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@Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?
I'm guilty of the 6 month app and I'll explain
Every 6 months two things happen
(1) apply for new cards ...cards age to 6,12,18, 24
(2) INQ's age to 6, 12, 18, 24 and drop
They stop hurting my score at 1 year
So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle
eta I also spread out choices of cards over the 3 CB's
@myjourney wrote:
@Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?I'm guilty of the 6 month app and I'll explain
Every 6 months two things happen
(1) apply for new cards ...cards age to 6,12,18, 24
(2) INQ's age to 6, 12, 18, 24 and drop
They stop hurting my score at 1 year
So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle
eta I also spread out choices of cards over the 3 CB's
But are these apps needs or wants???
@LS2982 wrote:
@myjourney wrote:
@Stonemanmv wrote:
Hi everybody. I'm wondering how many inq's is to many? It looks like some people app every six months. Wouldn't those really add up?I'm guilty of the 6 month app and I'll explain
Every 6 months two things happen
(1) apply for new cards ...cards age to 6,12,18, 24
(2) INQ's age to 6, 12, 18, 24 and drop
They stop hurting my score at 1 year
So after 2 years every 6 months I have INQ's falling off while all cards age together allowing me to ....wash rinse and repeat cycle
eta I also spread out choices of cards over the 3 CB's
But are these apps needs or wants???
They vary between 3-5 cards December spree was 4 cards this spree was 4 cards a year ago in June it was only 2 card spree
Always only what I need
I forgot to add that the 6 months i'm not applying for cards I'm trying for SP CLI's again every 6,12,18,24 months
@09Lexie wrote:
Too many depends on the individuals cr. thick files can usually handle more inq's than thin files. Keep in mind inq's stop counting against your FICO after 1yr.
+1. Keep in mind inquiries is basically just to let other lenders know how frequent and active one is at seeking credit.
People with good thick files already has a lot of data history for credit companies to analyze their risk exposure, so they're more likely to get away with a higher number of inquiries assuming everything else on their CR checks out fine. Whereas for a thin file, there's only so much data for the bank to work with, so they're forced to assume worst case scenario for a lot of things. As a result having 5 inquiries in past 12 months can sometimes be flagged as excessive for people with thin files.
Regardless, having an excessive amount of inquiries over a short period of time (i.e. 20+ inquiries in a 1 year period) can be interpreted as one being desperate for credit, and that should be avoided to prevent AA.
Ohh Geez i have 39 lol.. thats just with equifax.. TU... 18 now 2 were removed was 20.. man dunno experian.. databases are being updated atm. Cant wait until aug though because august last year i went crazy and thats where most of these came from so if they impact less in a yr im about to have it made i hope! So when say 15 fall off what does this equate to a point wise, maybe 1 point for each??
@mcf wrote:Ohh Geez i have 39 lol.. thats just with equifax..
Thats why your gardening for awhile