topic Re: How many inquiries is too much? in Understanding FICO® Scoring

How many inquiries is too much?

Anonymous — Fri, 20 Apr 2007 19:24:05 GMT

I haven't applied for a credit card since last july. Are two inquiries this year too much?

Re: How many inquiries is too much?

Tuscani — Fri, 20 Apr 2007 19:29:55 GMT

No.. and only INQs in the last 12 months go against your score. The previous 6 months hold the most weight.

Re: How many inquiries is too much?

Anonymous — Wed, 16 May 2007 17:25:27 GMT

Its states on my score watch alert that
"New inquiries on a credit report may lower the FICO score by a modest amount. Multiple inquiries can lower the score a little more than a single inquiry. But note that multiple inquiries within a two-week period are treated as a single inquiry."

So If I am shopping for new credit cards should I do it within the 2 week period and
is this true for all the 3 CRAs

Re: How many inquiries is too much?

Tuscani — Wed, 16 May 2007 17:40:24 GMT

inzaghi wrote:
Its states on my score watch alert that
"New inquiries on a credit report may lower the FICO score by a modest amount. Multiple inquiries can lower the score a little more than a single inquiry. But note that multiple inquiries within a two-week period are treated as a single inquiry."

So If I am shopping for new credit cards should I do it within the 2 week period and
is this true for all the 3 CRAs

The two week rule only applies to auto and home inqs.. NOT CCs!

And to correct my previous statement.. 12 month old inqs hold the same weight as 6 months old inqs.

Re: How many inquiries is too much?

Anonymous — Fri, 18 May 2007 05:44:26 GMT

I have over 12 inquiries with in 6 months and started to get turned down by most. I'd say 12 is too much. When I had less than 6 I didn't have any problems.

Re: How many inquiries is too much?

fused — Fri, 18 May 2007 21:29:37 GMT

I have over 113 inquiries with scores in high 700's...Just kidding!!

Re: How many inquiries is too much?

MidnightVoice — Fri, 18 May 2007 21:58:49 GMT

ilovepizza wrote:
I have over 12 inquiries with in 6 months and started to get turned down by most. I'd say 12 is too much. When I had less than 6 I didn't have any problems.

They seem to think more than two in 12 months is too many, even if one is for a cell phone

Re: How many inquiries is too much?

Anonymous — Fri, 01 Jun 2007 20:47:37 GMT

Here's something I learned and will be careful of next time. My husband and I just recently bought a new car. I did not know that the finance manager had ran credit checks with alot of banks just to get a great interest rate. A month later I went to apply for a CC to roll my other two credit cards into one to make payments easier. I was turned dow because there were too many inquires on my credit report. We got a good interest rate, but be careful when you go to by a new car. I had my credit report on private so I could stop getting all those stupid credit card offers in the mail. I think banks should pay a fee to run a credit check.

Re: How many inquiries is too much?

Tuscani — Fri, 01 Jun 2007 20:54:03 GMT

Many consumers get confused on auto and home inqs.. Most are under the impression that endlessly shopping around for 14 days won't hurt you..NOT TRUE. While FICO only calculates these Inqs as one.. EACH Inq still shows up and increases your overall Inq count. Thus, hurting you in a manual review or an automated approval system that checks Inq count.

Re: How many inquiries is too much?

Anonymous — Sun, 03 Jun 2007 18:13:10 GMT

From what I know a inquirey is only like 2 points so you would need quite a few. Six a year is viewed as average. Ten or more excessive.

Re: How many inquiries is too much?

MidnightVoice — Sun, 03 Jun 2007 18:29:38 GMT

Equifax does not like 4 in a year, only two for credit

Re: How many inquiries is too much?

Anonymous — Sun, 03 Jun 2007 18:50:23 GMT

And even 1 cell phone inquiry is too many ...

Re: How many inquiries is too much?

SoulSmilen — Sun, 03 Jun 2007 18:56:45 GMT

LOLOL.. I think I will always laugh at the cell phone thing.

Re: How many inquiries is too much?

Anonymous — Thu, 07 Jun 2007 19:21:49 GMT

Do you know how to get them off your account. I checked my credit today and it caused it to drop a couple of points? Then It went back up a couple of points....How long does FICO consider a year.. From the time it was checked or December 31? Can your score increae by at lease 20 points if you pay down everything and make monthly payments on time.. How do you get your score up?

Re: How many inquiries is too much?

rosieposie — Thu, 07 Jun 2007 19:39:32 GMT

One of my credit card companies has monthly posting of my FICO score on my online account. I notice that it will occasionally say I have had inquiries, yet I have not applied for anything or given permission for anyone to pull my credit. 2 questions: How can I find out who has made the inquiries, and can I moniter when inquiries occur? Can companies do unsolicited inquiries, and if yes, how can I stop it? Thanks

Re: How many inquiries is too much?

Tuscani — Thu, 07 Jun 2007 19:47:47 GMT

rosieposie wrote:
One of my credit card companies has monthly posting of my FICO score on my online account. I notice that it will occasionally say I have had inquiries, yet I have not applied for anything or given permission for anyone to pull my credit. 2 questions: How can I find out who has made the inquiries, and can I moniter when inquiries occur? Can companies do unsolicited inquiries, and if yes, how can I stop it? Thanks

When was the last time you checked your credit reports? You should check them immediately to rule out potential ID theft. Assuming the companies who pulled did not have PP you are $1k richer for each one.

See:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=3900

Message Edited by Tuscani on 06-07-2007 02:47 PM

Re: How many inquiries is too much?

Anonymous — Tue, 06 May 2008 18:05:07 GMT

This is why I recommend young folks get four or five credit cards as soon at their scores pass 700.

N.B.: "Getting" is NOT the same as "charging to the max."

This has several advantages:

1) If you're just starting out, you're not going to be looking for a mortgage. Mom and Dad are probably helping out with the car payment. So if your score tanks 20 points due to the inquiries, no big deal. Within a year it will pop right back up again...plus the gainage from showing up for your financial life on time for that year, and the benefits of low utilization. The youngster's score might drop from 700 to 675 from inquiries and new accounts, but within a few months, it will be back to 700, and after a year and a half, probably 730 or so.

2) This will place the young person in an excellent position to finance an automobile. Now, rather than starting out with one credit card, and having the installment loan chop the person's average age of accounts in half, the installment loan's new age will be weighed against the existing ages of the four or five maturing credit card accounts.

3) By college graduation, the consumer will have a FICO of 760 or so, credit limits in the $5-10K range, and be in a prime position to buy a home.

Re: How many inquiries is too much?

Junejer — Tue, 06 May 2008 18:37:56 GMT

Ah, TNWM, you make it sound so easy...

Re: How many inquiries is too much?

haulingthescoreup — Tue, 06 May 2008 23:08:55 GMT

TNWM, I agree with you. That has been my advice for my daughters, and it has worked. (DS was too headstrong, and did his thing before I learned how this works!)

But, good golly Moses, you're really cleaning out the basement with this thread, aren't you?!

edit: cna't speel...

Message Edited by haulingthescoreup on 05-06-2008 04:08 PM

Re: How many inquiries is too much?

Anonymous — Wed, 07 May 2008 02:43:29 GMT

TheNewWorldMan wrote: This is why I recommend young folks get four or five credit cards as soon at their scores pass 700. N.B.: "Getting" is NOT the same as "charging to the max." This has several advantages: 1) If you're just starting out, you're not going to be looking for a mortgage. Mom and Dad are probably helping out with the car payment. So if your score tanks 20 points due to the inquiries, no big deal. Within a year it will pop right back up again...plus the gainage from showing up for your financial life on time for that year, and the benefits of low utilization. The youngster's score might drop from 700 to 675 from inquiries and new accounts, but within a few months, it will be back to 700, and after a year and a half, probably 730 or so. 2) This will place the young person in an excellent position to finance an automobile. Now, rather than starting out with one credit card, and having the installment loan chop the person's average age of accounts in half, the installment loan's new age will be weighed against the existing ages of the four or five maturing credit card accounts. 3) By college graduation, the consumer will have a FICO of 760 or so, credit limits in the $5-10K range, and be in a prime position to buy a home.

This directly addresses a question I have had. I'm a 23-year-old student in grad school (3 more years til I graduate) with 1 CC (Visa) with a limit of $11,250. I have two current loans totaling $14,500 and two loans from undergrad that are paid off. I just checked my FICO score and it is 751 (down from 772 last July, prior to the two current loans). I also own my car outright. I'm wondering if I should get a second CC, and if so what company I should go with. Obviously my CL is more than fine now but I would like to take some proactive steps to continue my good credit scores. Any suggestions? Edited to add: I will definitely be taking out two or three more loans next fall, and probably the same in fall 2009. Don't know if that matters...

Message Edited by pez478 on 05-06-2008 07:43 PM