when I apped for the card. I used the prequalify website after I had gotten the secured card from them. I may not even have needed to get the secured card, I did not check into it at the time because I did not know of prequalifying for offers.