Achieving some goals despite 5 inquiries

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thelastroyalty
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Achieving some goals despite 5 inquiries

Postby thelastroyalty » Mon Nov 19, 2012 7:53 pm

Hey everyone, I've learned A LOT from this forum and am in process of moving out/getting married/starting the career of a CPA. This is my first post and I hope I can get some opinions/knowledge.

My goals are:

1. To open a Fidelity retirement/investment account followed by the Fidelity Amex cashback card which dumps straight into my Roth IRA or whatever else I have.

2. Get one additional credit card, not sure exactly which - maybe something that gives cash back on gas.

Constraints:

In the last couple years I got it into my head that getting an Amex credit card should be a major priority. Subsequently I applied and was denied 3x. I had no idea at the time what a hard pull was and that I was shooting myself in the foot. I now have a total of 5 inquiries on record.

My credit score was 736 before the 5th inquiry from my Apartment app which sent it down to 722.

Questions:

Are my goals realizable given the inquiries?

Should I just be patient and wait another year for a couple inquiries to clear or should I just add them on now that I am at 5 anyway?


thelastroyalty
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Postby thelastroyalty » Tue Nov 27, 2012 3:47 pm

Considering that it took 6 days to approve my initial thread I don't feel too bad bumping this.

Any input???

sakhalin
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Postby sakhalin » Wed Nov 28, 2012 12:11 am

Are your inquiries spread throughout your three credit reports? Or are they all on one? I imagine that your Experian report has at least three of them, since that is usually what AMEX pulls in So Cal. Regardless of your inquiries, you could look into the BoA Cash Rewards card, which gives you 3% cashback on gas for the first $1500 each quarter. Five inquiries shouldn't disqualify you from that card, seeing how your score is 722 (which is good).
AMEX BCE ($20,000), Citi Forward ($6,800), Discover IT ($5,250), BoA Travel Rewards ($1,800)

thelastroyalty
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Postby thelastroyalty » Wed Nov 28, 2012 12:46 am

Well, thus far I have only looked at my Experian score and that had 5 inquiries listed.

MemberSince99
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Postby MemberSince99 » Wed Nov 28, 2012 6:43 am

I would like to point out to you that it is important WHEN the inquiries show. If all 5 are in the last 6 months, maybe it matters to some creditors. Others won't care. If say two are in the last six months, and the rest are older, few creditors will care about that.

Also 5 inquiries is not the end of the world. Some people here have 10 or 20. And they still get approved for cards based on a perfect track record and a great score.

If a creditor denies you based on inquiries alone, recon and point out that one is due to your new apartment vs credit cards. Might help and once you do the inquiry all they can do is say no you have nothing to lose, except on recon SOME will hard pull you again so be aware of that.

Amex can be tough to get into. You don't really talk about your history at all only your score, but Amex has an internal score and they like to see a real card (meaning not first premiere or credit one or one of these companies) for at least 6 months to a year before they give you a charge card. If you are applying for an Amex revolver, give that up until you get a charge card with them. But if you really want Amex keep at it. Check their "pre-selected" site from time to time and if you find yourself pre-selected, give it a shot.

thelastroyalty
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Postby thelastroyalty » Wed Nov 28, 2012 5:00 pm

Thanks for the replies!


I have had 2 inquiries in the last 6 months and one earlier in the year. I've had a Wells Fargo credit card for 15 months, and have added two store cards (~ 6months in age) and a Citi Forward in October.

Ill be starting a joint Costco membership with my wife soon and would really like to get one of us an Amex to use their. Technically, my income is zero until July, at which time I'm pretty sure I can get any card I'd like, I would just love to have that 2% cash back on the Fidelity Amex before July and asap.

MemberSince99
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Postby MemberSince99 » Wed Nov 28, 2012 7:44 pm

I would guess you're in better shape than you think you are. Should be able to get a few nice cards based on what I'm seeing.

DavidNY
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Postby DavidNY » Wed Nov 28, 2012 7:46 pm

thelastroyalty wrote:my income is zero


If you state you have zero income on an unsecured credit card application no bank is going to approve it.



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