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How much do credit inquries affect score?

Regular Contributor

How much do credit inquries affect score?

I curently have 9 on EXP 21 on EQU and 6 on TU.  Half of the ones on EQU are from car loan apps.  I have recenlty applied for new credit but denied for too many inquries.  How long should I wait before applying for credit again?  How many points am I losing for the inquries?

5 REPLIES
Valued Contributor

Re: How much do credit inquries affect score?

The points you lose depend on the rest of your profile, how recently, and how many of them.  It would be nearly impossible to tell how many points all of them are costing.  Try waiting 6 months with no inquiries and that shouldn't be an issue.  After 1 year they no longer affect the score.

 

What are you applying for that you've had issues with?

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Regular Contributor

Re: How much do credit inquries affect score?

I applied for a Best Buy card before Christmas.  Highest limit I have been given is $500.  Cleaned up my credit this year.  Currently have 2 charged off credit cards as my only baddies.  Before this year had no credit cards so I opened 3 new ones this year. 

Valued Contributor

Re: How much do credit inquries affect score?

How recently were the new ones opened?  New cards will traditionally hurt you more than inquiries.  Also, did you try to recon?  Capital One owns the Best Buy cards now, so calling in the backdoor number for a reconsideration probably would have been your best best.  You can usually explain your way around inquiries.  However, if one of your charged off cards was with Cap1, that would be yet another stumbling block.  Best advice is to do thorough research on the card you want to apply for before you do it.  Know what bureau they pull, what bank backs it, what scores are generally accepted.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Regular Contributor

Re: How much do credit inquries affect score?

My last card was opened in May.  I did have a $38k car loan open in Sept.  Can you apply for a joint card with a spouse and use her income as well?

Valued Contributor

Re: How much do credit inquries affect score?

Yes, joint application = joint financial responsibility = joint income.

 

If you haven't had a CC inquiry since May, I'd be surprised if your CC inquiries are single handedly holding up any new CC accounts.  The car shopping inquiries are probably scaring off the automatic application system.  Upon manual review you should be able to explain those.  Obviously other elements of your profile can still hold you back, but I don't see why after a recon and manual review you shouldn't be able to at least have the inquiries ignored.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL