topic Re: Inq in Credit Cards

Inq

Stonemanmv — Sun, 09 Jun 2013 01:14:55 GMT

Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?

Re: Inq

LS2982 — Sun, 09 Jun 2013 01:18:03 GMT

@Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?

IMO I would say more than 3-4 on each report in a year span, 1-2 in 6 month span.

Re: Inq

09Lexie — Sun, 09 Jun 2013 01:19:37 GMT

Too many depends on the individuals cr. thick files can usually handle more inq's than thin files. Keep in mind inq's stop counting against your FICO after 1yr.

Re: Inq

Stonemanmv — Sun, 09 Jun 2013 01:20:49 GMT

Looks like some garden time for me then. I have 8 on Ex, 3 Eq, 3 Tu

Re: Inq

LS2982 — Sun, 09 Jun 2013 01:21:21 GMT

@09Lexie wrote:
Too many depends on the individuals cr. thick files can usually handle more inq's than thin files. Keep in mind inq's stop counting against your FICO after 1yr.

This is true as well. The main goal to go by is only apply for credit when you absolutely need it.

Re: Inq

Stonemanmv — Sun, 09 Jun 2013 01:24:58 GMT

I only have one good cl discover it 6000 cl. Cap 1 750. Us bank 500 cl. I hope I can grow the us bank cl but the cap 1 is disappointing.

Re: Inq

Stonemanmv — Sun, 09 Jun 2013 01:26:37 GMT

My goal is to have 4 cards. Discover Amex visa master card all with high limits

Re: Inq

09Lexie — Sun, 09 Jun 2013 01:26:59 GMT

You could always try emailing the EO of Cap1 for a CLI.

Re: Inq

Stonemanmv — Sun, 09 Jun 2013 01:28:55 GMT

Could you send that to me. Also would that be a Hp or a Sp Thanks

Re: Inq

09Lexie — Sun, 09 Jun 2013 01:42:54 GMT

Sent

Re: Inq

RSCo — Sun, 09 Jun 2013 01:46:17 GMT

Here's my profile...

35 total accounts
19 open accounts, of which 17 are charge/revolvers

INQ's - ALL since Dec 2012
Ex. Eq. Tu.
12. 13. 6

Didn't seem to hurt me during my recent app sprees.. Never declined due to Inq, at least according to denial reasons..

Good Luck!!

Re: Inq

RSCo — Sun, 09 Jun 2013 01:52:55 GMT

Once you get US Bank up in terms of CL, you should see higher limits on your others, and more approvals.. Banks like to see a total average CL of greater than 5k across your credit profile.. Right now it looks like your avg is around $2,750...

Re: Inq

myjourney — Sun, 09 Jun 2013 01:54:21 GMT

@Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?

I'm guilty of the 6 month app and I'll explain

Every 6 months two things happen

(1) apply for new cards ...cards age to 6,12,18, 24

(2) INQ's age to 6, 12, 18, 24 and drop

They stop hurting my score at 1 year

So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle

eta I also spread out choices of cards over the 3 CB's

Re: Inq

Stonemanmv — Sun, 09 Jun 2013 01:59:11 GMT

Ok thanks. It looks like a good strategy

Re: Inq

LS2982 — Sun, 09 Jun 2013 02:05:51 GMT

@myjourney wrote:
@Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?
I'm guilty of the 6 month app and I'll explain
Every 6 months two things happen

(1) apply for new cards ...cards age to 6,12,18, 24

(2) INQ's age to 6, 12, 18, 24 and drop
They stop hurting my score at 1 year

So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle

eta I also spread out choices of cards over the 3 CB's

But are these apps needs or wants???

Re: Inq

myjourney — Sun, 09 Jun 2013 02:11:55 GMT

@LS2982 wrote:
@myjourney wrote:
@Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?
I'm guilty of the 6 month app and I'll explain
Every 6 months two things happen

(1) apply for new cards ...cards age to 6,12,18, 24

(2) INQ's age to 6, 12, 18, 24 and drop
They stop hurting my score at 1 year

So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle

eta I also spread out choices of cards over the 3 CB's
But are these apps needs or wants???

They vary between 3-5 cards December spree was 4 cards this spree was 4 cards a year ago in June it was only 2 card spree

Always only what I need

Re: Inq

myjourney — Sun, 09 Jun 2013 02:18:12 GMT

I forgot to add that the 6 months i'm not applying for cards I'm trying for SP CLI's again every 6,12,18,24 months

Re: Inq

Anonymous — Sun, 09 Jun 2013 03:23:03 GMT

@09Lexie wrote:
Too many depends on the individuals cr. thick files can usually handle more inq's than thin files. Keep in mind inq's stop counting against your FICO after 1yr.

+1. Keep in mind inquiries is basically just to let other lenders know how frequent and active one is at seeking credit.

People with good thick files already has a lot of data history for credit companies to analyze their risk exposure, so they're more likely to get away with a higher number of inquiries assuming everything else on their CR checks out fine. Whereas for a thin file, there's only so much data for the bank to work with, so they're forced to assume worst case scenario for a lot of things. As a result having 5 inquiries in past 12 months can sometimes be flagged as excessive for people with thin files.

Regardless, having an excessive amount of inquiries over a short period of time (i.e. 20+ inquiries in a 1 year period) can be interpreted as one being desperate for credit, and that should be avoided to prevent AA.

Re: Inq

mcf — Sun, 09 Jun 2013 04:24:39 GMT

Ohh Geez i have 39 lol.. thats just with equifax.. TU... 18 now 2 were removed was 20.. man dunno experian.. databases are being updated atm. Cant wait until aug though because august last year i went crazy and thats where most of these came from so if they impact less in a yr im about to have it made i hope! So when say 15 fall off what does this equate to a point wise, maybe 1 point for each??

Re: Inq

myjourney — Sun, 09 Jun 2013 04:23:07 GMT

@mcf wrote:
Ohh Geez i have 39 lol.. thats just with equifax..

Thats why your gardening for awhile