Why worry about inquiries when you're approved for credit

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Nixon
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Re: Why worry about inquiries when you're approved for credit

Postby Nixon » Wed Apr 29, 2015 1:05 pm

CarefulBuilder14 wrote:Also, once a person has about 10 inquiries on a report, additional inquiries don't do much to change the FICO. The FICO harm of going from 0 to 10 inquiries is, I think, greater than the marginal FICO harm of going from 10 to 30. This leads some people with 10+ inquiries to feel that the damage is done, and that they might as well incur a few more HPs for CLIs or new cards.

I have 6 on Experian, only 2 of which will fall off in the next year. Most of the cards I'm considering pull Experian, so that gives me a little pause before applying. Anecdotally, it does seem that Experian is less sensitive to inquiries than the other CRAs are.



Right.

There is a member over on MF that has the max number of EQ/TU inquiries and over 50 on EX and continues to get approvals....WITH a BK7 2 years ago!
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Vermonster
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Re: Why worry about inquiries when you're approved for credit

Postby Vermonster » Wed Apr 29, 2015 3:50 pm

Nixon wrote:Right.

There is a member over on MF that has the max number of EQ/TU inquiries and over 50 on EX and continues to get approvals....WITH a BK7 2 years ago!


Some of the stories I find hard to believe. Either that or people are compensating in other areas and not talking about it. I was someone mention they were approve for a 5 figure SM Barclay card with 30+ inqs, and quite a few derogs, scores in the low 700's. They must be compensating with a massive income, or telling some tall tales.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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Vattené
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Re: Why worry about inquiries when you're approved for credit

Postby Vattené » Wed Apr 29, 2015 5:17 pm

Nixon wrote:Right.

There is a member over on MF that has the max number of EQ/TU inquiries and over 50 on EX and continues to get approvals....WITH a BK7 2 years ago!

Max number of inquiries? As in, over a certain amount of hard pulls and a CRA just won't let it be pulled any more??

50 is ridiculous enough, but there is some point beyond that where you just max out somehow?
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Nixon
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Re: Why worry about inquiries when you're approved for credit

Postby Nixon » Wed Apr 29, 2015 5:35 pm

Vattené wrote:
Nixon wrote:Right.

There is a member over on MF that has the max number of EQ/TU inquiries and over 50 on EX and continues to get approvals....WITH a BK7 2 years ago!

Max number of inquiries? As in, over a certain amount of hard pulls and a CRA just won't let it be pulled any more??

50 is ridiculous enough, but there is some point beyond that where you just max out somehow?



Max as in...New inquiries just overwrite old ones.

86 for EQ, 56 for TU.
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kdm31091
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Re: Why worry about inquiries when you're approved for credit

Postby kdm31091 » Wed Apr 29, 2015 5:37 pm

Nixon wrote:
CarefulBuilder14 wrote:Also, once a person has about 10 inquiries on a report, additional inquiries don't do much to change the FICO. The FICO harm of going from 0 to 10 inquiries is, I think, greater than the marginal FICO harm of going from 10 to 30. This leads some people with 10+ inquiries to feel that the damage is done, and that they might as well incur a few more HPs for CLIs or new cards.

I have 6 on Experian, only 2 of which will fall off in the next year. Most of the cards I'm considering pull Experian, so that gives me a little pause before applying. Anecdotally, it does seem that Experian is less sensitive to inquiries than the other CRAs are.



Right.

There is a member over on MF that has the max number of EQ/TU inquiries and over 50 on EX and continues to get approvals....WITH a BK7 2 years ago!


You have to remember this is the Internet. People can say whatever they want. Doesn't make it true. To be honest, I am about 98% sure that person is not being truthful. There is no way someone has almost $150k in available credit and all those inquiries so soon after BK. (and yes, I know exactly who you're talking about lol)

Nixon
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Re: Why worry about inquiries when you're approved for credit

Postby Nixon » Wed Apr 29, 2015 5:39 pm

kdm31091 wrote:
Nixon wrote:
CarefulBuilder14 wrote:Also, once a person has about 10 inquiries on a report, additional inquiries don't do much to change the FICO. The FICO harm of going from 0 to 10 inquiries is, I think, greater than the marginal FICO harm of going from 10 to 30. This leads some people with 10+ inquiries to feel that the damage is done, and that they might as well incur a few more HPs for CLIs or new cards.

I have 6 on Experian, only 2 of which will fall off in the next year. Most of the cards I'm considering pull Experian, so that gives me a little pause before applying. Anecdotally, it does seem that Experian is less sensitive to inquiries than the other CRAs are.



Right.

There is a member over on MF that has the max number of EQ/TU inquiries and over 50 on EX and continues to get approvals....WITH a BK7 2 years ago!


You have to remember this is the Internet. People can say whatever they want. Doesn't make it true. To be honest, I am about 98% sure that person is not being truthful. There is no way someone has almost $150k in available credit and all those inquiries so soon after BK. (and yes, I know exactly who you're talking about lol)



I dunno dude..

I'm kinda inclined to believe her and this is why.
60% of those limits are all store cards which she has admitted to being addicted to applying for. All of those store cards were IIB.

The other 40% comes from easy creditors and just plain goofy ones, Like Capital One.
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kdm31091
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Re: Why worry about inquiries when you're approved for credit

Postby kdm31091 » Wed Apr 29, 2015 5:43 pm

Nixon wrote:
kdm31091 wrote:

I dunno dude..

I'm kinda inclined to believe her and this is why.
60% of those limits are all store cards which she has admitted to being addicted to applying for. All of those store cards were IIB.

The other 40% comes from easy creditors and just plain goofy ones, Like Capital One.


I still find it hard to believe, but you're right in that most of the approvals are less than quality cards. Either way, she's not on a good path at all.

Nixon
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Re: Why worry about inquiries when you're approved for credit

Postby Nixon » Wed Apr 29, 2015 5:49 pm

In any case, It does prove that once you crest a certain # of inquiries, it stops mattering.
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kdm31091
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Re: Why worry about inquiries when you're approved for credit

Postby kdm31091 » Wed Apr 29, 2015 5:50 pm

Nixon wrote:In any case, It does prove that once you crest a certain # of inquiries, it stops mattering.


Well....it stops mattering sort of...we still can't say whether you will get prime, quality, good approvals with decent limits and APR with that many inqs. All we can say is you can get approved for something sometimes...lol

Nixon
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Re: Why worry about inquiries when you're approved for credit

Postby Nixon » Wed Apr 29, 2015 5:54 pm

kdm31091 wrote:
Nixon wrote:In any case, It does prove that once you crest a certain # of inquiries, it stops mattering.


Well....it stops mattering sort of...we still can't say whether you will get prime, quality, good approvals with decent limits and APR with that many inqs. All we can say is you can get approved for something sometimes...lol



Lol..

Yep. I know in my case it wasn't inquiries that made me hit the credit ceiling i'm currently at.
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