topic Re: Inquiry Question??? in Credit Cards

Inquiry Question???

Anonymous — Sat, 28 Apr 2012 17:40:20 GMT

I was wondering if the following credit card companies are sensitive to inquiries?

GE
DISCOVER
CHASE
BOFA

My inquiries aren't new, 9 months to about a year for most, but I have a lot.
I understand that the ones that are a year old don't factor into my FICO, but companies I apply for do see them. All of them right?

So I wanted to know if a fair credit score of 700-715 would qualify me with excessive (10+) inquiries?

I'm not looking for the high-end cards, basic ones for starters. Discover More basic, BofA basic rewards, and Walmart and Amazon store cards.

Also, the credit card companies see EVERY inquiry or just a certain number (like 5+ or 3-5 ranges)?

Re: Inquiry Question???

haulingthescoreup — Sat, 28 Apr 2012 17:42:31 GMT

How many inqs on each report? Or is it 10+ on every report?

It only matters how many inqs are on the report that is pulled at that time. They do see all the inqs over the last 24 months on that report.

(Inqs only affect your FICO scores for 12 months, but they display on your reports for 24 months.)

Re: Inquiry Question???

Anonymous — Sat, 28 Apr 2012 17:59:23 GMT

Thanks for the reply haulingthescoreup,

On TransUnion I have 13, on Equifax I have 10, and Experian (which everyone seems to use) I have the most, 15.

I know the best thing for me to do is garden, and I have been, but I plan on apping in November when my reports are clean and clear of all baddies!

Re: Inquiry Question???

Anonymous — Sat, 28 Apr 2012 18:09:07 GMT

I guess I'm wondering if anyone has had success with being approved for the cards mentioned with excessive inquiries?

Thanks for all input. I appreciate it!

Re: Inquiry Question???

webhopper — Sat, 28 Apr 2012 18:11:43 GMT

@Anonymous wrote:
I guess I'm wondering if anyone has had success with being approved for the cards mentioned with excessive inquiries?

Thanks for all input. I appreciate it!

I had success with Chase, on recon... My inquries were due to mortgage shopping. I doubt you'll be successful with them if your inqs are related to credit card applications. I think Discover is going to be out of reach as well.

GE does not appear to be inq sensitive, I don't know about Bank of America.

Re: Inquiry Question???

namvet — Sat, 28 Apr 2012 18:36:06 GMT

@Anonymous wrote:
I guess I'm wondering if anyone has had success with being approved for the cards mentioned with excessive inquiries?

Thanks for all input. I appreciate it!

There appears to be some questions about what is excessive inquires. You do have a lot and your chances of approval will be greater if you make sure there are NO INQUIRES that will be considered RECENT on your report. So what is considered recent? IMO any inquires to your report during the past 6 months would be recent.

Re: Inquiry Question???

Anonymous — Sat, 28 Apr 2012 18:41:51 GMT

Thanks webhopper,
I don't have a valid reason for the inquiries other than ignorance on my end about how all things impact my credit. But that's fine, I'm learning and won't be making the same mistakes.

Re: Inquiry Question???

Anonymous — Sat, 28 Apr 2012 18:44:10 GMT

Thanks namvet,
So they factor in how recent the inquiries are as well? Well they will definitely be older than 6 months by November, when I plan to apply.

Re: Inquiry Question???

haulingthescoreup — Sat, 28 Apr 2012 19:19:26 GMT

@Anonymous wrote:
Thanks webhopper,
I don't have a valid reason for the inquiries other than ignorance on my end about how all things impact my credit. But that's fine, I'm learning and won't be making the same mistakes.

That's actually a valid reason, and one that you can use if you have to call for recon (reconsideration) if you're denied or given a pitiful limit, etc.

Tell them that you didn't know any better, but you've been learning about credit, and how to choose and use it wisely, and that after research you've found that their card seems a good match for you. If the inqs/apps are in the past, this can be accepted by some lenders.

Re: Inquiry Question???

haulingthescoreup — Sat, 28 Apr 2012 19:21:33 GMT

@Anonymous wrote:
Thanks namvet,
So they factor in how recent the inquiries are as well? Well they will definitely be older than 6 months by November, when I plan to apply.

I'm not namvet , but yes, lenders do distinguish between recent and older inqs. They want to see that you've settled down, especially within the last six months as mentioned.

Having an endless stream of inqs without breaks on your reports makes you look dangerous to lenders. They want to see some evidence of self-discipline when it comes to managing credit in their potential customers.

* cough cough *

Re: Inquiry Question???

Anonymous — Sat, 28 Apr 2012 19:35:13 GMT

I'd let them age a bit so it at least looks like you're not desperate for credit.

Re: Inquiry Question???

Anonymous — Sat, 28 Apr 2012 19:50:08 GMT

Sorry haulingthescoresup,

I thought I replied correctly to the right contributor. I'm doing this from my phone and I don't have the spell checker, or a full screen so please excuse me.

Well thanks for the info, because I will have about 9 months free of inquiries so I'm hopeful.

Re: Inquiry Question???

Anonymous — Sat, 28 Apr 2012 19:56:23 GMT

I definitely see how explaining my situation could help with a recon. Being new to this credit "goodness" that I find on this board, I am gonna prepare myself for my fist recon when the denial comes (which I'm sure it will) and I will know what to say. It's really good stuff on this forum because I never knew what a recon was, I thought no meant no... so I am equipped and very thankful for all help and information!

Re: Inquiry Question???

haulingthescoreup — Sat, 28 Apr 2012 22:06:07 GMT

@Anonymous wrote:
Sorry haulingthescoresup,

I thought I replied correctly to the right contributor. I'm doing this from my phone and I don't have the spell checker, or a full screen so please excuse me.

Well thanks for the info, because I will have about 9 months free of inquiries so I'm hopeful.

Oh heavens, no, no problem. I was just apologizing to namvet for answering a post that was directed to him.

And I post from my iPhone a lot, or try to, and it's awful. Can't quote, etc. Grimly hoping that that higher-ups at FICO will cough up for a phone app soon.

Anyway, nine months out from any new apps ought to put you in pretty good shape, as long as you keep your util under control and so forth.

Re: Inquiry Question???

namvet — Sat, 28 Apr 2012 22:16:52 GMT

@haulingthescoreup wrote:
@Anonymous wrote:
Sorry haulingthescoresup,

I thought I replied correctly to the right contributor. I'm doing this from my phone and I don't have the spell checker, or a full screen so please excuse me.

Well thanks for the info, because I will have about 9 months free of inquiries so I'm hopeful.
Oh heavens, no, no problem. I was just apologizing to namvet for answering a post that was directed to him.

And I post from my iPhone a lot, or try to, and it's awful. Can't quote, etc. Grimly hoping that that higher-ups at FICO will cough up for a phone app soon.

Anyway, nine months out from any new apps ought to put you in pretty good shape, as long as you keep your util under control and so forth.
No apology expected Hauling! Thanks for responding and i agree with your answer.