How many inquiries is too much?

[MidnightVoice]

Equifax does not like 4 in a year, only two for credit 

[Revike]

And even 1 cell phone inquiry is too many ...

[SoulSmilen]

LOLOL.. I think I will always laugh at the cell phone thing.

[dannigirl]

Do you know how to get them off your account. I checked my credit today and it caused it to drop a couple of points? Then It went back up a couple of points....How long does FICO consider a year.. From the time it was checked or December 31? Can your score increae by at lease 20 points if you pay down everything and make monthly payments on time.. How do you get your score up?

[rosieposie]

One of my credit card companies has monthly posting of my FICO score on my online account. I notice that it will occasionally say I have had inquiries, yet I have not applied for anything or given permission for anyone to pull my credit. 2 questions: How can I find out who has made the inquiries, and can I moniter when inquiries occur? Can companies do unsolicited inquiries, and if yes, how can I stop it? Thanks

[Tuscani]

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rosieposie wrote:
One of my credit card companies has monthly posting of my FICO score on my online account. I notice that it will occasionally say I have had inquiries, yet I have not applied for anything or given permission for anyone to pull my credit. 2 questions: How can I find out who has made the inquiries, and can I moniter when inquiries occur? Can companies do unsolicited inquiries, and if yes, how can I stop it? Thanks

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When was the last time you checked your credit reports? You should check them immediately to rule out potential ID theft. Assuming the companies who pulled did not have PP you are $1k richer for each one.

See:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=3900

Message Edited by Tuscani on 06-07-2007 02:47 PM

[TheNewWorldMan]

This is why I recommend young folks get four or five credit cards as soon at their scores pass 700.

N.B.: "Getting" is NOT the same as "charging to the max."

This has several advantages:

1) If you're just starting out, you're not going to be looking for a mortgage. Mom and Dad are probably helping out with the car payment. So if your score tanks 20 points due to the inquiries, no big deal. Within a year it will pop right back up again...plus the gainage from showing up for your financial life on time for that year, and the benefits of low utilization. The youngster's score might drop from 700 to 675 from inquiries and new accounts, but within a few months, it will be back to 700, and after a year and a half, probably 730 or so.

2) This will place the young person in an excellent position to finance an automobile. Now, rather than starting out with one credit card, and having the installment loan chop the person's average age of accounts in half, the installment loan's new age will be weighed against the existing ages of the four or five maturing credit card accounts.

3) By college graduation, the consumer will have a FICO of 760 or so, credit limits in the $5-10K range, and be in a prime position to buy a home.

[Junejer]

Ah, TNWM, you make it sound so easy...

[haulingthescoreup]

TNWM, I agree with you. That has been my advice for my daughters, and it has worked. (DS was too headstrong, and did his thing before I learned how this works!)

But, good golly Moses, you're really cleaning out the basement with this thread, aren't you?!


edit: cna't speel...

Message Edited by haulingthescoreup on 05-06-2008 04:08 PM

[pez478]

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TheNewWorldMan wrote: This is why I recommend young folks get four or five credit cards as soon at their scores pass 700. N.B.: "Getting" is NOT the same as "charging to the max." This has several advantages: 1) If you're just starting out, you're not going to be looking for a mortgage. Mom and Dad are probably helping out with the car payment. So if your score tanks 20 points due to the inquiries, no big deal. Within a year it will pop right back up again...plus the gainage from showing up for your financial life on time for that year, and the benefits of low utilization. The youngster's score might drop from 700 to 675 from inquiries and new accounts, but within a few months, it will be back to 700, and after a year and a half, probably 730 or so. 2) This will place the young person in an excellent position to finance an automobile. Now, rather than starting out with one credit card, and having the installment loan chop the person's average age of accounts in half, the installment loan's new age will be weighed against the existing ages of the four or five maturing credit card accounts. 3) By college graduation, the consumer will have a FICO of 760 or so, credit limits in the $5-10K range, and be in a prime position to buy a home.

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This directly addresses a question I have had. I'm a 23-year-old student in grad school (3 more years til I graduate) with 1 CC (Visa) with a limit of $11,250. I have two current loans totaling $14,500 and two loans from undergrad that are paid off. I just checked my FICO score and it is 751 (down from 772 last July, prior to the two current loans). I also own my car outright. I'm wondering if I should get a second CC, and if so what company I should go with. Obviously my CL is more than fine now but I would like to take some proactive steps to continue my good credit scores. Any suggestions? Edited to add: I will definitely be taking out two or three more loans next fall, and probably the same in fall 2009. Don't know if that matters...

Message Edited by pez478 on 05-06-2008 07:43 PM