How many inquiries is too many?

[Anonymous]

I applied for a CLI with my Cap1 QS1on Monday and was denied due to having too many inquiries.  They pulled EQ and I currently have 9 listed, one of which will fall of next week and 6 are from mortgage applications (close in less than a month).  I know sometimes they just give you a BS reason because they don't want to give you a CLI, but does anyone have any idea how many inquiries is too many?  After the one next week I don't have anything falling off until September and then the rest the following year.  I tried speaking to several people at Cap1 and they had no idea.  I plan on trying again after the one falls off next week, otherwise I guess I'm out of luck.  I pre-qual for several other cards, but am worried that if I apply I will just end up getting denied due to my inquiries...

[Anonymous]

The reason they give you isn't a reason for denial.  They denied you for some reason, they're pulled your FICO score, and the reasons listed are just FICO's reason why your score isn't higher.

Don't trust reason codes in denial letters.

If your FICO score is under 800, FICO will give you reason codes in the order of which ones are affecting your score the most.  "Too many inquiries" goes away if you let yourself get a bankruptcy and a bunch of late payments and close all your other accounts -- that's because those derogatories are way worse so FICO would list those first.

[Anonymous]

ABCD offers a great point. Most people like to typically have 5/24 which means no more than 5 inquiries per 24 months. However if you are sure that is the reason for the denial, you could go with a recon and explain that so many were for your mortgage. They may be willing to overlook them.

[Anonymous]

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@Anonymous wrote:
ABCD offers a great point. Most people like to typically have 5/24 which means no more than 5 inquiries per 24 months. However if you are sure that is the reason for the denial, you could go with a recon and explain that so many were for your mortgage. They may be willing to overlook them.

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You can't recon Capital One.  Don't waste their time or yours over a SP CLI request.

[Anonymous]

I'm planning on trying again next week after the one drops off.  If I don't get it, then I will just have to live with my current limit.  

What about new cards though?  After closing, of course.  If I have the pre-quals, am I likely to still get them even with the inquiries?  Discover won't leave me alone, I probably get at least three mailers a week from them and I would like to get an AMEX.  Most likely just going with one to start.  Is either one more inquiry friendly?

[Anonymous]

I had similar scores as you when I app'ed for my Amex blue. Small credit line but it'll grow fast.

[Anonymous]

What was your starting Q1 limit and where do you currently stand?

[Anonymous]

It started as a Platinum with a $300 limit, then went to $500 with credit steps. Next increases were to $750 and finally $850. Sometime over the summer I PCed to the QS1 but the limit did not change.

[Anonymous]

It may be more productive for you to just apply for a new Cap 1 card. A few board members have determined that Cap 1 may limit max limits on cards with specific origins as a rebuilder or starter card.

Some have gotten CLI denials and applied for a new card the same day and received a relatively high starting credit limit. Some then combine the credit limits for an even larger limit card.

[Anonymous]

Anything over 5/24? and not spacing your applications out when you apply possibly.