topic Re: inquiries in Credit Cards

inquiries

Anonymous — Fri, 27 Sep 2013 08:52:51 GMT

when do they become a problem? like some of you know i have around 60 on each bureau? if its based on the fact that each inq drops between 2-5 points, i would have an ULTRA low score. my lowest across the board is 660 and the highest is 695. keep in mind that my credit report is not spotless, i have paid chargeoffs (five), but other than that have not been late on anything since 09. please help me understand more. still learning as i go along. thanks in advance.

Re: inquiries

azguy13 — Fri, 27 Sep 2013 11:59:38 GMT

Inquiries will drop your score but after a certain amount they really have no impact. I would say your issue would be an auto decline because of the number of inquiries or if an app goes into manual review because 60 inqs will scare away most underwriters. Your best bet, IMHO, is to garden and let some of those drop off.

Keep in mind that INQs only effect your CS for the first year, but will stay on for 2

Re: inquiries

silverzgirl — Fri, 27 Sep 2013 12:07:52 GMT

My score on CK dropped 8 points and my Vantagescore dropped 14 for ONE inquiry. According to CK, I now have 10. At 669 I cannot afford to nosedive.

Re: inquiries

takeshi74 — Fri, 27 Sep 2013 12:23:46 GMT

@Anonymous wrote:
when do they become a problem?

Like many questions here there isn't a one-size-fits-all answer. It all depends on your specific credit. If your credit is strong enough you'll be able to handle many inquiries. If you have a thin or weak file then you won't be able to handle as many.

It also depends on the lender's criteria. Some are more inquiry sensitive than others.

This isn't what you're looking for but they're a problem when inquiries are stated as the main reason for denial.

Re: inquiries

Anonymous — Fri, 27 Sep 2013 15:42:41 GMT

@takeshi74 wrote:
@Anonymous wrote:
when do they become a problem?
Like many questions here there isn't a one-size-fits-all answer. It all depends on your specific credit. If your credit is strong enough you'll be able to handle many inquiries. If you have a thin or weak file then you won't be able to handle as many.

It also depends on the lender's criteria. Some are more inquiry sensitive than others.

This isn't what you're looking for but they're a problem when inquiries are stated as the main reason for denial.

They can also cause less than ideal terms. IE get approved but with a high APR.