topic Re: New Applications: # New CCs & INQs in Credit Cards

New Applications: # New CCs & INQs

Underh20 — Wed, 09 Sep 2009 14:59:43 GMT

I need some advice on how creditors view new applications in light of the number of recent INQs and new T/Ls.

1. How long is an account considered "new" along the lines of being declined for "too many 'new" accounts opened recently"?

Accounts opened within last 3 months = 0
Accounts opened within last 6 months = 4

2. How many INQs are too many?

INQs in past two years = 15
INQs in past year = 6
INQs in past 3 months = 1

FICOs: TU & EQ: 720 - 730 ; EX: 730 (Estimated)

Does anybody have any experience as to which creditors would / would not decline based on too many new accounts / too many recent INQs based on above?

Re: New Applications: # New CCs & INQs

Underh20 — Thu, 10 Sep 2009 00:58:58 GMT

Anybody?

Re: New Applications: # New CCs & INQs

score_building — Thu, 10 Sep 2009 16:03:31 GMT

Underh20 wrote:
I need some advice on how creditors view new applications in light
FICOs: TU & EQ: 720 - 730 ; EX: 730 (Estimated)
Does anybody have any experience as to which creditors would / would not decline based on too many new accounts / too many recent INQs based on above?
in past six months:
3 inq or new accts= i'll be safe?
4 inq or new accts= on the radar
5 inq or new accts= getting warmer
6 or more inq or new accts= AA could be around the corner

this is the off the cuff guide line i sometimes use to keep app pattern in check but it varies from acct holder to acct holder and from one creditor to the next. many factors like income and the economic climate may also be determinitive... and by degrees- for eg. i received AA for too many new accts in the form of CLI denials from discover and citi as well as a new app denial with addison avenue- yet none of my current creditors took more severe forms like CLD- in response to my 6ish new accts in the past six months- so far. in my case i think i'm walking a tight rope and need to sit tight for at least 6mos. - 12mos.

Re: New Applications: # New CCs & INQs

Anonymous — Thu, 10 Sep 2009 16:12:53 GMT

@Underh20 wrote:
I need some advice on how creditors view new applications in light of the number of recent INQs and new T/Ls.

1. How long is an account considered "new" along the lines of being declined for "too many 'new" accounts opened recently"?

Accounts opened within last 3 months = 0
Accounts opened within last 6 months = 4

2. How many INQs are too many?

INQs in past two years = 15
INQs in past year = 6
INQs in past 3 months = 1

FICOs: TU & EQ: 720 - 730 ; EX: 730 (Estimated)

Does anybody have any experience as to which creditors would / would not decline based on too many new accounts / too many recent INQs based on above?

I don't think you can get a generalized answer. Numerous factors determine your ability to obtain new credit. However, 4 accounts opened in the last 6 months, which was my situation also, resulted in denial for "escalating debt".

As for inquiries, 1 year is the customary cut-off for most creditors (also FICO scoring)

Re: New Applications: # New CCs & INQs

pattycake — Thu, 10 Sep 2009 20:24:28 GMT

@Anonymous wrote:
@Underh20 wrote:
I need some advice on how creditors view new applications in light of the number of recent INQs and new T/Ls.

1. How long is an account considered "new" along the lines of being declined for "too many 'new" accounts opened recently"?

Accounts opened within last 3 months = 0
Accounts opened within last 6 months = 4

2. How many INQs are too many?

INQs in past two years = 15
INQs in past year = 6
INQs in past 3 months = 1

FICOs: TU & EQ: 720 - 730 ; EX: 730 (Estimated)

Does anybody have any experience as to which creditors would / would not decline based on too many new accounts / too many recent INQs based on above?

I don't think you can get a generalized answer. Numerous factors determine your ability to obtain new credit. However, 4 accounts opened in the last 6 months, which was my situation also, resulted in denial for "escalating debt".

As for inquiries, 1 year is the customary cut-off for most creditors (also FICO scoring)