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Credit Spree and What is considered to Many Inquiries

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AvaMarie77
Established Member

Credit Spree and What is considered to Many Inquiries

My curent scores are 

 

624, Equifax 1 medical collection, 1 inquirie

684, TransUnion, No collection accounts, 2 inquries

662, Experian, 1 medical collection, 2 inquries

 

I am an authorized user on two accounts

1. GM Credit card one year old- $500 line

2. Capital One Platinum 13 years old- $455 line

 

 

My Credit Cards: 

 

1. Navy Federal CashRewards- $23, 600 4 months old

2. Navy Federal Platinum- $6400 (New from APP Spree)

3. American Express Blue Everyday- $2000 (New from APP Spree)

4. Merrick Bank- $1100 - 8 months old

5. Walmart- $1000 (New from APP Spree)

 

I have a few questions. Would it be best for me to be taken off as an AU on the GM Credit Card?

 

How many inquires is considered to many?

 

Is it time for me to "garden"? 

 

How can I boost my scores?

 

Any advice would be very helpful, I don't want to mess up no more then I already have. I wish I would have left Walmart alone but I got prequalification happy. 

 

Message 1 of 31
30 REPLIES 30
sarge12
Senior Contributor

Re: Credit Spree and What is considered to Many Inquiries


@AvaMarie77 wrote:

My curent scores are 

 

624, Equifax 1 medical collection, 1 inquirie

684, TransUnion, No collection accounts, 2 inquries

662, Experian, 1 medical collection, 2 inquries

 

I am an authorized user on two accounts

1. GM Credit card one year old- $500 line

2. Capital One Platinum 13 years old- $455 line

 

 

My Credit Cards: 

 

1. Navy Federal CashRewards- $23, 600 4 months old

2. Navy Federal Platinum- $6400 (New from APP Spree)

3. American Express Blue Everyday- $2000 (New from APP Spree)

4. Merrick Bank- $1100 - 8 months old

5. Walmart- $1000 (New from APP Spree)

 

I have a few questions. Would it be best for me to be taken off as an AU on the GM Credit Card?

 

How many inquires is considered to many?

 

Is it time for me to "garden"? 

 

How can I boost my scores?

 

Any advice would be very helpful, I don't want to mess up no more then I already have. I wish I would have left Walmart alone but I got prequalification happy. 

 


You have enough revolving credit to build on. You do not really need more, and the AU accounts are of little help as AU accounts are discounted in fico08, and fico09. If I were you, with your scores, I would PIF every month and sit in the garden. I would ask for CLI periodicly if it does not require a HP. A year in the garden, if you PIF with no derogetory reporting and your scores will probably be in the mid 700's provided the medical collections do not escalate to judgements or anything like that.

TU fico08=824 06/16/24
EX fico08=815 06/16/24
EQ fico09=809 06/16/24
EX fico09=799 06/16/24
EQ fico bankcard08=838 06/16/24
TU Fico Bankcard 08=847 06/16/24
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 2 of 31
AvaMarie77
Established Member

Re: Credit Spree and What is considered to Many Inquiries

Thanks so much for your response!!

Message 3 of 31
Appleman
Valued Contributor

Re: Credit Spree and What is considered to Many Inquiries

I agree, drop the AU accounts. You have a 5 figure credit line, those 3 figure credit lines are not likely to help you and if even a small amount is reported on them it could hurt the utilization for your portfolio.

Message 4 of 31
Anonymous
Not applicable

Re: Credit Spree and What is considered to Many Inquiries

Don't worry about inquries, very short term effect if any. People worry to much about them.
Message 5 of 31
Anonymous
Not applicable

Re: Credit Spree and What is considered to Many Inquiries

Garden garden garden! All your accounts are so new!
Message 6 of 31
Revelate
Moderator Emeritus

Re: Credit Spree and What is considered to Many Inquiries

Uh.

 

FICO 8 does count AU's, it just has an anti-abuse algorithm so that some AU's on individual credit reports are not counted.  FICO 9 isn't really used yet, and if suddenly the stay at home parent suddenly loses their credit score like happened with the initial FICO 8 rollout, we'll hear a similar outcry and a likely predictable similar response (FICO's backtracking).

 

Deleting AU's needs to be done with more rigor, namely, what are the open dates and payment history on the AU's vs. the rest of your cards?  If it's non-trivially longer and is a clean tradeline, I'd never whack an AU: it might get discounted, OTOH it might *not*.  I play for credit score maximization, why would I leave points on the table needlessly?  If I had a pretty AU I'd keep it and I'd challenge anyone to provide one reasonable explanation why it makes sense to pre-emptively airstrike them in that scenario.

 

You can always, always delete it later if a late or whatever shows up, and the limits in this question are so irrelevant that you'll lose what, 10 points even if they're maxxed out?  /yawn.

 

If it's an ugly AU, then kick it to the curb... otherwise hold it for now.

 

ETA: FICO 04 and earlier absolutely do count AU's, and those (EQ 04, TU 04, EX 98) still underwrite 99.99% of the mortgages in the United States and as such in my estimation is way more important than any FICO 8 pull and absurdly more so than any FICO 9 one currently.  Optimize for the most expensive purchases in one's life from a credit scoring perspective, if some other credit score discounts them so what?

 




        
Message 7 of 31
takeshi74
Senior Contributor

Re: Credit Spree and What is considered to Many Inquiries


AvaMarie77 wrote: 
Credit Spree and What is considered to Many Inquiries

It's not just a matter of the number of inquiries.  It depends on one's credit profie.  A stronger credit profile could easily handle a given number of inquiries while a thinner profile and/or a profile with issues could run into problems with the same number or even less inquiries.

 


@AvaMarie77 wrote:

How can I boost my scores? 


Hit the Rebuilding subforum and carefully research to see what you can do about your collections.  You can't just rely on the passage of time.  Indentify the issues on your reports and work on addressing what you can.  Any scoring model uses the data in a report to generate a score.  Good reports lead to good scores.

 

That said, all those new accounts are having an impact and you do need to let them age.

Message 8 of 31
iv
Valued Contributor

Re: Credit Spree and What is considered to Many Inquiries


@Revelate wrote:

Uh.

 

FICO 8 does count AU's, it just has an anti-abuse algorithm so that some AU's on individual credit reports are not counted.

 


This is, of course, true.  You know this, I know this.

 

But from the number of times myFICO has "Authorized user accounts aren't considered in the calculation of this attribute" as a popup in the Score Ingredients info section...  you'd think they were trying to ease everyone into accepting AUs being 100% discounted.

EQ8:850 TU8:850 EX8:850
EQ9:847 TU9:847 EX9:839
EQ5:797 TU4:807 EX2:813 - 2021-06-06
Message 9 of 31
Revelate
Moderator Emeritus

Re: Credit Spree and What is considered to Many Inquiries


@iv wrote:

@Revelate wrote:

Uh.

 

FICO 8 does count AU's, it just has an anti-abuse algorithm so that some AU's on individual credit reports are not counted.

 


This is, of course, true.  You know this, I know this.

 

But from the number of times myFICO has "Authorized user accounts aren't considered in the calculation of this attribute" as a popup in the Score Ingredients info section...  you'd think they were trying to ease everyone into accepting AUs being 100% discounted.


Oh I never saw that; I did catch a couple of other errors in the posted FICO Consumer verbiage over time and they corrected them so it might just be a sloppy posting and we can do similar.

 

You're right though they might be trying to do that... clearly the lenders want it and we're not their customers (well FICO Business's customers anyway).




        
Message 10 of 31
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