topic Re: How many inquiries are too many? in Credit Cards

How many inquiries are too many?

OroroMunroe — Sat, 20 Feb 2016 00:47:00 GMT

After reading a few threads about cards that are inquiry sensitive, I'm left wondering how credit grantors decide how many inquiries are considered too many. For example, do they have a certain number that they are guided by? I recently applied for and was approved for a card that most folks on the forum have labeled "inquiry sensitive" (Nordstrom). I have an obscene number of inquiries because I can't seem to stay in the garden (maybe because it's too cold outside- haha), and my scores are not great (I haven't broken into the 750 club). What are your experiences? How many are too many? 5? 10? 30? I look forward to your responses!

Re: How many inquiries are too many?

Callandra — Sat, 20 Feb 2016 01:35:31 GMT

Inquiries are just one part of your profile; obviously some lenders may be more sensitive to them (especially recent inquiries) but your whole credit profile matters. Those with older/thicker files don't feel the sting as much with inquiries. Keep in mind here that most people are (re) builders and often apply for a lot of credit quickly than the general population. I only have a handful of inquiries between all three bureaus since I relatively haven't applied for much credit. I personally think more than 5-7 is a lot but I know there are people who have like 30+.

Re: How many inquiries are too many?

Anonymous — Sat, 20 Feb 2016 01:38:03 GMT

Impossible to answer with any degree of certainty since "too many" varies by credit profile. For somebody with a thin file, high utilization, and an AAoA of 12 months, 3 or 4 might be too many. For somebody with a thick file, very long history and low utilization, 20 might not be too many.

Re: How many inquiries are too many?

My_Fako — Sat, 20 Feb 2016 01:40:16 GMT

Is 6 total and 3inq 6 months old bad?

Re: How many inquiries are too many?

Anonymous — Sat, 20 Feb 2016 01:43:48 GMT

^ you keep thread jacking.

there are people here with 60-100 inquiries on each bureau that keep getting approved whereas some with 10 get denied for inquiries. depends on profile 100%. if your profile supports it then it isn't a huge deal. also depends on the types of inquiries.

Re: How many inquiries are too many?

My_Fako — Sat, 20 Feb 2016 01:55:04 GMT

(^ you keep thread jacking.)

Can't help myself tonight... sorry lol

My Mom was a Thread Jacker, think it runs in my family...

Re: How many inquiries are too many?

Anonymous — Sat, 20 Feb 2016 02:02:26 GMT

This my opinion on inquiries. Yes it's better to have as few as possible but I think people here in general tend to be scared of applying after hearing about cc companies that are inquiry 'sensitive'. I heard that about Citi. Heard it about Barclays and other creditors and not once have I been denied due to inquiries and I had more than 10+ before I applied for my first Citi and Barclays cards. Yes, credit card companies list 'too many inquiries' as denial reasons but I believe that they just throw that out there to cover the requirements of the FCRA. Most often there is something else in that person's credit file that caused the denial and had those other unstated reasons not existed, they would have been approved regardless of the number of inquiries.

Re: How many inquiries are too many?

olehammer — Sat, 20 Feb 2016 02:21:22 GMT

7 to be exact. 7 is being my answer.

Re: How many inquiries are too many?

pizza1 — Sat, 20 Feb 2016 03:16:40 GMT

apparently 80, eh

Re: How many inquiries are too many?

jeffery581 — Sat, 20 Feb 2016 03:36:57 GMT

I had 58 when amex approved me for 2 cards. Fico 742. BUT. I paid off 16k in cc debt 4 months prior. YMMV I suppose. Also, Credit Solutions have given me CLI like from 1k to 15k on 5 differnt Visas and Mastercards in the last 2 months. I have been rebuilding so thats why so many. I am so far in the garden i am in the middle of a field. Store cards are being closed. Think I have 3 more to close.

Re: How many inquiries are too many?

Kevin86475391 — Sat, 20 Feb 2016 03:57:12 GMT

@My_Fako wrote:
(^ you keep thread jacking.)

Can't help myself tonight... sorry lol

My Mom was a Thread Jacker, think it runs in my family...

Ahh, yes, it's very hard to fight genetics.

My personal number is 3 on any given report. For me 3 would be too many. If I already have 2 on a credit report and a third one would be pulled, I typically just wait till one of the older ones falls off.

I only apply for a new card at most about once every 12-24 months. I actually just got the Chase CSP yesterday, but before that my last card was the CIti DC about 14 or 15 months ago. I also rarely ask for HP CLIs since I'm perfectly content with my current limits, PIF, and even before I PIF never really get out of the single digits for utilization - so I just don't really need CLIs. I haven't checked since the CSP app, but my credit reports should show 2 inqs on 1 and 1 inq each on the other two, with all but the newest inq falling off in the next year.

But I know that's really low by most people's standards. I'm just not actively pursuing new credit or working on improving anything. I'm just in an on-going maintenance state.

Re: How many inquiries are too many?

Anonymous — Sat, 20 Feb 2016 06:58:08 GMT

However many I have is too many.

Re: How many inquiries are too many?

olehammer — Sat, 20 Feb 2016 12:34:45 GMT

Thou shall have three. No more. No less. Three shalt be the number thou shalt have, and the number of the inquiries shall be three. Four shalt thou not have, nor either have thou two, excepting that thou then proceed to three. Five is right out! Once the number three, being the third number, be reached, then, lobbest thou thy Holy self into the garden wherest thou shalt lie for a period of no less than 6 months.

Re: How many inquiries are too many?

NRB525 — Sat, 20 Feb 2016 13:36:39 GMT

@OroroMunroe wrote:
After reading a few threads about cards that are inquiry sensitive, I'm left wondering how credit grantors decide how many inquiries are considered too many. For example, do they have a certain number that they are guided by? I recently applied for and was approved for a card that most folks on the forum have labeled "inquiry sensitive" (Nordstrom). I have an obscene number of inquiries because I can't seem to stay in the garden (maybe because it's too cold outside- haha), and my scores are not great (I haven't broken into the 750 club). What are your experiences? How many are too many? 5? 10? 30? I look forward to your responses!

This implies that your scores are well above 700, but shy of 750.

A higher score, all else equal, will be something the bank likes to see. INQ become less of an issue the higher your score goes.

Someone with 620? and 20 INQ? Might have a bit of a challenge getting the Nordstrom card.

On the other hand, if you tried to get a Simmons Bank or FNBO card, yeah, the INQ and a bunch of new cards along with it would probably be a deal breaker, even if you were 750+.

Re: How many inquiries are too many?

Anonymous — Mon, 22 Feb 2016 19:15:01 GMT

@Anonymous wrote:
This my opinion on inquiries. Yes it's better to have as few as possible but I think people here in general tend to be scared of applying after hearing about cc companies that are inquiry 'sensitive'. I heard that about Citi. Heard it about Barclays and other creditors and not once have I been denied due to inquiries and I had more than 10+ before I applied for my first Citi and Barclays cards. Yes, credit card companies list 'too many inquiries' as denial reasons but I believe that they just throw that out there to cover the requirements of the FCRA. Most often there is something else in that person's credit file that caused the denial and had those other unstated reasons not existed, they would have been approved regardless of the number of inquiries.

Yep! I had 15 inquiries on Equifax, 13 on Transunion, and 11 on Experian, and Citi Double Cash Back approved me for $3100! And within the same week, Capital One approved me a Quicksilver Visa with $3000.

It all depends on your credit file, as you state.

Scores as of 02/01/2016 = Transunion 717, Equifax 712, Experian 645

Re: How many inquiries are too many?

MyLoFICO — Mon, 22 Feb 2016 19:25:48 GMT

I don't feel so bad now.

Re: How many inquiries are too many?

Anonymous — Mon, 22 Feb 2016 19:50:13 GMT

I currently show 1 on EQ, 3 on TU, and 7 on EX, EX is the only one I'm concerned with.

Unfortunately, the only cards I want to get this year are from Chase, who seems to pull EX exclusively in my state so I'll just have to suck it up and cross my fingers.

Re: How many inquiries are too many?

Broke_Triathlete — Mon, 22 Feb 2016 19:58:02 GMT

As others have mentioned it really depends on a case by case basis. For me, personally, I think the 10 I have on EQ is a lot. However, more than half of them are falling off in the next 6 months so I'm not too worried since the inquiries stop hurting you after the first year.

Re: How many inquiries are too many?

Anonymous — Mon, 22 Feb 2016 20:34:51 GMT

I've been on pace to apply for about 2-3 cards a year. Once I achieve the ones I want in December 2016 (if it happens) I'll quit applying for anything as I'll have everything I want. EQ inquiries are 1 (Discover) TU has 3 (including Amazon) and EX has (I think) 3 also. If you're a thin file rebuilder adding 20 inquiries to each CRA, you're doing it wrong.

Re: How many inquiries are too many?

happypill — Mon, 22 Feb 2016 20:46:59 GMT

If you're denied because of inquiries that means the rest of your profile is extremely boarderline & marginal. In such a case, even if you had no inquiries and were approved you'd probably end up with a low limit.

There are so many other factors that are much more important than inquiries. It varies with the lender of course, but I'd prioritize working on the following: eliminating derogs (just stating the obvious), low util, history with a lender, general credit history (length & high limits).

New accounts in particular are different than inquiries. I do think there are some lenders out there that are really conservative about new accounts (Barclays, FNBO, US Bank, Penfed come to mind, and Chase with their 5/24) and might even deny people with strong profiles if they open too many accounts too quickly.