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Posts: 2
Registered: ‎01-29-2008
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Inquiries penalty versus open / used credit ratio

lets say I have 2000 in available credit and its mostly used up, say 1500 used. I figure I'll apply for 10 credit cards at once so the companies will asses my worthiness w/o seeing a bunch of inquiries (they all hit at the same time, after they get done reviewing) Will having another, say 2000 in available credit offset the appearance of the 10 inquiries? The idea being I now have a better open to used credit ratio, but a worse inquiries section. If yes or no, is there a break even point at which this does make sense or stop making sense to try to do? I know the open to used credti ratio is 30% of the score, and inquiries are only 10%, so it seems you can get a good number of inquiries (as long as they result in new credit) before you end up hurting yourself.... Any help would be appreciated. Thanks!!!
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Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: Inquiries penalty versus open / used credit ratio

The problem here is that inquires hit instantly, I mean Instantly! I understand what you are trying to do, but from everything I have read, it's non-doable. This is not to say that it's impossible, but I haven't seen anyone pull it off yet.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Visitor
Posts: 2
Registered: ‎01-29-2008
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Re: Inquiries penalty versus open / used credit ratio

So does that mean the applying for 10 cards at once trick is no good?
 
I can see that.
 
But even so, I may be able to eat a slight downturn in the 10% catagory for a week or three, with an expected jump in the open to used credit ratio. Is the rest of the idea sound, even w/o being able to apply for 10 cards at once unnoticed?
 
Thanks again for the help!!!!!!!!
Super Contributor
Posts: 8,182
Registered: ‎03-25-2007
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Re: Inquiries penalty versus open / used credit ratio

I think you would be better off applying for one or two that you are likely to get
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Posts: 2,050
Registered: ‎04-17-2007
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Re: Inquiries penalty versus open / used credit ratio

I don't know what you have for credit, but adding a lot of new cards may significantly shorten the average age of your revolving accounts.  And having a lot of new credit (not counting the inqs) can sting you.
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9.4.2011: TU 805. EQ 815.
Regular Contributor
Posts: 236
Registered: ‎01-08-2008
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Re: Inquiries penalty versus open / used credit ratio

Have you called you current CCC and asked for a limit increase? That's a really good way to get more credit without inquiries at all.
Word... To your Mothers... All of them

TU(2/14/09)=719 EQ(2/2/09)=696 EX(1/21/09)=704
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
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Re: Inquiries penalty versus open / used credit ratio



Moobs wrote:
Have you called you current CCC and asked for a limit increase? That's a really good way to get more credit without inquiries at all.

It's very likely that you will get a hard inq.
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
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