topic Re: Wasted inquiry? in Credit Cards

Wasted inquiry?

jp_dlp — Wed, 02 Apr 2008 08:35:19 GMT

I have a chevron gas card that's gonna be for 1 year now this april. I got it in part of my building credit strategy last year.. anyway, they gave me 200cl.. wasn't happy about it but used it anyhow.. used it often, always paid on time and if not half, full.. lately, as I got well with my scores, EQ alert last sunday @ 710.. I thought why not cli on this one.. called cust rep and asked how I can get auto CLI, she said I can always ask for it so I ended up doing it.. approved to 500 new limit.. that night, was browsing around looking for a good gas card until I got into chase perfect card with 6% gas rebate promo.. again, ended up applying.. approved for $3500.. I could have just applied for this and paid off chevron for good.. oh well.. total inq's this weekend - 4.. and 1 is almost a waste.. I wonder what effects would I get when they all start reporting.. anybody? will have to wait another year to do any app.. I've had 4 approvals already since last sat.. I'm pretty sure another one would be a sure denial lol... won't even try anymore..

Re: Wasted inquiry?

llecs — Wed, 02 Apr 2008 13:59:08 GMT

IMO, inquiry negative effects are overrated. Inquiries have a very minimal impact on your CR, of any. Some have reported 5-10 point losses with one inquiry but I suspect that there are other things going on in the CR.

Now there could be an impact with the potential creditor. Typically, they don't like to see anything less than six months. However, I have 27 inquiries 8 months and newer on EX and never was denied for too many inquiries.

The new credit can hurt your score. If your utilization is already low, let's say 10%, adding new accounts could potentially lower your average credit history and causing a hit in scores once they start reporting. I took a 50 point hit across the board adding 7 new accts in a 3 month period.

However, if your utilization was high and this contribute to a drop in utilization, you'll likely see an increase.

Re: Wasted inquiry?

Anonymous — Fri, 04 Apr 2008 00:17:31 GMT

jp_dp congrats for the new cl,and i think that was funny when GEMB increased you from $200 to $500 cl & CHASE offer you $3500 .

Re: Wasted inquiry?

jp_dlp — Fri, 04 Apr 2008 05:27:21 GMT

Thanks, lol I was laughing at myself when she told me "I increased your limit $300"..