How many inquiries is too many?

[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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I thought 5/24 was 5 new accounts in 24 months.  Is it different for the Chase 5/24?

[Anonymous]

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@Anonymous wrote:
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.

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I know I might be stuck with my limit on this card (although it seems like a really low limit to be stuck on) and would likely get a higher limit with a  new app, I just don't know that I want to do that with Cap1 at the moment.  If I am at the point that CCC are saying I have too many inquiries, I would rather not pull all of them.  For example, on Experian I only have 6 inquiries, which I know is what AMEX uses.  Discover tends to go with Equifax, but has also pulled the other two.  I just don't want to waste a hard pull if that company is going to say I have too many inquiries already.

[Anonymous]

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@Anonymous wrote:

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

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I thought 5/24 was only Chase?  Either way, I haven't added any bank cards in the last two years.  I added three retail cards and those are my only new accounts, and actually all were done on the same day.  

[Hex]

Capital One has a pretty accurate prequalify site. If you have too many inquires for a new card then the prequalify should tell you that you don’t have any offers available. If you do have an offer you should be able to get another card with hopefully a higher CL. If it were me I’d hold out for a Regular QS, Venture, Venture1 or Savor offer because those cards give better starting limits. If you accept Platinum or QS1 you will probably get a small limit. Just remember if you actually apply it’s a triple HP.

[Anonymous]

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@Hex wrote:
Capital One has a pretty accurate prequalify site. If you have too many inquires for a new card then the prequalify should tell you that you don’t have any offers available. If you do have an offer you should be able to get another card with hopefully a higher CL. If it were me I’d hold out for a Regular QS, Venture, Venture1 or Savor offer because those cards give better starting limits. If you accept Platinum or QS1 you will probably get a small limit. Just remember if you actually apply it’s a triple HP.

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I currently have Platinum Preferred (I've never heard of this before, just Platinum), Platinum, and QS1.  I would like to avoid the triple pull if at all possible, but that Preferred actually sounds kind of nice - 0% for 9 months and a lower interest rate than the Platinum afterwards.  No rewards though, which is kind of the whole point but I could combine it with my QS1 after six months.

Edit:  I mean my current Pre-Qualify offers are what I mentioned, not that I currently have those three cards.  Only have QS1, which PCed from Platinum

[Hex]

I don’t have any experience with the Platinum Preferred. I have had a QS1 and a a Platinum. I have had the Platinum for about 20 months I PC’d it to a QS (really still a Platinum though) and have gotten the CLI up to $2250. I got a a real QS card last April with a $15K limit and a Venture Card in Oct with a $30K limit. The last time I did a CLI request for my QS (AKA Platinum) was a week ago and I got turned down for too many inquires. Your scores are improving a lot. It might make sense to just hold out for a better card. I think Cap1 basically has subprime cards which have low limits and Prime cards with good limits. I’d hold out until they offer you a Prime Card. Maybe the Platinum Preferred is a Prime Card I just don’t know. Hopefully someone else with knowledge of it could let us know what the growth potential of this card is. You can check the Cap1 prequalify site every an eventually they will offer you a great card.

[Anonymous]

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@Hex wrote:
I don’t have any experience with the Platinum Preferred. I have had a QS1 and a a Platinum. I have had the Platinum for about 20 months I PC’d it to a QS (really still a Platinum though) and have gotten the CLI up to $2250. I got a a real QS card last April with a $15K limit and a Venture Card in Oct with a $30K limit. The last time I did a CLI request for my QS (AKA Platinum) was a week ago and I got turned down for too many inquires. Your scores are improving a lot. It might make sense to just hold out for a better card. I think Cap1 basically has subprime cards which have low limits and Prime cards with good limits. I’d hold out until they offer you a Prime Card. Maybe the Platinum Preferred is a Prime Card I just don’t know. Hopefully someone else with knowledge of it could let us know what the growth potential of this card is. You can check the Cap1 prequalify site every an eventually they will offer you a great card.

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Doing a little searching on here, it kind of seems like maybe it is an entry level prime card?  Some people have offers with rewards, some don't.  Some have 0% intro offers and some don't.  Looks like people started mentioning it in November so it seems relatively new, there is only one thread that includes it that I can find.  One person that got it only received a $500 limit, but maybe it will easily grow?  The interest rate they offered me (17.99% variable) is the lowest mentioned, so that gives me some hope!  Once I am ready, I think I will try AMEX first, then Discover, and then go for the Cap1 if it still shows up in the pre-qualified offers at that point in time.  Not sure if I should try all in one day or spread them out over a few months and give them a chance to report hopefully higher limits which will lead to other cards with higher limits.  Thoughts?  Once I close on my house, I will be closing my CreditOne card, leaving me with just one bank card and I would like some options, but two has been sufficient for me.

[Hex]

I meant check the site every week. I think the fact that you have a prequal now shows they don’t really care all that much about those inquires and that it was just an excuse to deny a CLI. I’m guessing that that Platinum Preferred is probably a mid level card. If it is and they offered it to you then you are getting closer to qualifying for one of their best cards. If you take the Platinum Preferred now it will take longer to get one of their very best cards.

[Anonymous]

In 2019 I have quite a few baddies coming off of my reports, so I've got time!  LOL

None of the creditors are budging on removing them, so I just have to learn to be patient and accept my punishment!

[Hex]

Also when you get one of the Prime cards you will be able to get a sign up bonus if you meet the spending requirement. It might be helpful to plan how you are going to meet the requirement before you open the new account. This gives you time to plan.