topic Re: Too Many Inquiries in Credit Cards

Too Many Inquiries

Anonymous — Sat, 08 Aug 2009 15:43:17 GMT

I just got denied for a Citi credit card I applied for, and the reason given was:

Too many recent credit inquiries are recorded on your
 credit bureau report

which they got from Equifax. I applied for and received 3 credit cards in the past few weeks but it seems I have reached a threshold. How long should I wait before applying for this credit card again? I also opened a mortgage about 5 months ago and I'm not sure if this contributed. Thanks for any insight.

Re: Too Many Inquiries

Anonymous — Sat, 08 Aug 2009 15:45:41 GMT

Citi is sensitive to inquires, as are many CCC's.

Re: Too Many Inquiries

smallfry — Sat, 08 Aug 2009 15:58:52 GMT

Last 6 months a mortgage and 3 new credit cards? I would say you are done for a while. Bad time right now lay low.

Re: Too Many Inquiries

Red1Blue — Sat, 08 Aug 2009 15:58:58 GMT

For most of the companies that pull EQ if you have more than 3 inq's they consider it as too many inq's. From what I have seen so far EQ threshold for inq's is 3. You can call and ask Citi to reconsider your app. Tell them the inq's is for a loan not for credit card and request them to resubmit your app to underwriters. It worked for me.

Re: Too Many Inquiries

Anonymous — Sun, 09 Aug 2009 01:44:09 GMT

3 of the inquiries were for credit cards so I'm not sure submitting it to underwriters would help. The 4th inquiry for the denied credit card will also probably go on my record. How long do I need to wait for the inquiries to fall off my credit report?

Re: Too Many Inquiries

cc29 — Sun, 09 Aug 2009 02:44:54 GMT

Inquiries stop affecting your score after 1 year, and they will fall off your report after 2 years.

Re: Too Many Inquiries

Anonymous — Sun, 09 Aug 2009 03:45:16 GMT

From research on this forum and the Internet, it seems that 12 months is used for the "too many recent inquiries" message. I determined I had 15 inquiries in the past year when I applied for the Citi card. Since I got the 3 most recent credit cards with inquiries of 14, 13, and 12, I'd like to think that 15 tipped me over but it could also be that Citi uses a different automated number than some of the other companies.

By mid-January I'll be down to 9 inquiries in the past 12 months and can apply for the rest of the credit cards I'd like. Maybe I'll also try to apply for several on the same day and see if it works.

Re: Too Many Inquiries

Anonymous — Sun, 09 Aug 2009 06:17:59 GMT

@Anonymous wrote:
From research on this forum and the Internet, it seems that 12 months is used for the "too many recent inquiries" message. I determined I had 15 inquiries in the past year when I applied for the Citi card. Since I got the 3 most recent credit cards with inquiries of 14, 13, and 12, I'd like to think that 15 tipped me over but it could also be that Citi uses a different automated number than some of the other companies.

By mid-January I'll be down to 9 inquiries in the past 12 months and can apply for the rest of the credit cards I'd like. Maybe I'll also try to apply for several on the same day and see if it works.

Quite a comeback!

Re: Too Many Inquiries

Anonymous — Mon, 10 Aug 2009 19:28:40 GMT

I hope this adds some value for someone.

Over 5 years, I cancelled many credit cards, not because of debt; but because I wasn't expecting to use them.

I also requested lower limits on 3 cards, eventually cancelling one,

As the economy sank, I chopped it down to two. Yes I know tat eliminating long termcards isn't good, but i felt safe with my recent past. My credit score only went down for about 3 months and spiked backup again. I would suppose they saw that after 3 months i didn't apply for more credit or load up my cards.

In the last 2 years and last 3 months, I requested a limit increase.

In each case they doubled my credit limit without touching my credit record, based on pyament history.

No additional info needed either, just an SSN over the phone or a request online.

Not everyone is getting limits reduced, but I have worked hrd to not maintain debt.

Cheers

update: I found out today Citi upgrade my world card to World Elite, but I have no idea what the difference is

Message Edited by uaflyer on 08-10-2009 09:28 PM

Re: Too Many Inquiries

Anonymous — Mon, 10 Aug 2009 17:41:51 GMT

It seems to me that there should be a difference in "scoring" an inqury. One year ago I applied for 1. A loan on a house, and 2. raw land. I was approved on both but didn't purchase either one. It seems that since I was APPR on both that my FICO should go UP...which in my case it has but I doubt that the two APPR's were involved. So ... are INQ's "graded" in some way?

Re: Too Many Inquiries

Anonymous — Mon, 10 Aug 2009 18:53:17 GMT

@Anonymous wrote:
It seems to me that there should be a difference in "scoring" an inqury. One year ago I applied for 1. A loan on a house, and 2. raw land. I was approved on both but didn't purchase either one. It seems that since I was APPR on both that my FICO should go UP...which in my case it has but I doubt that the two APPR's were involved. So ... are INQ's "graded" in some way?

Only in the sense that they "cost" you less as they age and multiple inquires of certain types are lumped together as one for scoring purposes when they occur close together.

FICO scores do not assess your "approvals" for credit. FICO scores predict the likelihood that you will become a credit "delinquent". INQ are negative because they indicate that you are seeking credit.- those who are seeking credit have been found to be statistically more likely to become delinquent that those who are not seeking credit. The impact of INQ on your FICO score is low and does not last long. The impact of INQ on an issuers internal approval process is another thing altogether.