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What do Lenders view as too many inquires? I think I've had 6 in the last year and 3 are related to my recent purchase of my home.
@bellrod44 wrote:What do Lenders view as too many inquires? I think I've had 6 in the last year and 3 are related to my recent purchase of my home.
It depends what you are applying for. I would say as a general rule, try to keep in under 3 every 6 months. Multiple apps for a home loan should be grouped as one if they were done close together.
Sub-prime lenders will be okay with several INQ's on your report, while "ultra"-prime lenders will even be uncomfortable with a couple INQ's.
What are your credit score? What are you looking to apply for?
I had like 16 HPs on my EQ report, 8 on my TU, and 9 on my EX. I got approved for CSP but denied for too many inquries by AMEX for the BCP. YMMV depending on the lender but I think Dustink is on the money. I'm gardening now to rid myself of those pesky inqs.
@Omaplatypus wrote:I had like 16 HPs on my EQ report, 8 on my TU, and 9 on my EX. I got approved for CSP but denied for too many inquries by AMEX for the BCP. YMMV depending on the lender but I think Dustink is on the money. I'm gardening now to rid myself of those pesky inqs.
Some lenders have analysts can look at the inquiries and see that they are from mortgage apping. (chase)...
Others do not have that flexibility. (Amex, Discover)
In my experience, Amex didn't care about my double digit inquiries when I apped for a charge card. Perhaps they care more when it comes to revolvers
@bellrod44 wrote:What do Lenders view as too many inquires? I think I've had 6 in the last year and 3 are related to my recent purchase of my home.
A recent CLI denial letter from Discover showed the "Too many recent inquiries in the last 12 months" reason code based upon my TransUnion report, which has 4 inquiries in the last 12 months. TU FICO at the time of the report was 736. The actual number varies based on the "bucket" you fall into based on your credit profile.
@Dustink wrote:What are your credit score? What are you looking to apply for?
My scores on 7/31 (Lender pulled) were:
EQ - 662
TU - 684
EXP - 676
This was over two months ago, so I'm assuming the scores should be higher with the on time payments I've made.
I'd like to get the Chase Freedom. Unless, someone can recommend a similar reward based card that will grow with me.
Chase Freedom seems like a good fit for your scores.
US Bank in my opinion has some better cards, but I think you will need to get your scores up a bit first.
Good luck, let us know how the app with chase goes.
Funny you mention USB. I was talking about them today. I wish they would give employees a break. I wouldn't mind the new Cash+ card. Do you know what kind of scores I'd need to qualify for them?
Are you an employee?
Do you have other ties to them, as in package checking and other credit cards?