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How many is too many?
I always thought 6 was "a lot" and frowned upon by lenders.
But since I've been on this forum I've seen people with twice as many get approved for more cards or auto loans, ect.
And how many does one consider "too many" in 6 months or within a year?
I'm really enjoying my time on the forum & learning new things everyday.
ETA: I'm really trying to garden so practicing heavy self control not to app.
@MoreRewards wrote:
How many is too many?
I always thought 6 was "a lot" and frowned upon by lenders.
But since I've been on this forum I've seen people with twice as many get approved for more cards or auto loans, ect.
And how many does one consider "too many" in 6 months or within a year?
I'm really enjoying my time on the forum & learning new things everyday.
It all depends on the size of your CR's and the history it displays
There's no one size fits all
It has been said to me it depends on your file and what they are from.
8 Inquiries on a file with 10 years of history and 20 accounts not a big deal
8 inquiries with 12 months of history and 6 accounts would be high risk. Not to mention what is in the TL's history.
@MoreRewards wrote:
How many is too many?
I always thought 6 was "a lot" and frowned upon by lenders.
But since I've been on this forum I've seen people with twice as many get approved for more cards or auto loans, ect.
And how many does one consider "too many" in 6 months or within a year?
I'm really enjoying my time on the forum & learning new things everyday.
Each lender has their own underwriting guidelines to assess any risks associated with overextension of credit (amongst other factors). Typically, the longer and thicker established files can usually "cushion" a weighted number of inquiries. By contrast, the thinnner/shorter files lend to a higher risk on behavioral scoring. All lenders evaluate things differently under their own underwriting lenses. The more conservative the lender, the less chance of approval with even 2-3 inquiries <12 months. Other lenders can have a more liberal U/W algorithm depending on other factors from your CR history, CS, etc. What may seem excessive to one lender, may not be so for another.
While FICO tends to lessen the weight on inquiry impacts after 12 months, some lenders can still count those inquiries from 0-24 months, which would include any recently opened accounts within such timeframe. What is often diluted on these forums are scenarios in which individuals get declined with that factor being listed as one of the reasons only to use the reconsideration channel as a method to appeal such decision and get approved (even if it is with unfavorable terms). So, folks who may have 10 or 14+ inquires can get approved via this method in some cases.
this topic is interesting we all know less inq is better but when I first started sometime last year becoming credit obsessed I cared so much about inq and was afraid they would stop me from getting approved...I have yet to be denied for too many inq much to my surprise and I keep applying for things and kinda have the keep applying until I get a reason to stop mentality. I have over 10 inq in the last year and just yesterday got approved for bmw financing at 3% and my avg age of account is <2.5 years so its not like i have some great long history........So for me atleast, Inq havent stopped me from anything I have personally applied for....ofcourse YMMV
@Xer0_SiN wrote:
i want to leave this here, just to show that im not joking about my inquiries.
[IMG]http://i423.photobucket.com/albums/pp316/xer0_sin/0ea0959d9d18b0970ea72f5e86e75f2e_zps71026df9.jpg[/...
Lol i get scared when i am nearing double digits in inquiries
@MoreRewards wrote:How many is too many?
I always thought 6 was "a lot" and frowned upon by lenders.
But since I've been on this forum I've seen people with twice as many get approved for more cards or auto loans, ect.
And how many does one consider "too many" in 6 months or within a year?
I'm really enjoying my time on the forum & learning new things everyday.
ETA: I'm really trying to garden so practicing heavy self control not to app.
I have 6 inquiries on EX within last 2 weeks of Sep this year. 5 on TU and 3 on EQ. Before the app spree, i were in hiatus for almost 2 years