topic Re: Too many inqs in Credit Cards

Too many inqs

djc1puno — Fri, 13 Sep 2013 01:06:28 GMT

Fellas,

Got a friend who went on an app spree and he wanted to recon his csp denial. He can pretty much explain everything thing else in his reports except for his many inqs...around 12-15 the past year. What do you guys usually say when trying to recon and get asked about your new inqs and accounts? Thanks for the advice!

Re: Too many inqs

FinStar — Fri, 13 Sep 2013 01:11:45 GMT

Your friend will have to explain the hunger for credit...lol... since that appears to weigh on a risky front for a variety of lenders. Were the inquiries associated with auto loan shopping or mortgage? An item to keep in mind, if the inital HP reaveals the majority of them on one CR and they pull an alternate CR if the consideration route is pursued, could he explan the high number on the other CR?

Re: Too many inqs

red259 — Fri, 13 Sep 2013 01:11:55 GMT

That's a lot of Inqs to explain. Its going to come down to what they were for and how thick his file is. If they were auto loans etc that is easily explainable as shopping around. If its all CCs that would be a different situation.

Re: Too many inqs

FinStar — Fri, 13 Sep 2013 01:13:39 GMT

@red259 wrote:
That's a lot of Inqs to explain. Its going to come down to what they were for and how thick his file is. If they were auto loans etc that is easily explainable as shopping around. If its all CCs that would be a different situation.

Plus, they can tell who the inquires are from. Just something to think about.

Re: Too many inqs

djc1puno — Fri, 13 Sep 2013 01:14:59 GMT

Lol...he says some auto and the rest ccs! And yes fin he is an addict...which is why im tring to get him here w us! Lmao

Re: Too many inqs

myjourney — Fri, 13 Sep 2013 01:17:40 GMT

To many to explain.....um

I app'ed 15 cars and only 4 cards Lol

Re: Too many inqs

FinStar — Fri, 13 Sep 2013 01:19:49 GMT

@djc1puno wrote:
Lol...he says some auto and the rest ccs! And yes fin he is an addict...which is why im tring to get him here w us! Lmao

LOL... Hmmm... maybe others who had similar experiences can chime in. I recall reading some folks were eventually approved with a high number of inquiries but I'm not too sure what strategy they used. Is it possible? I suppose so... perhaps with the right u/w analyst and some baked goods!

Re: Too many inqs

FinStar — Fri, 13 Sep 2013 01:23:31 GMT

@myjourney wrote:
To many to explain.....um
I app'ed 15 cars and only 4 cards Lol

LMAO ...good one myjourney!!!

Re: Too many inqs

myjourney — Fri, 13 Sep 2013 01:26:33 GMT

@FinStar wrote:
@myjourney wrote:
To many to explain.....um
I app'ed 15 cars and only 4 cards Lol
LMAO ...good one myjourney!!!

Re: Too many inqs

djc1puno — Fri, 13 Sep 2013 01:28:20 GMT

@myjourney! Rflmao! apped for cars and got cards?! Wonder if thatll work! Lmao

Re: Too many inqs

Anonymous — Fri, 13 Sep 2013 02:13:38 GMT

@djc1puno wrote:
Fellas,

Got a friend who went on an app spree and he wanted to recon his csp denial. He can pretty much explain everything thing else in his reports except for his many inqs...around 12-15 the past year. What do you guys usually say when trying to recon and get asked about your new inqs and accounts? Thanks for the advice!

really depends on his profile.

If inquiries are the ONLY problem on his CR, with everything else looking good (low utilization, no derogs, etc), then it's usually not that hard to explain, especially for Chase. My advice is to be honest and straightforward about the reason behind all those inquiries, unless he was churning cards or doing manufactured spending like some madman.

Re: Too many inqs

youngandcreditwrthy — Fri, 13 Sep 2013 02:17:08 GMT

STOP APPING FOR SIX MONTHS. That will solve the prob.
Most inqs Ive ever had is 11 in two years.
This is one things lenders will not forgive a lot of times,esp since inqs leads to new accounts and more potential debt. Barclay's is esp stupid with inquiry hate.

Ive never been one for "app sprees" for this reason. Super risky behvaior.

I do love sign up bonuses and free stuff. I guess lenders don't like you to fall for their sign up bonuses and cheap credit too much lol...

Re: Too many inqs

navigatethis12 — Fri, 13 Sep 2013 03:01:18 GMT

I just say that I was applying for offers that were sent to me or asking for an increase, and it's true. Experian at this point has 28 inquiries(14 this year) and really don't get asked about them. PNC didn't say anything when I spoke to the analyst for an increase, American Express instantly approved for 12,000 after I gave the PIN, First National Bank of Omaha gave a 5000 increase(soft), and Citi recently approved a business card for 7000 (other cards I have with them may be the reason for the low limit) without me having to speak with anyone. I only have a three year history, but I have 1-5% utilisation at all times and a perfect payment history.

I reckon if everything on the report is fine then you won't have a problem when it comes to inquiries, as long as you can speak with a human.

Re: Too many inqs

Pat94108 — Fri, 13 Sep 2013 03:20:04 GMT

12-15 inq? I guess I was worrying for nothing with my 6 inquiries lol. I guess if he has a good reason--mortgage, auto loan etc.--but otherwise I agree with those who said he should wait a few months to get new credit.

Re: Too many inqs

djc1puno — Fri, 13 Sep 2013 03:39:27 GMT

Thanks guys! I will relay the info and he already burned the inq so he is just getting some input on his recon

Re: Too many inqs

FinStar — Fri, 13 Sep 2013 03:54:08 GMT

@djc1puno wrote:
Thanks guys! I will relay the info and he already burned the inq so he is just getting some input on his recon

Best of luck on his efforts. Let us know how it turns out for sure!

Re: Too many inqs

djc1puno — Fri, 13 Sep 2013 04:46:41 GMT

will do, Fin

Re: Too many inqs

Give_Me_Credit_Please — Fri, 13 Sep 2013 04:47:07 GMT

I think I got EVERYONE beat in inquiries!! 72 inquiries!! BUT half of them are falling off soon or latest end of this year. I went on a extremely stupid app spree. Even with this many inquiries, I just got approved for the Barclay Rewards Mastercard!! I didn't believe it!! Even though it' only a $500 cl but getting approve for Barclay is hard even specially with this many inquiries. Also got approve for BOA secured, and Firestone cc with $1200 cl. So inquiries is important but not as important as your profile and payment history.

Re: Too many inqs

FinStar — Fri, 13 Sep 2013 04:50:22 GMT

72???

LOL

Re: Too many inqs

myjourney — Fri, 13 Sep 2013 05:02:49 GMT

@Give_Me_Credit_Please wrote:
I think I got EVERYONE beat in inquiries!! 72 inquiries!! BUT half of them are falling off soon or latest end of this year. I went on a extremely stupid app spree. Even with this many inquiries, I just got approved for the Barclay Rewards Mastercard!! I didn't believe it!! Even though it' only a $500 cl but getting approve for Barclay is hard even specially with this many inquiries. Also got approve for BOA secured, and Firestone cc with $1200 cl. So inquiries is important but not as important as your profile and payment history.

72 makes you second best around here

Top person has 82+

Last week I saw him app again so it could be 90 now