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How Many Inquiries are Too Many?

Established Member

How Many Inquiries are Too Many?

Background: Filed Ch. 7 BK in 2016, discharged Oct 2016. Rebuild started in earnest October 2017. I got the secured Cap 1 in early 2017, but didn't expect much, so I didn't apply anything else before joining the boards here. Since then, I've been approved for the following credit cards: $12K Discover, $3K Ally, $500 Cap 1 converted to unsecured, $3K Cap 1 QS later increased to $3500, $400 Walmart, $500 Children's Place, $300 Kohl's, $800 Ollo, $700 Merrick (doubles to $1400 after 7 months of on time payments), and a Best Egg personal loan for $20K. My revolving utilization is less than 1%. 


Current scores per FICO are 665 EQ, 653 TU, 672 EX. I'm disputing a few things on Experian that probably wont' help much, but they're inaccurate. Per Credit Karma, Credit Sesame, and Credit.com, all three are in the 700's, so I'm sad to see how inaccurate they are, but I'm still moving forward. I was barely at 600 after filing Ch. 7. 


My question is, according to FICO, TU and EQ both show 3 hard inquiries in the last year, Experian shows (more accurately) 8. I want to try for a PenFed card since I bank with them and want to get back in with a CU (burned NFCU in the BK. DIdn't want to, but had no choice and heard from my sister that someone she knows paid them back after BK and they still won't extend credit, so I'm not doing that), but don't want to tank my score or hurt my chances and 5 of the 8 will come off in October of this year. What do you all think? For some reason, FICO shows a combined 17 inquiries, but I know I applied for a lot of things in October to start my rebuilding process. Would you apply now or go in the garden for a while (maybe 6 months to a year)? Just wondering where more experienced posters would suggest to go for now. Any advice would be appreciated!  

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3 REPLIES
Valued Contributor

Re: How Many Inquiries are Too Many?

I would wait with Penfed.   I applied at years post discharge and got denied and denied again on recon.   I did just get approved a few months ago for 20K.  They are an odd duck.   I think they are now using EQ FICO 09 so you should know what that score is before applying.   The other thing about Penfed is it is rumored that if they let you in with a small limit, like 2K, they will bucket you and keep you from getting the much higher credit limits you would have received had you waited to apply later.   Just my two cents.

FICO 08: EX-698, EQ-732, TU-705 - [8/2/2018]
FICO 09: EX-748, EQ-775, TU-748 (8/2/2018)
Mortgage: EX-737, EQ-712, TU-748 - [8/2/2018]
NFCU NavChk 15K | NFCU Visa 6.99% 31.5K | CapOne Venture Visa 50K | Barclay Aviator MC 9.5K | Discover It 24.4K | Alliant 3% Cash Back Visa 25K | Penfed Promise 20.5K | BECU Visa 10K | BECU CLOC 10K | DCU Visa 10K | BofA AK Air Visa 5K | Citibank secured 1K | Amazon Prime 10K
221.9K Total Revolving.
Share Secure Loan Alliant $94 Balance/$15,000
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 2 of 4
Established Member

Re: How Many Inquiries are Too Many?

That’s great info! How long post DC were you approved? Also, what do you think about me going into the garden at this point? Good idea or not yet?
Message 3 of 4
Valued Contributor

Re: How Many Inquiries are Too Many?

I would think that more than 3 would be a problem with a recent BK.

I would not apply for any more store cards for sure.

I would also check in to how the best egg loan affects your credit.

 

 

Credit rebuild started 01/01/14  -  $100k cc cl goal achieved 10/01/17  -  In the garden with $200k unsecured credit.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                 5%-20% - Amazon              5%-10% - Lowes           5% Gas & Sporting - Ducks Unlim
4% Dining & Entertain - Savor        3% Airlines & Hotels & Car Rental - Propel            2% Everything Else - Venture


    $ 30,000          $ 28,500          $ 25,750          $ 17,500           $8,000             $ 7,500             $ 4,000            $ 3,500        

                                   
                                                      $ 30,000           $ 10,000         $ 10,000           $ 4,000    
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