Are inquiries evil? What about utilization?

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MemberSince99
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Are inquiries evil? What about utilization?

Postby MemberSince99 » Sun Jul 08, 2012 9:50 pm

I would make the argument that in general, people make a LOT bigger deal out of inquiries than they really warrant.

True there are a few companies around that once you get their card do not want to see inquiries with anyone else for 6 months, and you don't want any if you are going for a mortgage, but otherwise I think it's way overblown in general. People will say garden for 2 years before making any inquiries. I really don't think that's necessary at all. I think after 6 months the majority of companies don't factor in older inquiries much. After a year FICO doesn't care.

Also utilization. I see people TERRIFIED to get utilization over 7 to 9%, as if they'll be executed at sunrise for such a crime against credit.

I say if you have to be afraid to use the card then why have it? I do not advocate maxing them out even if you pay in full, so you do have to kind of game the system a little, but in general I see people being told that 20% utilization is "terrible" and that surely any decent company will decline them for such a devastatingly massive use of their available credit. I say that's mostly nonsense and overblown about as much as inquiries. I would advise keeping it relatively low, but I'm seeing people posting that someone who uses 400 out of a 1000 dollar limit on a credit card is pretty much on the verge of BK and asking them why their usage is so extremely high. I mean come on get real, 400 bucks? If this is a problem, you probably shouldn't have a card. I personally don't see 400 bucks being this massive stone around your neck that's gonna drag you down screaming to the bottom but maybe that's just me.

I'm serious though I'm seeing posts like this on other boards and I just think man doesn't life have enough drama without making more of it? I would know, believe me.....

So to sum up in my view some people go WAY overboard worrying about these things......myself included at times but I gotta say, Amex approved me with a boatload of inquries as did Chase, and I keep utilization very low but if I saw 400 bucks as a balance on a card as a big deal I wouldn't use the card in the first place.


Ratfacedudeguy
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Postby Ratfacedudeguy » Sun Jul 08, 2012 9:56 pm

Sage advice my friend. Man, I wish Chase viewed my inquiries as they seem to view yours. They won't even allow me a recon let alone even look at my other CRs because of them. At the end of the day though, you're right. Inquiries don't really matter if you're not applying for a mortgage, and to lesser extent an auto loan. So in the meantime I'm happily app'ing away. :D
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MemberSince99
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Postby MemberSince99 » Mon Jul 09, 2012 6:33 am

How many times did you try to recon with Chase? I had to recon with them twice. Maybe it's just a matter of getting the right analyst looking at your report. It really does seem to matter a lot who you get - the first analyst didn't seem much interested in me and so of course it was declined the second analyst really went over things and seemed interested and thus I got approved, I think it's possible you could call in and explain how you'd like to establish a business relationship with Chase and you really like their products and would like to give them some steady business and have the right eyes look over your report.

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Postby Ratfacedudeguy » Mon Jul 09, 2012 7:56 am

By second recon, do you mean that you actually called back a second time and had a completely fresh review of your application? Or were you transferred over to another analyst in the same call?
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
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MemberSince99
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Postby MemberSince99 » Mon Jul 09, 2012 8:41 am

Ratfacedudeguy2 wrote:By second recon, do you mean that you actually called back a second time and had a completely fresh review of your application? Or were you transferred over to another analyst in the same call?


No I called back a second time and spoke with a different analyst than the first recon. The first one told me it would need a second review due to the past charge off, so I figured that would be declined and that I'd best call back. I did and asked for the status and the second analyst told me it was declined then reviewed it for me again.

So you may just need a fresh look. Nothing to lose if you took the hard pull anyway. I wasn't pushy with them or obnoxious just asked the status and the analyst reviewed it and asked me questions and liked what she saw. (The second one). The first one never really warmed up to me so I wasn't surprised that it was declined. The analyst doing the recon makes a lot of difference from my experience. Chase seems to give their analysts leeway to make decisions, where Citi really doesn't do that - if the computer says you are declined, you are very likely not going to recon it 99% of the time. It happens but it's rare, but with Chase, I do see you could recon successfully.

Ratfacedudeguy
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Postby Ratfacedudeguy » Mon Jul 09, 2012 8:52 am

Boom. Put in an app for a Freedom last night. Called in this morning and got that bad boy approved. You're absolutely right -- the analyst who you speak with makes all the difference in the world. The guy I got this time actually took the time to reference my previous history with Chase and really get to know my credit profile. He was also the first one not to immediately dismiss me for my excessive inquiries. He did ask about them, and I was happy to tell him that the vast majority of my most recent inquiries are from Chase themselves based on their recommendations to reapply when my CR updates. I played up their "superior customer service" and how "remorseful" I was for making such an uninformed decision as closing my Slate card (lol), so he got me back in. Now it's time to collect some 5% on restaurants, ya dig?
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

MemberSince99
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Postby MemberSince99 » Mon Jul 09, 2012 9:47 am

Congratulations! I knew it was just a matter of getting the right person to help ya out that's great man! Good job! Now in a year CSP is possible for us with good history.

Ratfacedudeguy
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Postby Ratfacedudeguy » Mon Jul 09, 2012 9:53 am

Yessir. Hopefully they're still issuing them in metal by that time. I was half tempted to have the guy recon my CSP app as well but after seeing the less than stellar CL I got (see sig), I was like let me wait on that lol.

In all seriousness though, I think it's straight to the garden for me for a good while. The only exception may be a BCE after my app window opens up again and maybe some Citi CLIs in about 6 months.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

MemberSince99
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Location: WI

Postby MemberSince99 » Mon Jul 09, 2012 9:57 am

Yeah mine left a lot to be desired too but after I've burned them and big, I can't really blame them regardless of what my other limits are. It's a start and something to build with for both of us. I think you were wise not to push it.

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Postby agp » Mon Jul 09, 2012 11:10 am

When you guys say "recon," do you call AFTER you are told via email/letter/website that you are denied, or do you call when you get the "we will get back to you after # days" message? If you get denied, can you call for "recon" still?

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