topic Re: denied due to inquires in Credit Card Applications

denied due to inquires

Mskaykay12 — Fri, 22 Mar 2019 01:16:16 GMT

hello all,

im relatively new here and new to credit building. I have raised my scores from about a 540 to now a 620 in 3 short moments, which is huge to me! i never thought I'd see the 600s. Anyway, I was recently approved for Cap1 and Nordstrom for $5k each, but received a denial from amex and discover stating too many inquires. In the course of 2 years, I have about 18-25 inquires on all 3 reports.

Any tips, pointers, advice on the removal of these? I called experian and transunion and was told to send a letter to the creditor and file a police a report in order to dispute them. I'm sure there is another way other than waiting 2 whole years.

Any info is appreciated.

Re: denied due to inquires

Jnbmom — Fri, 22 Mar 2019 01:25:59 GMT

Unless the inquiries are fraudulent, you just gotta wait it out, Stop applying and let your accounts age a bit

Re: denied due to inquires

thornback — Fri, 22 Mar 2019 01:26:34 GMT

You can't dispute inquiries if they're not fraudulent. You agreed to each when you submitted the apps so you're stuck with them for two years. After a year, they become unscorable and points lost from them will be regained, but as a record, they remain for the full 2 years.

Be mindful when you app in the future to keep inquiries to a minimum; 1 app every 6 months will help prevent the "too many in 24 months" problem.

Re: denied due to inquires

CreditInspired — Fri, 22 Mar 2019 13:58:30 GMT

@Mskaykay12 wrote:
hello all,

im relatively new here and new to credit building. I have raised my scores from about a 540 to now a 620 in 3 short moments, which is huge to me! i never thought I'd see the 600s. Anyway, I was recently approved for Cap1 and Nordstrom for $5k each, but received a denial from amex and discover stating too many inquires. In the course of 2 years, I have about 18-25 inquires on all 3 reports.

Any tips, pointers, advice on the removal of these? I called experian and transunion and was told to send a letter to the creditor and file a police a report in order to dispute them. I'm sure there is another way other than waiting 2 whole years.

Any info is appreciated.

Hi and welcome

It seems you got overly excited when your scores jumped to 620 and went on a wild app spree.

So now it’s time to take a step back or two, and decide how you want to move going forward. So, go on over to the garden, IMHO, for 2 years. This will give your cards time to age and most importantly, time for the inqs to drop off. Doing this will work miracles on your scores as long as you pay your cards on time, keep low UT, and have no baddies pop up.

And as you’re gardening, remember, creating a great credit profile is a marathon, not a sprint.

GL2U.

Re: denied due to inquires

Anonymous — Fri, 22 Mar 2019 15:17:36 GMT

op,

You have to many inq's! How many approvals did you get from all those hp's? Sounds like you have to wait until your back in the single digits.

Re: denied due to inquires

Niceman — Fri, 22 Mar 2019 15:46:30 GMT

Is that 18-25 total for all three reports or if you add up all the reports?

Either way I agree, time to stop applying for a long time.

Re: denied due to inquires

fritscher — Sat, 23 Mar 2019 14:23:23 GMT

Hi yes just be patiend and wait it out some...you will get them in due time if you keep doing what you are doing

Re: denied due to inquires

Anonymous — Sat, 23 Mar 2019 15:58:30 GMT

While having a ton of inquiries isn’t a great thing, they are not what’s really holding you back from approvals. Your score (and the underlying things leading to that score) is the real problem. While getting into the 600s is an awesome accomplishment, a 620 still isn’t going to get you many approvals. You need to keep chugging away at improving your overall credit profile/score.

The “too many inquiries” denial reason is many times just a reason they assign when they just don’t like your overall creditworthiness.

Re: denied due to inquires

Gmood1 — Sat, 23 Mar 2019 20:02:11 GMT

@Anonymous wrote:
While having a ton of inquiries isn’t a great thing, they are not what’s really holding you back from approvals. Your score (and the underlying things leading to that score) is the real problem. While getting into the 600s is an awesome accomplishment, a 620 still isn’t going to get you many approvals. You need to keep chugging away at improving your overall credit profile/score.

The “too many inquiries” denial reason is many times just a reason they assign when they just don’t like your overall creditworthiness.

Yup, this right here∆.

The too many inqs is a standard reason given. We have members here with 50+ on one CB. They get approvals as easy as a person with no inqs. The stronger the profile the less meaningful the inqs become.

Re: denied due to inquires

Anonymous — Sat, 23 Mar 2019 20:13:28 GMT

@Mskaykay12 wrote:
hello all,

im relatively new here and new to credit building. I have raised my scores from about a 540 to now a 620 in 3 short moments, which is huge to me! i never thought I'd see the 600s. Anyway, I was recently approved for Cap1 and Nordstrom for $5k each, but received a denial from amex and discover stating too many inquires. In the course of 2 years, I have about 18-25 inquires on all 3 reports.

Any tips, pointers, advice on the removal of these? I called experian and transunion and was told to send a letter to the creditor and file a police a report in order to dispute them. I'm sure there is another way other than waiting 2 whole years.

Any info is appreciated.

The idea score to apply for Amex would be at least a 670. I know this is not written in stone anywhere...but from my experience your chances of approval would be greater.....keep up the good work and remember...it's not a race.....

Re: denied due to inquires

3se7ens — Sun, 24 Mar 2019 19:57:55 GMT

Fact: Inquiries in the last 12 mo. are the only ones that effect your credit score.
Also find out what agency the creditor wiil pull from as you may have 4 Inqs with EX and 0 with EQ.

Re: denied due to inquires

Meanmchine — Mon, 25 Mar 2019 00:50:30 GMT

@3se7ens wrote:
Fact: Inquiries in the last 12 mo. are the only ones that effect your credit score.
Also find out what agency the creditor wiil pull from as you may have 4 Inqs with EX and 0 with EQ.

Sorry but youre mostly wrong. While your statement is correct in that inqs only inpact your score for 12 months, lenders look at many factors in deturmining credit worthieness. You can have 800+ scores with a clean file and still be EASILY denied for excessive credit seeking behavior.

Re: denied due to inquires

Meanmchine — Mon, 25 Mar 2019 00:58:42 GMT

@Gmood1 wrote:
@Anonymous wrote:
While having a ton of inquiries isn’t a great thing, they are not what’s really holding you back from approvals. Your score (and the underlying things leading to that score) is the real problem. While getting into the 600s is an awesome accomplishment, a 620 still isn’t going to get you many approvals. You need to keep chugging away at improving your overall credit profile/score.

The “too many inquiries” denial reason is many times just a reason they assign when they just don’t like your overall creditworthiness.
Yup, this right here∆.
The too many inqs is a standard reason given. We have members here with 50+ on one CB. They get approvals as easy as a person with no inqs. The stronger the profile the less meaningful the inqs become.

50 inqs times 3 CBs = 150 inquiries / apps

Im gonna need a new mouse if Im gonna try to join that club

Re: denied due to inquires

CreditCuriosity — Mon, 25 Mar 2019 01:33:31 GMT

Inquiries are just an excuse they spit out as other eluded to and they got to provide a reason/reasons for denying credit. Once your scores get up there and your profile matures inquiries reallly don't mean much.

Re: denied due to inquires

Anonymous — Mon, 25 Mar 2019 06:34:37 GMT

@Anonymous wrote:

The “too many inquiries” denial reason is many times just a reason they assign when they just don’t like your overall creditworthiness.

This. OP, your score is a little lower than mine. I got a refusal recently and I think one of the reasons was "too many inquiries" and I only had two on that bureau at the time. I really doubt it was the inquiries. It was my overall profile.

You have a LOT of inquiries. But I think when your scores go up and you "relax" a little (no inquiries for at least six months?) you might be able to (VERY carefully and with GREAT deliberation), apply for some card you really, really want (that is realistic for your score, etc). And if you are rejected? Wait another six months.

I don't have a horrible amount of inquiries right now, but have added four new revolving accounts in just a few months. While that is okay (since those are all the open accounts I have!) I MUST relax for a while. I want to minimize my risk of getting rejected and the best way to do that is to wait.

Re: denied due to inquires

3se7ens — Mon, 25 Mar 2019 12:06:02 GMT

@Meanmchine wrote:
@3se7ens wrote:
Fact: Inquiries in the last 12 mo. are the only ones that effect your credit score.
Also find out what agency the creditor wiil pull from as you may have 4 Inqs with EX and 0 with EQ.
Sorry but youre mostly wrong. While your statement is correct in that inqs only inpact your score for 12 months, lenders look at many factors in deturmining credit worthieness????????????

The OP was told it was INQs, thats it.
Also when you apply for a CC. it's algorythms that make the decision not a person looking
over your report unless you do a recon. Otherwise it's a computer decision that was made pulling from 1 of the three bureaus.

Re: denied due to inquires

Remedios — Mon, 25 Mar 2019 12:24:12 GMT

@3se7ens wrote:
@Meanmchine wrote:
@3se7ens wrote:
Fact: Inquiries in the last 12 mo. are the only ones that effect your credit score.
Also find out what agency the creditor wiil pull from as you may have 4 Inqs with EX and 0 with EQ.
Sorry but youre mostly wrong. While your statement is correct in that inqs only inpact your score for 12 months, lenders look at many factors in deturmining credit worthieness????????????
The OP was told it was INQs, thats it.
Also when you apply for a CC. it's algorythms that make the decision not a person looking
over your report unless you do a recon. Otherwise it's a computer decision that was made pulling from 1 of the three bureaus.
.

Sometimes computer makes a decision, at other times, human gets to take a peek

"Too many inquiries" is an euphemism for excessive credit seeking. Some profiles can handle it, others cant. Some lenders care, some don't.

For OP, bottom line is getting denials based to newly opened accounts in conjunction with many inquiries.

They dont have to tell us a nine paragraph story about what went into a denial, they only have to tell us something.

OP, you have two new accounts, let it cool down for 6 months to a year and work on whatever is holding your scores down. That will help you a lot more than opening new accounts.

Good luck!