topic Re: Too many inquries in Credit Cards

Too many inquries

Anonymous — Wed, 15 Jul 2009 23:17:51 GMT

I've searched around and haven't found what I'm looking for. It's not that I'm looking for a inquery point value but it is important to know when I might be crossing that line.

I've got 4 for the year so far but I'd like to try and get the penfed rewards card and perhaps sign up with alliant and see what offers I get. I'm sitting at a FICO of 684. I was denied by penfed about 3 weeks ago for a 20k card when I was trying to balance xfer another high util card. Since then I've dropped 13k cash on cards and brought my util down to about 38%.. still working towards that 9% goal.

I also expect another inqury for an auto loan around Jan-Feb of next year, and none of the previous 4 will have dropped off.

When I say year I mean 12 month period.

Thanks

Re: Too many inquries

haulingthescoreup — Wed, 15 Jul 2009 23:24:39 GMT

How many inqs on which credit reports?

Unless a lender pulls all three score reports (as does Cap One), they're only going to see the inqs on the report that they pull. So you can have 4 inqs, but they might be something like 2 on EQ, 1 on TU, and 1 on EX.

In my experience, the first inq on a report was "free" --no score drop. The second dropped the score. No drop from the 3rd and maybe the 4th, but the next resulted in another drop.

Once you have some unfathomable number on your reports, additional ones don't affect your score.

And do remember that an inq might not affect your score, but the resulting account (if you're approved) might well do so, by hitting you for the new account ding and possibly by lowering your AAoA enough to cause another drop.

It can be almost impossible to find a clear, direct cause-and-effect for score changes!

Re: Too many inquries

Red1Blue — Thu, 16 Jul 2009 00:05:04 GMT

It depends on the CRA's. For EQ if you have more than 3 it is a no no for may companies like Nordstrom and other EQ pullers. On EQ I have 4 inq's and I was decliend due to excessive inquires. But on my EX I have 66 inquires and I am still able to manage to get good cards from Citi / Amex. It all depends on who is looking at what CR.

Re: Too many inquries

Strepthroat — Thu, 16 Jul 2009 00:17:22 GMT

I agree with concorduser that it depends. I have about 16 inquiries on EX, all but about 3 are over a year old. Just applied for a credit card with HSBC and was approved for $5,000. Just depends on what CR the lender is using.

Re: Too many inquries

Anonymous — Thu, 16 Jul 2009 00:57:16 GMT

Well the only report service that I subscribe too is equifax right now so it is the one with the four. I know the other two reports have two less inquries.. but equifax is the one penfed would pull *again* if they were to do another pull. I didn't get a point drop for the 4th one...

Re: Too many inquries

smallfry — Thu, 16 Jul 2009 01:10:21 GMT

@Red1Blue wrote:
It depends on the CRA's. For EQ if you have more than 3 it is a no no for may companies like Nordstrom and other EQ pullers. On EQ I have 4 inq's and I was decliend due to excessive inquires. But on my EX I have 66 inquires and I am still able to manage to get good cards from Citi / Amex. It all depends on who is looking at what CR.

That has to be a typo right? 66 inquiries?

Re: Too many inquries

Anonymous — Thu, 16 Jul 2009 01:29:30 GMT

This may be why I didn't get the penfed card in the first place. I read that they refuse anyone even for a $500 limit with any CA's on the report. I believe my OC is still listed but this is still pretty bad.. settled for less then full before I knew what I was doing. Can anyone identify when this is supposed to drop off. I mean DOFD would be Nov 02, but one thing I could never figure out what if you were derog.. then back on track.. then derog.. then back on track.. when is DOFD? or will the 30 come off.. then the 60.. then the 90.. etc..

Sorry still trying to figure out how to put the picture in here..

here is google docs link to it

http://docs.google.com/View?id=dc2nhvv9_1hs478dfm

Re: Too many inquries

smallfry — Thu, 16 Jul 2009 01:37:27 GMT

@Anonymous wrote:
This may be why I didn't get the penfed card in the first place. I read that they refuse anyone even for a $500 limit with any CA's on the report. I believe my OC is still listed but this is still pretty bad.. settled for less then full before I knew what I was doing. Can anyone identify when this is supposed to drop off. I mean DOFD would be Nov 02, but one thing I could never figure out what if you were derog.. then back on track.. then derog.. then back on track.. when is DOFD? or will the 30 come off.. then the 60.. then the 90.. etc..

Sorry still trying to figure out how to put the picture in here..

here is google docs link to it

http://docs.google.com/View?id=dc2nhvv9_1hs478dfm

If you brought the account up to current at some point after it was derog you in effect reset the clock to the most recent time you were delinquent. Which was?

Re: Too many inquries

Red1Blue — Thu, 16 Jul 2009 02:23:16 GMT

@smallfry wrote:
That has to be a typo right? 66 inquiries?

No, it is not typo. I used to have 69 and they slowly started falling off. About 35 of them are due to fall by end of this year and another 15 or so to drop by next March.

Re: Too many inquries

smallfry — Thu, 16 Jul 2009 03:11:29 GMT

@Red1Blue wrote:
@smallfry wrote:
That has to be a typo right? 66 inquiries?
No, it is not typo. I used to have 69 and they slowly started falling off. About 35 of them are due to fall by end of this year and another 15 or so to drop by next March.

Were most of the inquiries for credit cards?

Re: Too many inquries

Anonymous — Thu, 16 Jul 2009 12:18:15 GMT

Well I never got current but that was a more general question.. As you may have notifced in my link it went DOFD is Nov 02.. and I never got better..so should it go off Nov this year?

-Leon

Re: Too many inquries

Anonymous — Thu, 16 Jul 2009 12:24:10 GMT

except it shows then that your account was back in good standing and paid up to date (i.e. the green marks with no lates) as of April 2003. It should mean that your 30 day late will disappear in November 2009, the 60 day late come off in December 2009, the 90 day late come off in January 2010, the 120 day late come off in February 2010 and the final 120 day late drop off in March 2010. After March 2010 all the negatives will have dropped off the account and it will change to an account in good standing (albeit a closed account) it should then (in theory) stay on your report as a positive account for 10 years from the date of closure (I am guessing September 2005) so from March you will get 5.5 years of this reporting as an account in good standing with it showing payments on time and being factored in to AAoA.

Re: Too many inquries

Anonymous — Thu, 16 Jul 2009 14:20:48 GMT

**bleep** that sucks.. i was hoping to have the whole thing drop off in Nov.. who cares about some 30s...

Re: Too many inquries

Anonymous — Thu, 16 Jul 2009 15:46:54 GMT

Even if a creditor pulls only one CR and doesn't see inquiries not on that one, isn't it possible they could still see all your accts on that one report anyway?

Re: Too many inquries

Anonymous — Thu, 16 Jul 2009 16:24:50 GMT

With a manual review yeah.. It's the instant approval systems and FICO score requirements that I'm dealing with.