Godo credit too many hard inquiries

[Anonymous]

Hi All, I have good credit in the 800's we have a few credit cards but only one main one is used and with that we  pay off the balance in full monthly. We have a motrgage and a small car loan. I decided to finnally take advantage of all the credit card offers I was getting about 8 since last december and now I have too many hard inquiries on my name. I earned money and tons of points but I did not know that it would negatively effect me. I have closed the credit cards that I have obtained those free points from, meaning I have since closed the most newest cards. I have kept all of my old credit cards so I do not lose my history . How long before I can start to apply for credit cards again, as it looks like I have too many opened right now or too many inquiries, because we may want to purchase a condo and I want to know how long I need to wait to make the hard inquiries not effect me any longer. I have never had any late payments no negative items other than the hard inquiry that I did not know would impact me negatively. Your advice is appreciated thanks!

[Anonymous]

Hard inquiries stop impacting your score after 1 year and vanish from your credit report after 2 years.  I would think under most circumstances where someone has a top-tier credit score such as yourself that lenders would care very little about inquiries (even a lot of them) if they fall into the 1-2 year range.  As far as applying for another loan, it's advised that you don't apply for any credit in the 12 months leading up to your application to ensure you are positioned in the best light for that loan app.

[Anonymous]

Thank you, wondering why I am limited then with really good credit? My wife was also denied because of the same reason. We found out we got declined due to too many new inquiries just recently when my wife tried to apply for a costco card. I had forgotten to close out the cards that was recently opened. Must I wait a full year before applying for any other cards even if I have closed the most recently new cards? What happens though if I want to purchase a property? Does that mean I cannot because of too many inquiries? 

[Gmood1]

How many cards did you open and close recently? It's not the inqs, but the new accounts.

Not good to open and immediately close too many CCs in a short period of time.

You need to leave the majority of them open for six months to a year. If no fee, I still wouldn't be to quick to close them.

Also the one card you use. Do you allow it to at least report a balance or do you pay it before the statement cuts?

Hopefully, you're allowing some usage to report.

[Anonymous]

OP, if you've already opened the accounts the "damage is done" and closing them won't really matter.  Those accounts will be on your credit report for another 10 years, even if they're closed.  If you find value in any of them, keep them open, as at this point they aren't doing any harm.  I would suggest waiting at least 6 months if not 1 year before apping for anything else, but if you plan on applying for a mortgage/loan within a year of that I would hold off until that more important event is out of the way.