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@My_Fako wrote:(^ you keep thread jacking.)
Can't help myself tonight... sorry lol
My Mom was a Thread Jacker, think it runs in my family...
Ahh, yes, it's very hard to fight genetics.
My personal number is 3 on any given report. For me 3 would be too many. If I already have 2 on a credit report and a third one would be pulled, I typically just wait till one of the older ones falls off.
I only apply for a new card at most about once every 12-24 months. I actually just got the Chase CSP yesterday, but before that my last card was the CIti DC about 14 or 15 months ago. I also rarely ask for HP CLIs since I'm perfectly content with my current limits, PIF, and even before I PIF never really get out of the single digits for utilization - so I just don't really need CLIs. I haven't checked since the CSP app, but my credit reports should show 2 inqs on 1 and 1 inq each on the other two, with all but the newest inq falling off in the next year.
But I know that's really low by most people's standards. I'm just not actively pursuing new credit or working on improving anything. I'm just in an on-going maintenance state.
However many I have is too many.
@OroroMunroe wrote:After reading a few threads about cards that are inquiry sensitive, I'm left wondering how credit grantors decide how many inquiries are considered too many. For example, do they have a certain number that they are guided by? I recently applied for and was approved for a card that most folks on the forum have labeled "inquiry sensitive" (Nordstrom). I have an obscene number of inquiries because I can't seem to stay in the garden (maybe because it's too cold outside- haha), and my scores are not great (I haven't broken into the 750 club). What are your experiences? How many are too many? 5? 10? 30? I look forward to your responses!
This implies that your scores are well above 700, but shy of 750.
A higher score, all else equal, will be something the bank likes to see. INQ become less of an issue the higher your score goes.
Someone with 620? and 20 INQ? Might have a bit of a challenge getting the Nordstrom card.
On the other hand, if you tried to get a Simmons Bank or FNBO card, yeah, the INQ and a bunch of new cards along with it would probably be a deal breaker, even if you were 750+.
@Anonymous wrote:This my opinion on inquiries. Yes it's better to have as few as possible but I think people here in general tend to be scared of applying after hearing about cc companies that are inquiry 'sensitive'. I heard that about Citi. Heard it about Barclays and other creditors and not once have I been denied due to inquiries and I had more than 10+ before I applied for my first Citi and Barclays cards. Yes, credit card companies list 'too many inquiries' as denial reasons but I believe that they just throw that out there to cover the requirements of the FCRA. Most often there is something else in that person's credit file that caused the denial and had those other unstated reasons not existed, they would have been approved regardless of the number of inquiries.
Yep! I had 15 inquiries on Equifax, 13 on Transunion, and 11 on Experian, and Citi Double Cash Back approved me for $3100! And within the same week, Capital One approved me a Quicksilver Visa with $3000.
It all depends on your credit file, as you state.
Scores as of 02/01/2016 = Transunion 717, Equifax 712, Experian 645
I don't feel so bad now.
I currently show 1 on EQ, 3 on TU, and 7 on EX, EX is the only one I'm concerned with.
Unfortunately, the only cards I want to get this year are from Chase, who seems to pull EX exclusively in my state so I'll just have to suck it up and cross my fingers.
As others have mentioned it really depends on a case by case basis. For me, personally, I think the 10 I have on EQ is a lot. However, more than half of them are falling off in the next 6 months so I'm not too worried since the inquiries stop hurting you after the first year.
I've been on pace to apply for about 2-3 cards a year. Once I achieve the ones I want in December 2016 (if it happens) I'll quit applying for anything as I'll have everything I want. EQ inquiries are 1 (Discover) TU has 3 (including Amazon) and EX has (I think) 3 also. If you're a thin file rebuilder adding 20 inquiries to each CRA, you're doing it wrong.
If you're denied because of inquiries that means the rest of your profile is extremely boarderline & marginal. In such a case, even if you had no inquiries and were approved you'd probably end up with a low limit.
There are so many other factors that are much more important than inquiries. It varies with the lender of course, but I'd prioritize working on the following: eliminating derogs (just stating the obvious), low util, history with a lender, general credit history (length & high limits).
New accounts in particular are different than inquiries. I do think there are some lenders out there that are really conservative about new accounts (Barclays, FNBO, US Bank, Penfed come to mind, and Chase with their 5/24) and might even deny people with strong profiles if they open too many accounts too quickly.