topic Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks in Credit Cards

ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 18:32:22 GMT

I discovered, after a couple of years of steady gardening and paying off all but $4K of credit card debt, that my credit scores were higher than they had ever been. 739 (EQ) 749 (TU) and 702 (EX).

This is after a period of rebuilding from a CH7 a decade ago as well as IRS liens and chargeoffs from the bankruptcy.

I decided to apply for more credit and was pleasantly surprised to get approved for a CITI card with 5700 SL and Discover with 8000.

Then I got a bit carried away (on this wave of having decent FICO scores for the first time ever) and applied for another dozen cards/credit lines. I’ve been approved for Chase Sapphire, Chase Freedom, Capital One Quicksilver, Target RedCard, PayPal Credit, and Victoria’s Secret. Of course, now I’m back in the garden for sure for at least 2 years (I finally have all the credit I anticipate needing) but a little concerned now about banks closing accounts because of too many inquires? I know my scores will probably tank a bit because of 14 inquires within the past 30 days. Thanks for any insights. I’ve learned a great deal from the forum.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

UpperNwGuy — Mon, 04 Sep 2017 18:51:50 GMT

The damage is done, and you can't undo it. All you can do now is to use your new credit cards as responsibly as possible and hope for the best. Pay off that $4,000 immediately, even if you have to eat bread and water to free up the funds. Don't even think of applying for more credit until at least 24 months have passed.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 19:06:55 GMT

Thanks.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 19:51:35 GMT

@Anonymous wrote:
I discovered, after a couple of years of steady gardening and paying off all but $4K of credit card debt, that my credit scores were higher than they had ever been. 739 (EQ) 749 (TU) and 702 (EX).

This is after a period of rebuilding from a CH7 a decade ago as well as IRS liens and chargeoffs from the bankruptcy.

I decided to apply for more credit and was pleasantly surprised to get approved for a CITI card with 5700 SL and Discover with 8000.

Then I got a bit carried away (on this wave of having decent FICO scores for the first time ever) and applied for another dozen cards/credit lines. I’ve been approved for Chase Sapphire, Chase Freedom, Capital One Quicksilver, Target RedCard, PayPal Credit, and Victoria’s Secret. Of course, now I’m back in the garden for sure for at least 2 years (I finally have all the credit I anticipate needing) but a little concerned now about banks closing accounts because of too many inquires? I know my scores will probably tank a bit because of 14 inquires within the past 30 days. Thanks for any insights. I’ve learned a great deal from the forum.

To answer your question. After so many inquiries, you will notice you won't experience any additional score hits. I stopped losing 5-7 points per inquiry

after maybe 8 or 10 back when I was rebuilding. I opened 35 accounts in 24 months and never got AA. Everyone is different though.

Your score will be affected when the new accounts report due to your AAOA dropping more than the inquiries affecting you.

As for AA. It all depends. Do you have any baddies left? Even if they are old?

Don't dramatically run them all up or max them out. Let each creditor get to know and trust you. Charge and PIF before statement cuts.

Be gentle with them and don't go nuts.

Go straight to the garden and let everything age. Don't apply for anything more right now. You don't want to push your luck and spook Chase.

Congratulations, you should be fine....

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 19:53:33 GMT

@Anonymous wrote:
@Anonymous wrote:
I discovered, after a couple of years of steady gardening and paying off all but $4K of credit card debt, that my credit scores were higher than they had ever been. 739 (EQ) 749 (TU) and 702 (EX).

This is after a period of rebuilding from a CH7 a decade ago as well as IRS liens and chargeoffs from the bankruptcy.

I decided to apply for more credit and was pleasantly surprised to get approved for a CITI card with 5700 SL and Discover with 8000.

Then I got a bit carried away (on this wave of having decent FICO scores for the first time ever) and applied for another dozen cards/credit lines. I’ve been approved for Chase Sapphire, Chase Freedom, Capital One Quicksilver, Target RedCard, PayPal Credit, and Victoria’s Secret. Of course, now I’m back in the garden for sure for at least 2 years (I finally have all the credit I anticipate needing) but a little concerned now about banks closing accounts because of too many inquires? I know my scores will probably tank a bit because of 14 inquires within the past 30 days. Thanks for any insights. I’ve learned a great deal from the forum.
To answer your question. After so many inquiries, you will notice you won't experience any additional score hits. I stopped losing 5-7 points per inquiry
after maybe 8 or 10 back when I was rebuilding. I opened 35 accounts in 24 months and never got AA. Everyone is different though.

Your score will be affected when the new accounts report due to your AAOA dropping more than the inquiries affecting you.

As for AA. It all depends. Do you have any baddies left? Even if they are old?

Don't dramatically run them all up or max them out. Let each creditor get to know and trust you. Charge and PIF before statement cuts.

Be gentle with them and don't go nuts.

Go straight to the garden and let everything age. Don't apply for anything more right now. You don't want to push your luck and spook Chase.

Congratulations, you should be fine....

Btw, don't sweat the 4k. All the creditors that approved you know it's there. Just pay a bit more than the minimum and and your all set. Don't sweat it.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Gmood1 — Mon, 04 Sep 2017 20:33:01 GMT

Don't sweat it, you're not the first and certainly won't be the last time someone does it. Just use them normally and PIF. I've never experienced AA either during my app sprees. Like Donny10 I added a ton of accounts including installment accounts. You don't have to hide in the bushes. Lol

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Gunnar419 — Mon, 04 Sep 2017 20:14:09 GMT

Agree with UpperNewGuy.

There are SOME cc companies that may respond negatively to all your new inquiries. Barclays, for example, is notorious for panicking at the site of new inquiries. Others won't bat an eye, but in either case there's nothing you can do at this point but enjoy your new credit, keep your utilization low, and project to all those companies that you're a wonderful, ideal responsible credit user.

Now go step into the MyFICO garden and join others at the garden party.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Chickenpotpie — Mon, 04 Sep 2017 20:36:31 GMT

OP, breathe a little. Its OK, seriously! The inquiries will fall off in a couple of years. Whats done is done there. As long as you keep your nose clean you'll get the bump up when they come off.

the 4K, pay it down as much as you can, and pay more than minimum whenever possible. Set a timetable for yourself to pay that 4K down. If you can, get the payment dates in tandem with what you would normally pay your other bills. It dosen't mean you can't pay a little extra at other times, it just means that you will have a clear view of when to pay and on what dates.

Read up about the banks that issued your cards. It is to your benefit to know who you're dealing with and how they operate. They can, if they choose to, close your cards because they want to. ANY of them can do that. Knowing how to stay on their good side helps you.

This is just my overly cautious advice; don't use more than 2 cards at a time. Then pay those down, then use another 2. When I got my cards I actually didn't use them right away. matter of fact, with Amex it took me 2 months before I used it...lol IMO, get to know the cards and see which ones you like(do indeed read the data point threads). You'll decide which ones work and don't work, and never be afraid to get rid of ones that just don't suit.

Don't spread yourself too thin, or go hog wild and have the mentality that its free money. You should do fine

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 21:23:27 GMT

@Anonymous wrote:
@Anonymous wrote:
I discovered, after a couple of years of steady gardening and paying off all but $4K of credit card debt, that my credit scores were higher than they had ever been. 739 (EQ) 749 (TU) and 702 (EX).

This is after a period of rebuilding from a CH7 a decade ago as well as IRS liens and chargeoffs from the bankruptcy.

I decided to apply for more credit and was pleasantly surprised to get approved for a CITI card with 5700 SL and Discover with 8000.

Then I got a bit carried away (on this wave of having decent FICO scores for the first time ever) and applied for another dozen cards/credit lines. I’ve been approved for Chase Sapphire, Chase Freedom, Capital One Quicksilver, Target RedCard, PayPal Credit, and Victoria’s Secret. Of course, now I’m back in the garden for sure for at least 2 years (I finally have all the credit I anticipate needing) but a little concerned now about banks closing accounts because of too many inquires? I know my scores will probably tank a bit because of 14 inquires within the past 30 days. Thanks for any insights. I’ve learned a great deal from the forum.
To answer your question. After so many inquiries, you will notice you won't experience any additional score hits. I stopped losing 5-7 points per inquiry
after maybe 8 or 10 back when I was rebuilding. I opened 35 accounts in 24 months and never got AA. Everyone is different though.

Your score will be affected when the new accounts report due to your AAOA dropping more than the inquiries affecting you.

As for AA. It all depends. Do you have any baddies left? Even if they are old?

Don't dramatically run them all up or max them out. Let each creditor get to know and trust you. Charge and PIF before statement cuts.

Be gentle with them and don't go nuts.

Go straight to the garden and let everything age. Don't apply for anything more right now. You don't want to push your luck and spook Chase.

Congratulations, you should be fine....

Thank you. Makes sense. I am loving the garden, keeping my UTI low and taking it easy.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 21:24:39 GMT

@Gmood1 wrote:

Don't sweat it, you're not the first and certainly won't be the last time someone does it. Just use them normally and PIF. I've never experienced AA either during my app sprees. Like Donny10 I added a ton of accounts including installment accounts. You don't have to hide in the bushes. Lol

THANKS

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 21:25:57 GMT

@Chickenpotpie wrote:
OP, breathe a little. Its OK, seriously!   The inquiries will fall off in a couple of years. Whats done is done there. As long as you keep your nose clean you'll get the bump up when they come off.

the 4K, pay it down as much as you can, and pay more than minimum whenever possible. Set a timetable for yourself to pay that 4K down. If you can, get the payment dates in tandem with what you would normally pay your other bills.   It dosen't mean you can't pay a little extra at other times, it just means that you will have a clear view of when to pay and on what dates.

Read up about the banks that issued your cards. It is to your benefit to know who you're dealing with and how they operate. They can, if they choose to, close your cards because they want to. ANY of them can do that.    Knowing how to stay on their good side helps you.

This is just my overly cautious advice; don't use more than 2 cards at a time. Then pay those down, then use another 2.   When I got my cards I actually didn't use them right away. matter of fact, with Amex it took me 2 months before I used it...lol   IMO, get to know the cards and see which ones you like(do indeed read the data point threads). You'll decide which ones work and don't work, and never be afraid to get rid of ones that just don't suit.

Don't spread yourself too thin, or go hog wild and have the mentality that its free money.   You should do fine

That makes a lot of sense -- 2 cards at a time. WIll do that. Thanks.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 21:30:29 GMT

Won't impact you as much as you think, I've done this several times as I churn on a cycle. It'll impact you maybe ~15-20 pts for a few months, then it will go back up to where you were. It's not so much the inquiries, its having new credit. This impacts you less after 3 months. Just hold tight. Next time, be more strategic in what cards you open and how to maximize the initial reward, its better to do it in cycles.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 21:58:17 GMT

I would pay off your debt ASAP and garden for 2 years.

Prove to the creditors you do have that you can handle credit responsibly.

Let your cards age.

Eventually, you will have older, ripened accounts (2 years or so).

DO NOT cancel anything. You cannot reverse a hard hit; you have to live with it.

In my 'younger' days, before I even knew what FICO scores were, I applied for, received, and then canceled many, many cards.

I even applied for cards, and realized right after I clicked the "APPLY" button, that I didn't want or even need the card.

We have all been there.

You will be fine, just do NOTHING FOR NOW !!!

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 22:04:44 GMT

Pay down on the $4k as soon as possible. Don't run up high total balances or high ie 30% utilz. Go to the garden party for the next 2 years.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Mon, 04 Sep 2017 23:57:08 GMT

Ah, just saw that you have 4 K in credit debt. That's a hair on fire emergency, get rid of that asap. No business opening new cards when you have that much in debt you're paying on. You should never be paying interest on credit cards, otherwise credit is hurting you financially.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Tue, 05 Sep 2017 01:54:08 GMT

@Anonymous wrote:
Ah, just saw that you have 4 K in credit debt. That's a hair on fire emergency, get rid of that asap. No business opening new cards when you have that much in debt you're paying on. You should never be paying interest on credit cards, otherwise credit is hurting you financially.

Thank you. You're right. Lesson learned.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Tue, 05 Sep 2017 20:22:31 GMT

@Anonymous wrote:
@Anonymous wrote:
Ah, just saw that you have 4 K in credit debt. That's a hair on fire emergency, get rid of that asap. No business opening new cards when you have that much in debt you're paying on. You should never be paying interest on credit cards, otherwise credit is hurting you financially.
Thank you. You're right. Lesson learned.

Don't worry about the 4k. It's far from a "hair on fire emergency". You have all the business in the world to open cards with 4k. Pay it down at your leisure. Pay more than the minimum due. Don't let these guys scare you...

You did nothing wrong.....

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Tue, 05 Sep 2017 21:00:27 GMT

Inquiries are a relatively small portion of credit score. I wouldn't worry that much.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

Anonymous — Wed, 06 Sep 2017 02:44:51 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Ah, just saw that you have 4 K in credit debt. That's a hair on fire emergency, get rid of that asap. No business opening new cards when you have that much in debt you're paying on. You should never be paying interest on credit cards, otherwise credit is hurting you financially.
Thank you. You're right. Lesson learned.

Don't worry about the 4k. It's far from a "hair on fire emergency". You have all the business in the world to open cards with 4k. Pay it down at your leisure. Pay more than the minimum due. Don't let these guys scare you...

You did nothing wrong.....

To each their own. I think using credit cards and paying high interest rates is a poor financial decision. I use credit cards to make money, not lose money. The amount of interest being paid on 4 K in credit card debt is enough for me to personally consider it an emergency. IMO credit is a tool to help one's financial position, not hurt it.

Re: ADVICE PLEASE -- too many inquires -- any reason for concern? Thanks

AverageJoesCredit — Wed, 06 Sep 2017 02:53:44 GMT

In a perfect world where one has the money to never carry a balance or debt , it would be better for sure but alas the world isnt perfect. To each their own is exactly right, we must all do whats right for ourselves . Op, congrats on all your success, you already know what to do lol, just use your cards responsibly and hang around the garden, ill have plenty of water for your seedling after this huricane