topic How many inquires is too many? in Credit Cards

How many inquires is too many?

Anonymous — Fri, 13 Feb 2009 19:25:34 GMT

I am looking to apply for my first few credit cards and was wondering how many inquires is too many? They show for 2 years but only effect the score for 1 year. I have 2-3 inquires right now on my reports that are for student loans.

The reason why I ask is because I see a lot of people get declined for applications because of "too many inquires".

Thank you!

Re: How many inquires is too many?

Anonymous — Fri, 13 Feb 2009 19:34:45 GMT

It depends on the lender.

Unfortunatley it is impossible to say who will and who won't approve because all of our credit is different. Or as some say YMMV.

The only sure way to know in all honesty is to apply.

That being said I know Nordstrom hates INQ's with a passion and Crap 1 uses it as an excuse too.

Re: How many inquires is too many?

oracles — Fri, 13 Feb 2009 20:42:55 GMT

Pappy is definitely correct.

It all depends on the lender. Some lenders are more hateful of inqs than others.

Also it matters more how many inqs you have for the last 6-9 months than 2 years.

Most lenders care about how many inqs in the last 6-9 months.

Tell us of the card you are considering and we can give you some feedback.

Hope this helps

Re: How many inquires is too many?

score_building — Fri, 13 Feb 2009 21:03:36 GMT

i agree with Pappy. pentagon federal, for example, not only often shuns applicants w/ more than one or two recent inqs., they apparently consider any account under two years old 'new' and a potential cause for concern.

Re: How many inquires is too many?

Anonymous — Mon, 16 Feb 2009 21:08:47 GMT

Craigh... Pappy, Oracles, and Sb are 3 of the sharpest people on this forum. If you follow their advise (I do), it's hard to go wrong. But speaking specifically, Citi declined me with a single 3 month old inquiry (and claimed it was due to too many recent inquiries), Amex Costco declined me with 2 and gave the same darn reason. And on the opposite end of the spectrum, Chase and Discover approved me with around 8.

Re: How many inquires is too many?

Red1Blue — Mon, 16 Feb 2009 21:11:21 GMT

I have 72 inq's on my EX and still managed to get 14 cards in the last 12 months.

Re: How many inquires is too many?

Anonymous — Mon, 16 Feb 2009 21:21:36 GMT

Woah!

Re: How many inquires is too many?

Anonymous — Mon, 16 Feb 2009 21:24:09 GMT

@Red1Blue wrote:
I have 72 inq's on my EX and still managed to get 14 cards in the last 12 months.

How do you get that? lol

Re: How many inquires is too many?

score_building — Mon, 16 Feb 2009 21:29:12 GMT

@Red1Blue wrote:
I have 72 inq's on my EX and still managed to get 14 cards in the last 12 months.

yes, absolutely kudos to you! however, in all fairness concord, at least imho, one is much more likely to be given flexibility with inqs if a lender feels your income in particular, and other factors under consideration allow for it.

even you have recently reported denials for too many inqs if i'm not mistaken. i'd hate to see a youngster reading your post go out there and try to accomplish what you have without any further insight into how it was possible for you. in any case, you rock!!

Re: How many inquires is too many?

Red1Blue — Mon, 16 Feb 2009 23:57:43 GMT

Quite honestly, I dont know how I did and why I did it. If I were to do it again, I am not sure if I would do the same again. I defyed the wisdom of all pundits and never took no for answer and went after what I want.

18 months ago I could not even rent an apartment while I am working on a project. That is when I said enough is enough and I have to take care of this. It has been very long rocky road. I am glad I am finally where I am now. Close to $150K in Credit Lines for Personal and $95K Credit Lines for Business.

Now I am in the credit gardening mode. I have no more desire to obtain new credit. May be Discover in a year or two to complete my card collection.

My advice to youngsters is save / save / save / save as much as you can instead of spending on the credit cards. Keep debt very low. Do not have more than 3-4 major cards, 3-4 store cards. Save at least 40% of income for the future. I learned very hardway in my life. I have 3 kids ready to goto college in the next few years and I rebuild my credit for the sake of the kids and in case if I need to help them by co-signing or getting them AU Cards.

Re: How many inquires is too many?

oracles — Tue, 17 Feb 2009 17:16:31 GMT

@Anonymous wrote:
Craigh... Pappy, Oracles, and Sb are 3 of the sharpest people on this forum. If you follow their advise (I do), it's hard to go wrong. But speaking specifically, Citi declined me with a single 3 month old inquiry (and claimed it was due to too many recent inquiries), Amex Costco declined me with 2 and gave the same darn reason. And on the opposite end of the spectrum, Chase and Discover approved me with around 8.

Thanks for the compliment Brisdad

Appreciate it

Concord, understandably you are the exception to the rule. However times have changed drastically in 12 months in obtaining credit.

Also, I always say, go for major cards with high limits than so many cards with horrible limits and AF's.

Also these major cards will grow with you better.

Good job concord on your situation and your future

Re: How many inquires is too many?

Anonymous — Tue, 17 Feb 2009 19:24:41 GMT

A couple of weeks ago i applied for another card w/Cap 1 and they denied me because i had 25 inquiries in the past 12 months (all stemmig from car shopping). In addition to 3 collections that are constantly re-aged. Bleh. But, it all depends on the CC company.

Re: How many inquires is too many?

barbaralee — Tue, 17 Feb 2009 19:59:58 GMT

Wow, some of you guys are making me feel better. I have about 10 inquiries, and I've felt like I've abused the hell out of my credit report.

I've recently realized that I happen to enjoy having credit cards and using them. Fortunately, my bad luck with them has been more because I'm in the habit of closing accounts I'm disgruntled/bored with, and not so much with me racking them up. I've also realized that if I want to continue playing the cc game I have to follow the rules (inquiries to a min., debt to a min., and stop closing accounts!)

But for me, when I apply and find success there's something there that wants me to try to get another one. Even lurking through these forums and reading other success stories is enough to make me want to apply for a card I really don't need.

Although... not to excuse my own or anybody else's lack of restraint... I do believe the internet makes it very easy for people to go on applying sprees. If all credit applications had to be done in a store/bank in front of a mass of gawking onlookers, waiting with bated breath to see if someone is accepted or declined I would never apply for credit. EVER!