@Fico2Go wrote:
on the actual # of new accounts recently opened or # of HP INQs on a credit report as much as the ratio of new accts to old accounts and ratio of new inquiries to old inquiries.
Some people have reported having dozens of INQs but are still getting approved while others have less than a few with good credit and income but getting denied.
It's also interesting to note that many have reported success from a first app spree but not as successful on sebsequent sprees.
Just interested in seeing what others think ....do CCCs look at the actual number or ratio of inquiries, new accounts, etc..?
There are a number of factors at play and you can't just single out one. Impact of inquiries will vary. If it was just a matter of ratio then I should have been denied long ago as I've added 11 new accounts over the past year. It's one's overall credit profile that determines how much of an impact inquiries will have. That's why inquiries are frequently cited as a denial reason for those with thin profiles even if they have just a few inquiries whereas a person with a thicker profile could have many more inquiries and not see inquiriies cited as a reason.
@Fico2Go wrote:
It's also interesting to note that many have reported success from a first app spree but not as successful on sebsequent sprees.
It's only surprising if you assume that one's credit is static. It's not. Adding those new accounts from the first spree would have an impact on one's credit. During the spree the HP's would show up immediately but new accounts don't report instantly and would not impact AAoA until reported. During the first spree the AAoA hits might not be accounted for when apping but they would be factored in during the second spree. Any other changes to one's credit between the sprees would also matter so one can't just assume the same results from one spree to the next.
@Fico2Go wrote:
do CCCs look at the actual number or ratio of inquiries, new accounts, etc..?
Creditors aren't all identical so what they're focusing on can vary. That's why PenFed, for example, is known for citing "pyramiding" as a denial reason where another creditor might not be concerned.
@Fico2Go wrote:
I'm still learning what thick files mean. Does it refer to having 10 or more active TLs? A certain # of inquiries? AAoA?
What exactly makes a thick file?
There isn't a hard line. It's a relative term. If we knew the details of the scoring algorithms we could probably determine a range where a profile was considered thick but we don't have that information. Next best is to start with the usual factors and use some reasoning to sort it out:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
Thick generally means:
- More positive payment history without derogs
- Higher AAoA (more Length of Credit History)
- Better credit diversity (Types of Credit Used)
- Greater number of accounts
However, not all of above are necessarily required. One can have have an established profile with fewer but older accounts, for example.
