Reply
Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: Number of Inquiries and its impact on Credit score/Lenders


chasmith wrote:

My impression is that over 5 there's little additional impact.

 

But remember, your score is the first step in being considered by a lender.  I've seen posts where a person with a decent score was rejected for "too many recent inquiries".  Barclays is said to be notorious for that.

 

Personally, I've reached the point where I don't need new accounts so don't choose to incur inquiries.  In th three years from BK7 I went from maniacally applying to making no applications except for my mortgage (over a year).  Now I'm gardening and hope to reach zero inquiries before I make another app.


I agree with the above. I don't worry as much about the impact inquiries might have on my FICO score as I do about how those inquiries will look to a prospective creditor. I don't want to appear to prospective creditors that I am willy-nilly applying for credit.

I don't know, however, if I will ever get too passive to not jump on a good introductory offer. This year, for example, the NFL card was offering $400 introductory statement credit after a $1k spend. Our daughter had a college class she signed up for that was a bit over $800. With a few tanks of gas we easily went over the $1k spend. We got that $400 credited back to pay for that class. I really don't need any more credit cards, but I also won't give up free money.

 

Keeping the inquiries low helps us qualify easily when something like the above deal becomes available.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}