@Anonymous wrote:
Back in March I went bananas with inquires. It started with about five or six different banks as I shopped around for my car.
A few days later I applied for Amex and Discover back to back and was approved with a 2k limit on both. I tried for Chase as well and was denied. Later in the week I got a letter that said “too many recent inquires” under the reason for denial.
Two months later I check my scores. They’re all 730+ and I figure I’d try for BofA. They denied me for “. Too many recent inquiries.”
How long should I wait before applying for new credit? I have an apartment credit app I’ll have to do in the near future but other then that I guess I’ll have to wait. I just wonder how long?
Are all the banks like this with inquiries? I was thinking about opening a new Cap 1. My first “builder” card was with them and I was thinking I’d get a new card and down the road combine them for a nice limit. I feel like my Quicksilver has hit the wall with increases.
Thanks guys!!
I think you should wait as long as you can. Inquiries stay on your report for 2 years. They don't affect scoring after 1 year. You just got 2 new credit cards. Work on building those. You have to ask yourself what another card is going to do for you. It's easy to get excited when your scores are good and start going nuts with apps. But remember your score is only a part of the decision. Chase is extremely inquiry sensitive. And they have the 5/24 rule, but also the 2/30 rule.
