How Many Credit Inquiries Are Too Many?

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movin_on_up
 
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How Many Credit Inquiries Are Too Many?

Postby movin_on_up » Tue Oct 02, 2012 10:24 am

Just a general question, based on everyone's experience....

How many inquiries on your credit report are TOO MANY inquiries???

I got approved for a Citi ThankYou (CL=5000) and Simplicity (CL=1000) within the past week, yet when I applied for a Chase Freedom, I get declined saying I have "too many" inquiries." I have a Chase Slate (CL=500, which I had to literally fight them for) and I bank with them (unfortunately). My Experian is 720 and yes, I won't lie, I have quite a few inquiries due to my car loan search back in 2011.

But my thing is, if Citi is approving me, Discover approved me back in June (CL=7000) and I have 2 AMEX charge cards which are paid in full each month, what gives?!?!? A little help and knowledge for the "newbie" please because I really appreciate your comments (positive and negative)! :D :cool: :money:


Money card
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Postby Money card » Wed Oct 03, 2012 10:39 pm

I think the fact that applied for the Thank you and simplicity within a week. plus you have a Discover and 2 American Express
premium cards plus the slate. I guess Chase figures this if they gave you the Freedom they would be saying to themselves when
would you get a chance to use the card being
you have 2 citibank cards
2 American express cards
1 Discover
1 chase.
If I added correctly you have 6 cards.

what I think you should do is drop 1 of the American express cards and close out 1 of your citibank cards, contiue to use your other cards , pay in full as you do, in a few months try again for the Freedom I think you will have different results.

randeman
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Postby randeman » Sun Oct 07, 2012 12:39 am

I wouldn't CLOSE any card that you have. Just don't use them...much...and suck it up with the annual fee. Closing accounts impacts your score.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

namvet
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Postby namvet » Sun Oct 07, 2012 9:20 am

That depends on the creditor. Often lenders will use the too many inquiries as a reason for the denial even if it was something else they saw in your credit profile they were not comfortable with. The general rule to avoid this reason for a rejection is to space out credit apps 6 months (or more) apart. Inquiries do the most damage during the first 6 months and less damage 6-12 months. No damage over 12 months. Close accounts if you don't need them now or in the future. Build your credit profile slowly for the best long term results. Patience is key!

agp
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Postby agp » Sun Oct 07, 2012 9:53 am

No number of inquiries is too many. I've had about 15+ across all three credit bureaus in about 3-4 months, and still got instantly approved for Amex PRG and Discover It.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

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t528491
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Postby t528491 » Sun Oct 07, 2012 10:03 am

Well, it really depends on the rest of your report. For agp, the high number of inquiries doesn't hurt him as much since he likely has a lengthy file. For someone with a short history like me, a high number of inquiries is more detrimental.
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

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Postby Money card » Sun Oct 07, 2012 2:15 pm

randeman wrote:I wouldn't CLOSE any card that you have. Just don't use them...much...and suck it up with the annual fee. Closing accounts impacts your score.


agreed but having 6 cards and wanting a 7th I would imagiane chase would be saying to themselves when would this person use this card. if Chase were to look at the persons credit file even if the person didn't use 1 of there American express and 1 of there citibank cards it will still show open, there credit limit , there minimum monthly bill, plus there highest they ever charged
on there cards.
with the premium card it will say open minimum monthly due it would say 0 credit limit it wouldn't say I think it also says 0.

if the person canceled 2 of the card 1 citi and 1 American Express, then applied for the Freedom in about 6 months, after chase
sees they have 4 credit cards they see that the person canceled 2 cards like you metioned it would hurt there score but now chase
would see 4 cards and may say to themselves this person would be able to use our card.

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Postby movin_on_up » Mon Oct 08, 2012 1:57 pm

THANKS YOU GUYS FOR ALL OF YOUR REPLIES!!!

I pretty much only wanted the card just to say "I'm finally somewhere in the credit card game!" LOL ! But in time, it will happen. As namvet said, "PATIENCE IS KEY"!!! I'll get there!!!



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