topic Re: Need help maximizing Inquiries left on myFico report. in Credit Card Applications

Need help maximizing Inquiries left on myFico report.

omega2k1 — Tue, 29 Mar 2022 16:13:51 GMT

Hi everyone.

I just joined yesterday and upon going through my 3B Report I saw that my Cap1 Walmart MC inquiry is no longer scorable. I current have two cards: Cap1 MC and Amazon Prime Chase Visa Sig. I got the Cap1 3/2021 and the Amazon Prime Visa Sig 5/2021. The only "scorable inquiries" that show up on my 3B report are the Amazon Prime Chase Visa Sig (on Equifax and Experian) and a HP from Navy FCU(10/2021). Is it possibly to apply and get approved for new CC or loans with 3 indivudual specific issures (1 from EQ, 1 from EX, and 1 from TU), and not suffer significent penalty?

Re: Need help maximizing Inquiries left on myFico report.

dragontears — Tue, 29 Mar 2022 16:20:42 GMT

@omega2k1 wrote:
Hi everyone.
I just joined yesterday and upon going through my 3B Report I saw that my Cap1 Walmart MC inquiry is no longer scorable. I current have two cards: Cap1 MC and Amazon Prime Chase Visa Sig. I got the Cap1 3/2021 and the Amazon Prime Visa Sig 5/2021. The only "scorable inquiries" that show up on my 3B report are the Amazon Prime Chase Visa Sig (on Equifax and Experian) and a HP from Navy FCU(10/2021). Is it possibly to apply and get approved for new CC or loans with 3 indivudual specific issures (1 from EQ, 1 from EX, and 1 from TU), and not suffer significent penalty?

Define "significant penalty"

Inquiries themselves are not a significant point loss, in my experience, the new account always causes a larger point drop than the HP.

Re: Need help maximizing Inquiries left on myFico report.

Remedios — Tue, 29 Mar 2022 16:29:07 GMT

@omega2k1 wrote:
Hi everyone.
I just joined yesterday and upon going through my 3B Report I saw that my Cap1 Walmart MC inquiry is no longer scorable. I current have two cards: Cap1 MC and Amazon Prime Chase Visa Sig. I got the Cap1 3/2021 and the Amazon Prime Visa Sig 5/2021. The only "scorable inquiries" that show up on my 3B report are the Amazon Prime Chase Visa Sig (on Equifax and Experian) and a HP from Navy FCU(10/2021). Is it possibly to apply and get approved for new CC or loans with 3 indivudual specific issures (1 from EQ, 1 from EX, and 1 from TU), and not suffer significent penalty?

Hi and welcome

Of course it's possible. It's also possible to get denied for reasons unrelated to the number of inquiries.

You have minimal (other than 0, of course) so I doubt existing HPs will play a role in the outcome of your future application.

As far as "penalty", that depends on a profile and no one can tell you how many (if any) points you will lose.

Re: Need help maximizing Inquiries left on myFico report.

omega2k1 — Tue, 29 Mar 2022 17:03:59 GMT

Ok, thanks. I completely forgot about the new account penalty. I should be able to mitagate the new acount loss by by becoming an AU on one of my family members cards that's has 10+ years old right?

Re: Need help maximizing Inquiries left on myFico report.

OmarGB9 — Tue, 29 Mar 2022 17:23:24 GMT

@omega2k1 wrote:
Ok, thanks. I completely forgot about the new account penalty. I should be able to mitagate the new acount loss by by becoming an AU on one of my family members cards that's has 10+ years old right?

Maybe, not necessarily though. Sometimes the CRA's anti-abuse algorithms flag certain AU accounts and don't factor them into your scores, especially if your address doesn't match the primary cardholder's.

Re: Need help maximizing Inquiries left on myFico report.

SouthJamaica — Fri, 01 Apr 2022 21:25:36 GMT

@omega2k1 wrote:
Hi everyone.
I just joined yesterday and upon going through my 3B Report I saw that my Cap1 Walmart MC inquiry is no longer scorable. I current have two cards: Cap1 MC and Amazon Prime Chase Visa Sig. I got the Cap1 3/2021 and the Amazon Prime Visa Sig 5/2021. The only "scorable inquiries" that show up on my 3B report are the Amazon Prime Chase Visa Sig (on Equifax and Experian) and a HP from Navy FCU(10/2021). Is it possibly to apply and get approved for new CC or loans with 3 indivudual specific issures (1 from EQ, 1 from EX, and 1 from TU), and not suffer significent penalty?

Yes. That number of inquiries is small potatoes.

Re: Need help maximizing Inquiries left on myFico report.

SouthJamaica — Fri, 01 Apr 2022 21:26:45 GMT

@omega2k1 wrote:
Ok, thanks. I completely forgot about the new account penalty. I should be able to mitagate the new acount loss by by becoming an AU on one of my family members cards that's has 10+ years old right?

I think your scores are good enough that you don't need to go to such extremes.