topic Credit inquiries in General Credit Topics

Credit inquiries

Anonymous — Fri, 16 Nov 2018 07:58:56 GMT

Hello I recently started my credit journey and I got 15 inquiries in less than 7 months is this going to affect my journey

Re: Credit inquiries

Jnbmom — Fri, 16 Nov 2018 10:06:01 GMT

Yes stop applying. What cards do you have from those inquires? What does your credit look like, credit cards any negatives? Are you just starting out or rebuilding?

You need to post more info in order to get responses, is 15 inquiries alot in 7 months yes, but you need to post more info and not just a question when we know nothing about your profile..........................................

Re: Credit inquiries

RonM21 — Sat, 17 Nov 2018 18:03:53 GMT

@Anonymous wrote:
Hello I recently started my credit journey and I got 15 inquiries in less than 7 months is this going to affect my journey

Possibly. It depends on what the rest of your profile looks like. As well, I would say it also depends on how many overall inquiries you have, and how many with each bureau can make a diiference. First, you could lose several points per inquiry from your score. That lasts a year before it doesn't hurt your score. Also, depending on how many overall inquiries you have with each bureau, if a lender looked at your reports it culd be a concern for them.

But we can have a better feel for where you stand with more info.

Re: Credit inquiries

Anonymous — Fri, 16 Nov 2018 17:24:23 GMT

My profile is as follows my FICO scores are eq:657 tu:676 ex:680 I started 5 months ago in these 5 months I got 15 hard inquiries from trans union and 12 hard inquiries from Equifax

Re: Credit inquiries

Anonymous — Fri, 16 Nov 2018 18:50:46 GMT

Not enough information to really comment. It depends on the type of inquiries. If they were all for revolving accounts, I'd say that yes that's a lot to take on in 7 months and you need to hit the brakes.

It's not at all uncommon though for someone rate-shopping for loan (say an auto) to receive 10-12 inquiries on a single bureau like EX. Such a person may have 12 auto inquiries over the course of a week, but if properly coded those would be viewed and scored as a single inquiry. So if you had 2 revolver inquiries, 12 auto inquiries for a total of 14 on a single bureau, you'd really only be seen as having 3 inquiries; that's far less of course than the 14 that it would seem like on the surface.

Re: Credit inquiries

Anonymous — Fri, 16 Nov 2018 20:14:13 GMT

The iquiries were for revolving accounts trying to bring my utilization down

Re: Credit inquiries

Anonymous — Fri, 16 Nov 2018 20:15:50 GMT

Since iam new to credit I didn’t know that by applying to credit would count against me

Re: Credit inquiries

Anonymous — Sun, 18 Nov 2018 06:22:15 GMT

@Anonymous wrote:
Since iam new to credit I didn’t know that by applying to credit would count against me

It counts against you in more ways than just the inquiry, every time you add a new account, yes it can help with utilization (which can easily been achieved by paying the balance down before statement date without adding new accounts) but it will also lower your average age of accounts (AAoA) and reset your age of youngest accounts (AoYA) to 0 month, both are factors that can affect your score. This is also why advice were given in your other thread to stop applying and allow your profile/score to mature by aging these new accounts.

That is just the effects of "credit seeking behavior" have on your score, many lenders frown upon and view this behavior (high number of inquiries and new accounts within a short period of time) as high risk and will flat out deny you for that reason alone regardless of your score, judging by the number of inquiries compared to just a few accounts you have, I'm sure you have already experienced that.

Re: Credit inquiries

Anonymous — Fri, 16 Nov 2018 22:05:00 GMT

Thank you for your advice and believe me that I learned my lesson the hard way now I know. Beginners mistake

Re: Credit inquiries

CreditInspired — Fri, 16 Nov 2018 22:43:25 GMT

Also Obed, knowledge is power. While you’re gardening for the next 12 months, please read all the awesome advice given in these forums.

Re: Credit inquiries

Anonymous — Fri, 16 Nov 2018 23:40:19 GMT

Thank you I will

Re: Credit inquiries

Anonymous — Sun, 18 Nov 2018 01:09:09 GMT

How does the gardening club work and can I join with my profile

Re: Credit inquiries

Anonymous — Sun, 18 Nov 2018 02:45:19 GMT

Everyone can join the gardening club after paying the $50 annual fee, all profiles are welcome.

Re: Credit inquiries

Anonymous — Sun, 18 Nov 2018 02:54:29 GMT

How can I pay the 50 dollars

Re: Credit inquiries

Anonymous — Sun, 18 Nov 2018 03:00:30 GMT

Hold on let me get you my account and routing number.

I was just kidding , it's free to join , just go introduce yourself on the gardening thread and ask for the seeding logo.

Re: Credit inquiries

Anonymous — Sun, 18 Nov 2018 05:57:46 GMT

I was about to pay because i want to buy a house in the future and I want to garden my score

Re: Credit inquiries

Anonymous — Sun, 18 Nov 2018 06:10:15 GMT

@Anonymous wrote:
I was about to pay because i want to buy a house in the future and I want to garden my score

Sorry for messing with you.

In all seriousness, like I said in your other thread, get rid of that Credit One, 4 revolving accounts is more than enough to garden and build a solid profile, no need to pay fees to a predatory lender, they're one of the payday loans of credit cards. Another thing you're missing is an installment loan to give you a decent scoring boost through "credit mix", read through this Share Secure Loan Technique thread to learn how to obtain an SSL loan on the cheap. Good luck and see you in the gardening thread.

Re: Credit inquiries

Anonymous — Sun, 18 Nov 2018 06:14:01 GMT

You are forgiven thank you for your advice I will see how to get an installment loan

Re: Credit inquiries

Late2theGame — Sat, 24 Nov 2018 03:58:33 GMT

Additionally, and this is more my newb opinion for any one else who may stumble on this thread looking for credit inquiry answers, my guess is if you have high balances, and a lot of recent inquiries, you are even more likely to be turned away because of the red flags that Fico considers risky combined with the perception that you are over your head and grasping for straws.

Just a imo.... Sure someone will correct me if I am wrong, but till then something for people in a similar situation to consider.