Inquires

[CostantinoA]

No I don't need the money. I am apping to get more trade lines. I could close all my lines today and not stress. The wife and I make over 200k a year and our expenses are very low. I guess you can say I recoved quick as about a year ago, my scores were in the low 500's and now much better.

[Anonymous]

Yeah I posted that before I saw your tag, my bad. I'd just give it a few months honestly, try and pick up a small hobby lol. I'd imagine a good chunk will fall age to a year within six months. Just let them age, and then you'll be able to get all the bonuses you want. Inq have a few markoff points I think....I think. 3, 6 and 12 months. However I think when you so have a certain amount in the last year the effect won't budge much.

And if the decline reasons are for too many inq, then there's not much to do about that except let them age(again). However I don't know how many inquiries are 'too many', don't think anyone does

[UncleB]

Keep in mind that although inquiries are said to have a minimal impact on your FICO scores after a year, that doesn't mean a lender doesn't see them, and can still use that reason to deny you for new credit (either in their own score models, or on manual review). 

[Anonymous]

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@william23 wrote:
Why open first premier after all the prime accounts ?

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Prime accounts? Where?

[Anonymous]

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@Anonymous wrote:

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@william23 wrote:
Why open first premier after all the prime accounts ?

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Prime accounts? Where?

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^^^^

looks as if the banks tht appear to be prime accounts are more than likely secured cards, am I correct OP?

[CostantinoA]

7 of my 25 total accounts (Account Holder and Authorized) are secured.

[CreditDunce]

I think FICO doesn't something like

0-1 INQ - no penalty

2-3 - small penalty

4-5 - moderate penalty

6-7 - larger penalty

8-9 - larger penalty

10+ - max penalty

Even with 10+ the penalty isn't that big.  At least on the non-derog buckets.  Note: I don't know if 10 is the exact number or not.  The penalty stays the same for the entire 12 months, then is no longer counted with FICO.   If most of the INQ's are auto financing related, some of the INQs are probably being grouped together.  The grouped together INQs are only counting as one 1 INQ. 

Now that you have multiple credit lines, your best course of action is to let them age.  You are welcome to try to increase your limits with SP in the mean time. Barclay, Cap1, Citi, Discover, FNBO and US Bank will give SP CLI's (for the non-secured accounts).  But be sure to read up on how to request it.   For example, it will always be a Barclay HP if you request it via the web interface.    If the cards are secured, you will have to wait until the card is unsecured (if the bank graduates cards).  For cards that do graduate, it would probably be best to start with a larger amount since they typically graduate with the same limit or slightly larger.

PS. The reason codes they give you for denial are not necessarily the real reason you are getting denied.  The BK/public record may be the real reason, even if they don't say.

[Anonymous]

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@CostantinoA wrote:

7 of my 25 total accounts (Account Holder and Authorized) are secured.

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On a manual review, a creditor will not consider the AU accounts as actually your personal credit responsibility and will do nothing to help them determine your creditworthiness.

[Anonymous]

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@CreditDunce wrote:

I think FICO doesn't something like

0-1 INQ - no penalty

2-3 - small penalty

4-5 - moderate penalty

6-7 - larger penalty

8-9 - larger penalty

10+ - max penalty

Even with 10+ the penalty isn't that big.  At least on the non-derog buckets.  Note: I don't know if 10 is the exact number or not.  The penalty stays the same for the entire 12 months, then is no longer counted with FICO.   If most of the INQ's are auto financing related, some of the INQs are probably being grouped together.  The grouped together INQs are only counting as one 1 INQ. 

Now that you have multiple credit lines, your best course of action is to let them age.  You are welcome to try to increase your limits with SP in the mean time. Barclay, Cap1, Citi, Discover, FNBO and US Bank will give SP CLI's (for the non-secured accounts).  But be sure to read up on how to request it.   For example, it will always be a Barclay HP if you request it via the web interface.    If the cards are secured, you will have to wait until the card is unsecured (if the bank graduates cards).  For cards that do graduate, it would probably be best to start with a larger amount since they typically graduate with the same limit or slightly larger.

PS. The reason codes they give you for denial are not necessarily the real reason you are getting denied.  The BK/public record may be the real reason, even if they don't say.

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Where did you get the information on the inquiry penalties? Is this factual information, or something you have determined?

[elim]

All the inquiries are forcing you to garden.  You should think about being in CLI mode and cutting the accounts that didn't grow when you are done.