How long do inquiries affect my credit score

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p51
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How long do inquiries affect my credit score

Postby p51 » Thu Dec 04, 2014 11:19 am

Hello all,

I know that inquiries stay on your credit report for two years. Does their impact lessen sooner than two years? I recently applied and got approved for 3 cards. I will be looking to secure a car loan in the next week. After the car loan I won't be applying for anything else for a bit. When would be the soonest I should try for another card?

Thank you
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500


popamode72
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Postby popamode72 » Thu Dec 04, 2014 11:23 am

p51 wrote:Hello all,

I know that inquiries stay on your credit report for two years. Does their impact lessen sooner than two years? I recently applied and got approved for 3 cards. I will be looking to secure a car loan in the next week. After the car loan I won't be applying for anything else for a bit. When would be the soonest I should try for another card?

Thank you


They stop affecting your FICOS at all after a year and creditors tend to care most about the ones made in the last six months.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

p51
Centurion Member
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Posts: 100
Joined: Sat Nov 15, 2014 11:11 pm
Location: Boston, MA

Postby p51 » Thu Dec 04, 2014 11:43 am

popamode72 wrote:They stop affecting your FICOS at all after a year and creditors tend to care most about the ones made in the last six months.


Great to know. Thanks!
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Thu Dec 04, 2014 11:45 am

p51 wrote:Great to know. Thanks!


No problem.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

takeshi
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Postby takeshi » Fri Dec 05, 2014 3:58 pm

p51 wrote:When would be the soonest I should try for another card?

All depends on your overall credit -- not just inquiries or time. Definitely not until your auto loan is finalized.



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