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According to CK I now have 8 inquiries. In the last 12 months, I got a citi DC, Amex BCE and Now Chase AARP Visa. I also opened a Walmart and Amazon store card.
I was advised by H&R Block to get a small business card for an independent contractor gig for expenses while I'm on the road. I applied for the AARP card instead but now am not sure if that was a very smart move. The only thing I would get now is a small business card for my deductable business related expenses but I'm thinking it would be better to just use a personal card for now.I
I'm just wondering how long to wait. I'm sure my scores will take a major hit from adding another card, they always do
Major expenses will be gas, food and motels.
Whether you have 8 or 9 it isn't going to make a difference so you might as well apply if you want another card. If it's a business card it might not even report on your personal credit report and won't drop your AAoA or score.
You can use your personal credit cards for business expenses and reimburse yourself for those expenses. Just keep all your receipts and documentation and you will be fine. I use my personal cards for some of my business expenses for better rewards per $ spent rather than my 3 business cards.
The pluses of getting a business card is that it doesn't report on your credit reports and to get additional sign-up bonuses, Capital One business cards do report though.
Therefore, use the card that gives you the best bang for your buck and if a business card doesn't give you the same as your personal card then you don't need a business card. Just somethings H&R Block won't tell you.
Unfortunately, there's really no good single, hard-and-fast answer to that question. This is because every issuer has different perspectives on how many inquiries can show up on someone's credit report before they start getting uneasy about how aggressively the applicant appears to be seeking credit. What I can say, though, is that the general rule of thumb is, the fewer inquiries on any specific credit report, the better. That's one reason why "gardening" is such an important thing in this community; taking a lengthy break from applying for new cards or doing other things (such as requesting credit line increases) for which hard pulls are required will allow existing inquiries to age (after 1 year, inquiries cease to have an effect on a credit score) or, at 2 years, to delete from one's reports entirely.
I have a total of 21 inquiries across the three major bureaus - 9 on TransUnion, 8 on Equifax, 4 on Experian. At least half of these, probably more now, are 1 year of age or more, and at least one TU inquiry will have aged to 2 years and disappeared by the end of this year. I'm gardening until at least after New Year's, at which time I'm planning on joining Navy Federal CU and applying to them for at least one of their cards. NFCU is famous for being friendly to rebuilders and at that point, having refrained from new account openings for at least 6 months (hopefully more if I can make my willpower last that long!!!) ought to assuage any concerns about "pyramiding" debt.
I tried to get a PRG right after I got my BCE and got declined. Too many new accounts, too many inquiries, not enough time with current accounts, balance to limit ratio across all accounts is too high, lack of installment loan information, you failed to scoop up after your dog, etc..... They only gave me $500 on the BCE so I figure even if I apply with a legal business name and EIN it will still be an instant denial.
Citi couldn't pre-qualify me for anything so I was afraid to try, I really don't want to waste a HP on a denial.
I recently joined AARP, received an invite to apply for the Visa card and was instantly approved. A friend then pointed out that what AARP sent me was an advertisement, not a pre-approval.
I'm finished applying for personal cards for now. Maybe wait 6 months or so before I start looking at a business card.
@Anonymous wrote:Too many new accounts, too many inquiries, not enough time with current accounts, balance to limit ratio across all accounts is too high, lack of installment loan information, you failed to scoop up after your dog, etc.....
Classic! We've all heard the script read to us at one point or another, time to lay low and enjoy the new additions you have.
Just realize just because a credit application letter states too many inquiries doesn't mean that has anything to do with your rejection. I don't think Amex cares about inquiries at all. Citi might care for the prior 6 months but I had 7 in the prior 6 months and got approved for a 12k limit card from them.
Similiarly to when you should buy new underwear, if you are asking the question, then you probably already have your answer.
@Cred4All wrote:
@Anonymous wrote:Too many new accounts, too many inquiries, not enough time with current accounts, balance to limit ratio across all accounts is too high, lack of installment loan information, you failed to scoop up after your dog, etc.....
Classic! We've all heard the script read to us at one point or another, time to lay low and enjoy the new additions you have.
The vast majority of the time, what it really comes down to is "Our computer doesn't like your profile, so no new card/CLI for you!" So you usually have to go to hands-on human recon to find out the real reason, unless you're savvy enough to sort through the auto-generated denial letter to figure out what it might be.