topic Re: How many apps/inqs is too many? in Credit Cards

How many apps/inqs is too many?

CreditWorld2013 — Sat, 25 Feb 2012 05:00:00 GMT

I just got off an app spree in January/February. I have a total of about 2-3 Inq on Equifax, 4-5 on TransUnion, and 4-5 on Experian I got 2 pulls from Citi, 3 from Capital One, and I think 2 from Discover. I had a few others from my student loans sometime in July-September so the numbers above include those as well. 2-3 from each are in 2012 alone. Is that too many? I just entered the very popular myFICO garden just to let my new accounts age a bit and can't help but think how many inquiries/applications is too many. I've lurked around the forum and see some opening 5-7 accounts in 2 months (Wouldn't that spook the banks and close your new accounts?) I would like 2-3 more cards (Chase Freedom, Maybe an Amex, and a Visa Sig or a Barclays) and I will have no use for anymore credit. I'm planning to garden until the end of July/Early August and try for 1 card and maybe the final 2 in about a year from now. Would this schedule be good or too many?

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 05:14:20 GMT

I would wait until I had no more than 1 inquiry (preferably 0) in the past year and then apply for one, wait another 6 months, apply for another, wait at least 6 months, apply for the last card. Taking your time and being patient will definitely increase your chances of being approved and with higher starting limits. Let your accounts mature and show potential lenders that you can handle and use credit wisely.

Re: How many apps/inqs is too many?

bichonmom — Sat, 25 Feb 2012 05:17:08 GMT

@CC365 wrote:
I just got off an app spree in January/February. I have a total of about 2-3 Inq on Equifax, 4-5 on TransUnion, and 4-5 on Experian I got 2 pulls from Citi, 3 from Capital One, and I think 2 from Discover. I had a few others from my student loans sometime in July-September so the numbers above include those as well. 2-3 from each are in 2012 alone. Is that too many? I just entered the very popular myFICO garden just to let my new accounts age a bit and can't help but think how many inquiries/applications is too many. I've lurked around the forum and see some opening 5-7 accounts in 2 months (Wouldn't that spook the banks and close your new accounts?) I would like 2-3 more cards (Chase Freedom, Maybe an Amex, and a Visa Sig or a Barclays) and I will have no use for anymore credit. I'm planning to garden until the end of July/Early August and try for 1 card and maybe the final 2 in about a year from now. Would this schedule be good or too many?

Well, it's kind of relative. Some CCCs will decline you for 2 or 3, while others won't blink at it. From what you're saying, I would suggest that you wait until the end of Summer, like you plan, before apping for any more CCs. Barclay's is VERY picky about the # of new accts, both before and after you apply with them. And Amex is VERY picky about inq. (Well, actually, they're both picky about both. )

And to answer your question, yes, some banks do soft you and take AA if they don't like what they see *after* you've gotten credit with them. Usually, it's fine as long as you don't go crazy and your util is low. But I would say that Barclay's is the exception there. I did get Barclays in November, when I also got Walmart and NFCU; and I was really nervous that they'd freak when my NFCU reported (even tho I had been approved before I apped w/Barclays). Fortunately they didn't. As a good rule of thumb with Barclay's, you shouldn't app for new credit at least 3 mos. after getting their card.

I'd decide which cards you want the most and then decide. Frankly, I just wouldn't get a Barclay's at the same time as another card. I got mine when they seemed to be very generous right before Black Friday in Nov. I haven't seen the same generosity reported on here either before or after that. They're a great bank. So far, I am VERY happy with their CS (in America, BTW). All have been VERY friendly and helpful, which seems to be an anomaly with CC CS. Maybe wait till Nov for your Barclay's.

So, it looks like you got Citi, Cap One and Discover in the last 2 months. If you wait until August and app for the one you want the most (preferrably not a TU pull) then you would *probably* be good for Barclay's in November. Then I'd garden another 3 to 6 months and get the last card or 2 you want.

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 06:41:12 GMT

It really depends on the lender. From my experience Citi is very strict. GE seems to be fine as long as you have low utilization. At least from my experience. They extended me lots of credit with lots of inqs (i'm talking 20+ hard) and at the time 1% util.

What's a lot to me is more than 40!

Re: How many apps/inqs is too many?

RyVision — Sat, 25 Feb 2012 07:24:27 GMT

@Anonymous wrote:
It really depends on the lender. From my experience Citi is very strict. GE seems to be fine as long as you have low utilization. At least from my experience. They extended me lots of credit with lots of inqs (i'm talking 20+ hard) and at the time 1% util.

What's a lot to me is more than 40!

20?!?!? 40's a lot?!?! <THUD>

<handing small potted plant and trowel to ocboy949> Ok, just a bit of a suggestion, or thought.... take this, there's a great spot right past that big old solid oak with 814 all over it just waiting for you

No, that's not a criticism. It's just something to think about depending on your future goals and what you have and are happy with now Of course I have to tell you, I'm a bit nervous just being over 4 or 5 on any report esp since I'm sitting at 7 on EX and 5 on EQ with 4 on TU LOL (totals in past 2 years, was higher years ago).

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 07:47:20 GMT

I know Citi is strict when it comes to inquiries, but how about Discover?

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 08:04:59 GMT

@Anonymous wrote:
I know Citi is strict when it comes to inquiries, but how about Discover?

They approved me with something like 7-9 inquiries (don't remember the exact number, probably 9) on TU. But I did have a invitation code from a mailed promo and low util, so that probably helped. And it wasn't an instant approval, it took them one business day (applied Saturday night, got approved Monday) for the approval - so I'm guessing someone had to manually review the application.

In general, I think inquiries are going to have more of a negative impact on automated (computer-based) decisions. But for manual review with a human (either with a recon or if it just needs additional processing) the credit analysts seem to look at your overall credit profile. That was my experience with Chase yesterday - I was initially denied for too many new accounts and recent inquiries, but the credit analyst looked at my report and had no problems putting it through for approval. I guess she understood that I'm not desperately trying to get credit, I'm just trying to get BETTER credit (i.e. no Cap 1/HSBC junk).

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 08:14:47 GMT

Thats what I'm trying to do, phase out my Capital One cards. I recently replaced one with my Amex, and want to replace another with a Discover card, but my inquiries are realtively high. I really want to try now, but am not certain what the outcome will be

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 08:22:05 GMT

@RyVision wrote:
@Anonymous wrote:
It really depends on the lender. From my experience Citi is very strict. GE seems to be fine as long as you have low utilization. At least from my experience. They extended me lots of credit with lots of inqs (i'm talking 20+ hard) and at the time 1% util.

What's a lot to me is more than 40!

20?!?!? 40's a lot?!?! <THUD>

<handing small potted plant and trowel to ocboy949> Ok, just a bit of a suggestion, or thought.... take this, there's a great spot right past that big old solid oak with 814 all over it just waiting for you

No, that's not a criticism. It's just something to think about depending on your future goals and what you have and are happy with now Of course I have to tell you, I'm a bit nervous just being over 4 or 5 on any report esp since I'm sitting at 7 on EX and 5 on EQ with 4 on TU LOL (totals in past 2 years, was higher years ago).

Hehehe.....a good chunk of them fall off this year. By April, 15 of them will disappear. OK honesty time...I currently have 29 showing on experian.....and I think 31 or so on Equifax

Anyway...if I behave myself and stop apping, I should have 10 or less by years end - and yes I am looking forward to getting in the 800s. At one point I was very close - peaked up to 769. Wish me luck?

I suppose with the way I see things, I'd be a very generous CC underwriter. 35 inquiries? Approved for a $7800 CL! 6 inquiries? Declined for lack of established credit history!

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 08:34:35 GMT

Did you happen to get a Discover approval among those 29 inquries?

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 08:45:43 GMT

@Anonymous wrote:
Did you happen to get a Discover approval among those 29 inquries?

lol yessir, approved for Discover More $1000CL just a couple days ago (02/23) bringing me to 30 inqs on exp and 32 on equ. actually since my util is a bit high at about 27% i would assume they mostly care about the status and history of your accounts. i dont think they accept baddies.

i think thats the way it *should* be....inquiries big deal right? lol. some of us just like to take advantage and save $$$ with no interest financing offers and 30% off todays purchase! i lost 170 lbs in a year so believe me I needed some good deals on new clothes...

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 09:05:33 GMT

I'm gonna pull the trigger on it! I'll update after my app is done...

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 09:14:37 GMT

Denied due to the following -

-Number of inquries in the last 12 months
-Number of inquiries in the last 24 months
-Insufficient history for bank revolving trades

But my score is at 690....COME ON! Ugh.

Re: How many apps/inqs is too many?

RyVision — Sat, 25 Feb 2012 09:19:22 GMT

@Anonymous wrote:
@RyVision wrote:
@Anonymous wrote:
It really depends on the lender. From my experience Citi is very strict. GE seems to be fine as long as you have low utilization. At least from my experience. They extended me lots of credit with lots of inqs (i'm talking 20+ hard) and at the time 1% util.

What's a lot to me is more than 40!

20?!?!? 40's a lot?!?! <THUD>

<handing small potted plant and trowel to ocboy949> Ok, just a bit of a suggestion, or thought.... take this, there's a great spot right past that big old solid oak with 814 all over it just waiting for you

No, that's not a criticism. It's just something to think about depending on your future goals and what you have and are happy with now Of course I have to tell you, I'm a bit nervous just being over 4 or 5 on any report esp since I'm sitting at 7 on EX and 5 on EQ with 4 on TU LOL (totals in past 2 years, was higher years ago).
Hehehe.....a good chunk of them fall off this year. By April, 15 of them will disappear. OK honesty time...I currently have 29 showing on experian.....and I think 31 or so on Equifax
Anyway...if I behave myself and stop apping, I should have 10 or less by years end - and yes I am looking forward to getting in the 800s. At one point I was very close - peaked up to 769. Wish me luck?

I suppose with the way I see things, I'd be a very generous CC underwriter. 35 inquiries? Approved for a $7800 CL! 6 inquiries? Declined for lack of established credit history!

(They tried that, it was part of what caused the credit crash lol, CCCs just did it out of greed though, not generosity)

Ok. That's.. .wow, that's, a lot of plastic for 21. I'm kind of sitting here a bit stunned, sort of in that you were approved up to 20ish accounts in your early 20's.

IF you get a call or email or letter from Discover about the INQ's being an issue, get back to them right away, explain to them you were trying to get your credit file started while you were young and wanted PRIME lenders to grow with you, Discover being one of your favorite cards.

BoA is gone, you can erase them from your mind, you might want to do so forever. (HSBC is in transition too, not sure about them).

Your other lenders might understand the above explanation (BOA doesn't care, don't even bother). I know that's sort of what you were attempting (even if you don't know it yourself) so it's not lying to them. I just thought I'd give you phrasing to work from.

You have a couple things in your favor, you have very low UTIL (IIRC, I've read a lot, not just here lol). You also seem mature for your age (from what I can tell anyway) which will help on the phone if you need to speak with CSRs or Credit Analysts.

And as you may have read here, nearly all these CCC are going to be watching you closely for at least 6 months (many SP your reports in other words). You're actually now in a situation where you'll want to garden for more like 12 months at least (I hope that doesn't sound negative, I'm only being honest in order to help, not delude you).

I hope we've been of some help

Re: How many apps/inqs is too many?

CreditWorld2013 — Sat, 25 Feb 2012 09:28:03 GMT

Thank you "ocboy949" it makes me feel much better about the amount of inquiries I have compared to your 40+ As to the rest of you...I think for his own sake we should drag him to the garden!

Re: How many apps/inqs is too many?

Anonymous — Sat, 25 Feb 2012 09:55:27 GMT

@CC365 wrote:
Thank you "ocboy949" it makes me feel much better about the amount of inquiries I have compared to your 40+ As to the rest of you...I think for his own sake we should drag him to the garden!

Haha, well, I don't quite have 40+

...I just consider 40+ to be a lot.

Re: How many apps/inqs is too many?

RyVision — Sat, 25 Feb 2012 09:57:13 GMT

@Anonymous wrote:
@Anonymous wrote:
Did you happen to get a Discover approval among those 29 inquries?
lol yessir, approved for Discover More $1000CL just a couple days ago (02/23) bringing me to 30 inqs on exp and 32 on equ. actually since my util is a bit high at about 27% i would assume they mostly care about the status and history of your accounts. i dont think they accept baddies.

i think thats the way it *should* be....inquiries big deal right? lol. some of us just like to take advantage and save $$$ with no interest financing offers and 30% off todays purchase! i lost 170 lbs in a year so believe me I needed some good deals on new clothes...

I have to say Congrats on the weight loss btw!

I have to mention something though too (about inq's, credit files etc). It's a bit easier to run a higher UTIL for 0% offers if you have a longer history and thicker (time is the true thickener here) file. The INQs are a bit of a big deal for you right now. The 0% financing is another thing you can mention to Discover (or whoever) you might end up speaking with if you have to (in that you wanted to take advantage of it etc).

I really hope you don't see any more closed accounts. If you can lose that kind of weight in that time, you have the determination to properly build your credit, I'm sure of that

Re: How many apps/inqs is too many?

bichonmom — Sat, 25 Feb 2012 10:06:04 GMT

@Anonymous wrote:
Denied due to the following -

-Number of inquries in the last 12 months
-Number of inquiries in the last 24 months
-Insufficient history for bank revolving trades

But my score is at 690....COME ON! Ugh.

Logan, How many inq do you have?

Re: How many apps/inqs is too many?

LS2982 — Sat, 25 Feb 2012 11:13:29 GMT

@CC365 wrote:
I just got off an app spree in January/February. I have a total of about 2-3 Inq on Equifax, 4-5 on TransUnion, and 4-5 on Experian I got 2 pulls from Citi, 3 from Capital One, and I think 2 from Discover. I had a few others from my student loans sometime in July-September so the numbers above include those as well. 2-3 from each are in 2012 alone. Is that too many? I just entered the very popular myFICO garden just to let my new accounts age a bit and can't help but think how many inquiries/applications is too many. I've lurked around the forum and see some opening 5-7 accounts in 2 months (Wouldn't that spook the banks and close your new accounts?) I would like 2-3 more cards (Chase Freedom, Maybe an Amex, and a Visa Sig or a Barclays) and I will have no use for anymore credit. I'm planning to garden until the end of July/Early August and try for 1 card and maybe the final 2 in about a year from now. Would this schedule be good or too many?

I would garden for a year, that way those INQ's aren't factored in your FICO scores and there are no recent INQ's, And if your planning on Barclay's, make them your only app for 6 months after your year gardening.

Re: How many apps/inqs is too many?

navigatethis12 — Sat, 25 Feb 2012 11:51:34 GMT

I opened about ten accounts throughout Janurary and February this year. The other day I just got approved for the Fidelity 2% cashback card. The lady did say she noticed all the new accounts. I just told her I was establishing all of them right now so they would all age at the same time. I'm not sure why but she also removed the inquiry she did. Maybe to help out since I already had so many? A few time I was declined via the automated system with some companies (Bank of America, Chase, Barclays) and just rang the reconsideration line and was approved. I have more than fifteen on Equifax and Experian, but some are from joining a credit union, opening a sprint account, and other things that have nothing to do with credit cards.

So I think it just depends on the lender. Probably as long as you have low utilization they won't see it as a risk.