@Anonymous wrote:I was shopping around for mortgage products in the past few months and now have about eight hard inquiries on my score report. I recenlty applied for and was denied a credit approval for some of the well known travel rewards CCs. My understanding is that these inquiries do not fall off my report for some time (two years?). Does this mean I need to wait two years before I can apply for another CC? Or can I simply wait like six months and apply again? I've already tried the "reconsideration line" at one of the CC companies to no avail.
The answer to your question is: depends on the bank.
Wells Fargo and Citi typically look back 6 month's when you apply for a credit card.
US Bank looks back 12 month's.
If the inquiries were your only reason for denial, 6-12 month's from now you should be fine.
Chase cards are a little stricter, no more than 5 new account in 24 month's... I don't remember their look-back period for inquiries.
No you don't have to wait 2 years, especially as inquiries become unscoreable after 1 year. So you should be good after a year, though some lenders will allow it even sooner, like 3-6 months.
@Anonymous wrote:
@chiefone4u wrote:
@Anonymous wrote:I was shopping around for mortgage products in the past few months and now have about eight hard inquiries on my score report. I recenlty applied for and was denied a credit approval for some of the well known travel rewards CCs. My understanding is that these inquiries do not fall off my report for some time (two years?). Does this mean I need to wait two years before I can apply for another CC? Or can I simply wait like six months and apply again? I've already tried the "reconsideration line" at one of the CC companies to no avail.
The answer to your question is: depends on the bank.
Wells Fargo and Citi typically look back 6 month's when you apply for a credit card.
US Bank looks back 12 month's.
If the inquiries were your only reason for denial, 6-12 month's from now you should be fine.
Chase cards are a little stricter, no more than 5 new account in 24 month's... I don't remember their look-back period for inquiries.
Correct me if i'm wrong, but those rules are based on opened accounts, not inquiries.
They have rules about new opened accounts, but they also have rules for number of inquiries in a set time frame.
The number of inquiries isn't a hard set rule once your profile is out of their Grey area.
Citi likes fewer than 2 inquiries in previous 6 months.
US Bank wants fewer than 6 in last 12 month's.
BoA likes no more than 1 in 3 months, 2 in 6 months, 3 in 12 months and 8 in 24 months (at least pre covid) -- BoA isn't as picky about inquiry rules if you have high income, low debt and less than half your income in available credit.
Wells Fargo tends not to like any competition previous 6 month's or following 90 day's... though they don't typically close your account after approval for credit seeking, they can limit future growth and credit products.
@Anonymous
As is true everywhere else in the credit world YMMV... their is always going to be that profile that to the naked eye looks questionable, and should fall into the above rules; however the bank sees something they like and ignores their own rules.