Inquiries Question

[dallasareaguy]

So I'm sure this has been asked a thousand times, but I need help.

I recently went on an app spree and was approved for three store cards and the Quicksilver One card from Cap1.. I learned alot from Barclays .. they were "oh so close" as they put it to approving me for my first card with them.. but they said there were a couple more things I need to improve before reapplying. I appreciated their candid responses and am determined to garden for awhile.

My question is this... I have like 20 inquiries (I know, BAD!)... is 3 months enough before trying to apply again or should I wait 6 months...? Have i done so much damage with these 20 inquiries in October than I need to wait an entire year. I'm inspired by the gardening process.. and committed to do whats best in my interest to get myself on the road to better trade lines. I want a Discover Card some day and a Venture or Freedom... I'm determined. What's my next goal need to be?

Thanks for all the awesome support this forum provides as always!

[-NewGuy-]

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@dallasareaguy wrote:

So I'm sure this has been asked a thousand times, but I need help.

I recently went on an app spree and was approved for three store cards and the Quicksilver One card from Cap1.. I learned alot from Barclays .. they were "oh so close" as they put it to approving me for my first card with them.. but they said there were a couple more things I need to improve before reapplying. I appreciated their candid responses and am determined to garden for awhile.

My question is this... I have like 20 inquiries (I know, BAD!)... is 3 months enough before trying to apply again or should I wait 6 months...? Have i done so much damage with these 20 inquiries in October than I need to wait an entire year. I'm inspired by the gardening process.. and committed to do whats best in my interest to get myself on the road to better trade lines. I want a Discover Card some day and a Venture or Freedom... I'm determined. What's my next goal need to be?

Thanks for all the awesome support this forum provides as always!

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I specifically asked Barlcay's credit analyst how long to wait (I was trying to get a higher limit after my Arrival + app) and they said six months. YMMV of course, but it's a good target. As far as the inqs themselves go, they remain on your report for two years, they stop being factored into your FICO score after one year, and their effect on your score diminishes  quite a bit before that (although I can't say exactly how much and at what point). Also, using your new cards and establishing solid payment history with them will be a positive as well.

[coldnmn]

At least 6 months in my opinion. At one year the inquires are not figured into your credit score. But they remain on file for two years and will be seen if you do a recon. Good Luck with your credit journey!

[MarineVietVet]

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@coldnmn wrote:

At least 6 months in my opinion. At one year the inquires are not figured into your credit score. But they remain on file for two years and will be seen if you do a recon. Good Luck with your credit journey!

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Ditto.

Patience is the key. Let time be your friend.

[Anonymous]

I have 27 inquiries (yikes-i never kept track before this forum!) and I was just approved for the barclays rewards card last week. Nevertheless Im going to garden until january 2016 because by then most of those will fall off.  I have always apped in sprees so except for the 3 this month the rest will fall off by january 2016. I think it depends which cards you are trying to get because some are more inquiry sensitive than others. 

[Anonymous]

I got approved for Discover IT I think 25 days after I was denied for it (same month too). I've tried similar shenanigans for the Barclays Rewards and SM cards (apping every 30 days) with no luck. Their last denial letter just stated that I had too many recent apps and no credit report was even pulled. In my experience, Barclays is an iron wall once you've been denied, so I agree 6 months is probably the minimum to wait... Moreover, in that time, I wouldn't apply for or open ANY other cards.

[blondy250]

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@dallasareaguy wrote:

So I'm sure this has been asked a thousand times, but I need help.

I recently went on an app spree and was approved for three store cards and the Quicksilver One card from Cap1.. I learned alot from Barclays .. they were "oh so close" as they put it to approving me for my first card with them.. but they said there were a couple more things I need to improve before reapplying. I appreciated their candid responses and am determined to garden for awhile.

My question is this... I have like 20 inquiries (I know, BAD!)... is 3 months enough before trying to apply again or should I wait 6 months...? Have i done so much damage with these 20 inquiries in October than I need to wait an entire year. I'm inspired by the gardening process.. and committed to do whats best in my interest to get myself on the road to better trade lines. I want a Discover Card some day and a Venture or Freedom... I'm determined. What's my next goal need to be?

Thanks for all the awesome support this forum provides as always!

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Wait one year for them to lose there effect, 2 years for them to fall off.

[Anonymous]

I have been approved for numerous loans and cc even with barclays with 21 hard inquires,so Im not sure if thats all that matters.Id wait a year at least because if you try too soon and ur not successful u can just add another one to the list of inquires

[RobertEG]

As an option to numerous apps initiated by you, you might consider limiting your apps only to those for which you have received promotional offers from a creditor that are based on their having obtained your name from a listing provided by a CRA.

If you receive an offer from a creditor that is based on their having obtained your name from a CRA, that means the CRA has pre-screened your credit file against criteria submitted by that creditor, and if you then app for their offer, they must grant the offered credit if they then pull your full CR and you are found to still meet those criteria.

You, of course, must not have opted-out for creditors to obtain your name in any listing provided by the CRA.

If you are not getting any preapproved offers based on CRA listings, that might indicate you are not currently meeting basis criteria for credtiors.