Advice on Inquiries and Utilization

[Peach331]

Hello everyone. I’m looking for advice for a friend. Here’s the situation:

Fico scores are:
Ex: 702
Eq: 690
TU: 736

(From the Experian site)

There are no baddies or lates
Average credit age is 8 years

Util: 46%

Income: 75K

Inquiries across the board: about 10 each

New accounts: 5 new credit cards and 1 installment loan within the last 3 months.

He’s trying to get one more installment loan for at least 5k. He recently joined Penfed but they denied the rewards card and the PLOC stating too many inquiries, high utilization, and new accounts opened.

He had a few emergencies so he had to use a lot of the credit immediately. He still has some personal debt to take care of. All of the soft pulls he’s been doing has said no due to the same reasons as Penfed (Prosper, Sofi, lending club, Avant)

Question: Is there a debt consolidation loan company that will approve him right now? He doesn’t qualify for NFCU.

Question 2: How long does he need to go in the garden for these accounts and inquiries to no longer qualify as new?

Question 3: Do lenders see soft pulls?

Thanks in advance

[SouthJamaica]

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@Peach331 wrote:
Hello everyone. I’m looking for advice for a friend. Here’s the situation:

Fico scores are:
Ex: 702
Eq: 690
TU: 736

(From the Experian site)

There are no baddies or lates
Average credit age is 8 years

Util: 46%

Income: 75K

Inquiries across the board: about 10 each

New accounts: 5 new credit cards and 1 installment loan within the last 3 months.

He’s trying to get one more installment loan for at least 5k. He recently joined Penfed but they denied the rewards card and the PLOC stating too many inquiries, high utilization, and new accounts opened.

He had a few emergencies so he had to use a lot of the credit immediately. He still has some personal debt to take care of. All of the soft pulls he’s been doing has said no due to the same reasons as Penfed (Prosper, Sofi, lending club, Avant)

Question: Is there a debt consolidation loan company that will approve him right now? He doesn’t qualify for NFCU.

No one legitimate.

Question 2: How long does he need to go in the garden for these accounts and inquiries to no longer qualify as new?

Truthfully, 13 months. After 7 months he might have a better shot. But if he applies at 7 months he should make 1 application only. And if he's denied he should wait another 6 months.

Question 3: Do lenders see soft pulls?

I don't believe so. But they wouldn't care if they did.

Thanks in advance

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[Anonymous]

Have you thought about adding him on one of your cards as an AU to help drop his UT?

[Peach331]

Ok great I’ll tell him to give it some time. Unfortunately his credit is better than mine. I’m rebuilding.

[Anonymous]

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@Anonymous wrote:
Have you thought about adding him on one of your cards as an AU to help drop his UT?

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If it's a friend and not an immediate family member (same last name, maybe same residence, etc) there are anti-abuse measures in place to prevent the card from "counting" depending on scoring model.

[HeavenOhio]

You're the only one who can view your soft pulls. Lenders don't see them.