Newbie Questions

[Anonymous]

HI,

I am rebuilding my credit. My FICO is the 560/570 range. I have two personal loans (1 secured/1 unsecured). I had thought that it would be forever before I could get things in my own name....recently I have been able to get a cell phone account with no deposit. Then I applied for a CC with my CU and got approved. (surprised me :-) )

My questions are:

1. Define having too many inquiries...Is it 3 per month or like 10 or more?

2. How soon after you get a card do you ask for a CLI?

3. Is it better to ask for a CLI or get another card?

I am not looking to over spend, just get my FICO up so I can get a mortgage in about 3 years.....

Thank you in advance for your sugesstions.... 

[IOBA]

1.  Opinion varies.  Try for no more than one or two per six months.  Inquiries stay on your credit report for a full year.

2.  Wait at LEAST 6 months before asking for a CLI.  Often times, they will offer to you after 6 months.

3.  Opinion varies.  In my opinion, better to get a CLI, so you are not labeled as having too many accounts or too many new accounts. 

[Anonymous]

INQ's remain on you CBR's for two years and are included in you FICO score calculation for one year.

Message Edited by creditwherecreditisdue on 10-27-2009 11:15 AM

[DI]

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@Anonymous wrote:
INQ's remain on you CBR's for two years and are included in you FICO score calculation for one yeat.

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Best credit news I learnt this year.  That explains with 26 inquiries on my TU report my FICO score was still 771. 

[Anonymous]

The problem is that while FICO doesn't include them in the scoring process they are there for an issuer to consider (count) when you app. If they have a cutoff for "too many INQ's" they may be looking at two years worth and not one.

[IOBA]

Thanks for the correction Credit - I knew 1 year fit in there somewhere!  

[Itsmeagain]

Off topic but interesting.

Incedentally; I was just speaking with my LO at Alliant CU . . . . (Just purchased a Harley Ultra-Glide) . . . . and happened to ask about how inquiries affect their credit decisions.  With them, inquiries older than six (6) months are not considered in credit decisions.

Just thought you'd like to know that . . . . now, back in my Cracker Jacks box, wishing the rain would stop so I could RIDE!!! . . . 

[Anonymous]

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Itsmeagain wrote:

Off topic but interesting.

Incedentally; I was just speaking with my LO at Alliant CU . . . . (Just purchased a Harley Ultra-Glide) . . . . and happened to ask about how inquiries affect their credit decisions.  With them, inquiries older than six (6) months are not considered in credit decisions.

Just thought you'd like to know that . . . . now, back in my Cracker Jacks box, wishing the rain would stop so I could RIDE!!! . . . :smileyvery-happy:

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Now that is great information!