Inquiries - How many is TOO many?

[turninganewleaf]

Maybe we could start a thread (unless one has already been started that I've overlooked) as to the number of inquiries that may or may not be affecting our credit?  I mean, is it only a handful or do some people actually have 30 or more on one report?

I'll start, I have 8, 8, and 11 across all 3 FICO's.  I haven't noticed any negative feedback on my reports that suggests this number is hurting me.

I think 4-5 of these are from July on (one was for Direct TV that I wasn't aware they would pull a score, another was to open a money market account)

Message Edited by turninganewleaf on 10-09-2007 10:40 AM

[Tuscani]

Each creditor has their own interpretation of "too many". I have seen some turn people down for more than one in six months.. and others approve when the applicant has 50 in 30 days!

[Anonymous]

I have tu 1, ex 0, eq 1

[Anonymous]

I can only speak for my own credit. I get denied with 3 or more in any 3 month period or greater than 8 in any 12 month period from what I've noticed. However even if I do get approved with a few inqs my CL's are smaller compared to if I had no inqs. Each inq feels like a 30 day late to me when I apply with lenders. I avoid inq's now like the plague. That's part of the reason I want a really high score so inq's don't sink my ship.

[haulingthescoreup]

Pizza, once you have high scores, wouldn't the inq hit be even worse? I thought all potential negatives hit harder when you're in oxygen-mask altitudes.

[Anonymous]

It has a lot to do with how much credit, type of credit, present debt, and history. If you are 40% UTL and have 2 new inq's you could get denied -vs- if you just had 3% UTL and 5 inqs. I have a lot of new accounts this year, so any inq scares lenders with me.

[Anonymous]

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haulingthescoreup wrote: Pizza, once you have high scores, wouldn't the inq hit be even worse? I thought all potential negatives hit harder when you're in oxygen-mask altitudes.

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Well I have a theory about this. I was thinking that people with really high scores have scores really high because they don't have inqs. lol. I don't know because I never understood FICO when my scores were lower. But I get hit now for 20 and 10 points for the first few. What do you consider "oxygen-mask altitudes"?

Message Edited by ilovepizza on 10-09-2007 04:53 PM

[haulingthescoreup]

Well, I'd like to say anything above my mid-upper 600's, but I guess 760's - 780's and up.

It just reminds me of the SAT's. Once you're knocking on the 800 door, each wrong answer whumps you pretty fierce--the whole bell-curve effect. Whereas the same wrong answer when you're down in the 500's - 600's doesn't do nearly as much to the score.

Wow, I had never noticed how similar the ranges are for SAT's and FICO's! Are we reliving 11th grade?

Message Edited by haulingthescoreup on 10-09-2007 05:16 PM

[smallfry]

I am going to avoid future inqs like the plague. I got a ton (for me) new credit May-July and don't need anymore. Any more than 0 or 1 is more than I want. New credit will be through CLI.

[fused]

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haulingthescoreup wrote:
Pizza, once you have high scores, wouldn't the inq hit be even worse? I thought all potential negatives hit harder when you're in oxygen-mask altitudes.

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I strongly agree with you!