What is considered too many inquries?

Anonymous · ‎05-27-2015

In the last year I have 18 inquiries total. Ex (7) EQ (8) and TU (3). 11 were from the last 6 montths which included buying a car in Feb (5 are from then). I did go on a app spree, my first, last month and got approved for 3 of the 4 cards with nice limits. I do see a lot of people going on sprees and they still have high scores. Mine are currently EX (722), EQ (676) and TU (696) after the new inquries and new accts hit this month. They were all in the 700's before. My question is- how many is considered too many? I want to apply for a construction loan by Jan and want to get my mid score up to 720 which is very realistic by then. I also want to get a few other cards (Home Depot) and (United Milage). What would recommendations be for when to app for those and when do the overall inquiries really start hurting you? I hope this wasn't too confusing. Thank you in advance.

B335is · ‎05-27-2015

Usually lenders are most concerned with inquiries in the last six months. There's some exceptions and reports on manual review that new accounts are considered up to 24 months (Barclays and Chase).

To your original question though; there is no "one" answer for that (at the risk of sounding vague). Some people with clean, well established credit will be able to absorb the hit from inquiries and new accounts. Someone with a younger credit profile will probably see greater effect from inquiries.

krielly · ‎05-27-2015

If you're seriously wanting a construction loan in January, my recommendation would be NO MORE NEW ACCOUNTS between now and then. Garden what you've got, allow them to age a bit and report some positive payment history. Also, keep your utilization low.

You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing!

stellar · ‎05-27-2015

I read somewhere than 10 per bureau per year is considered a lot.

I would def not app for anything for 6 months prior to construction loan.

Anonymous · ‎05-27-2015

Thank you for the advice. I will not app again until the construction loan which I anticipate being made in Jan.

takeshi74 · ‎05-28-2015

@Anonymous wrote:
I want to apply for a construction loan by Jan

There's your limiting factor. Talk to your lender for that loan but the general advice has been posted above.