How long to wait after hard inquiry

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trainypooh
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How long to wait after hard inquiry

Postby trainypooh » Tue Nov 19, 2013 3:05 pm

Hello, I have a question on how long I should wait until I should apply for another credit card. I've read various forums and websites that gives me a range. I've heard from 1 month, 6 months, and 1 year. I checked my report on credit.com and it says I have 4 hard inquires with the most recent being wells fargo cc earlier this month (which I was denied) I hope there is a definitive answer. All replies are appreciated. Thank you in advance :)
My Wallet:
Discover IT - $9500
AMEX BCE - $9000
Chase Freedom - $5000
Capital One Quicksilver - $2700

Future Cards:
Chase CSP


takeshi
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Postby takeshi » Wed Nov 20, 2013 8:15 am

There's no fixed number for everyone out there. It all depends on one's credit. One person could immediately app for another card. Another might need to wait.

How old are each the 4 inquiries and what was the outcome of each of them? Keep in mind that the CRA that credit.com and the creditor you're applying with may not be the same so don't rely solely on credit.com.

EDIT: Just noticed the denial. You need to look into the details of the denial. Unless number of inquiries was the major reason then the date of your last inquiry probably isn't the limiting factor in your credit.

trainypooh
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Postby trainypooh » Wed Nov 20, 2013 9:33 am

2 this month, 1 in october, and 1 in August. They told me that I owe way more than what I makes. (lots of student loans/ grad school loans with a very part time job. currently a student)
My Wallet:
Discover IT - $9500
AMEX BCE - $9000
Chase Freedom - $5000
Capital One Quicksilver - $2700

Future Cards:
Chase CSP

MemberSince99
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Postby MemberSince99 » Wed Nov 20, 2013 7:33 pm

Agree with takeshi. Please read the reasons you were denied and work to address those before applying again. I don't think there is necessarily a fixed time you have to go without applying - if it takes 3 months for you to get those issues addressed you could apply then, if it's 6 months or more then so be it.

Be wise about your pulls to give yourself the best chance of success. After you reach a certain level you'll find it matters less to most lenders, but it sounds like you aren't there yet, but you can be if you want to be someday.

trainypooh
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Postby trainypooh » Thu Nov 21, 2013 1:00 pm

So the issue is that apparently my utilization is higher than my income. Does this only reflect my credit card utilization or overall utilization including installment loans. I have tons of student loans from undergrad as well as current graduate student loans. I also have an auto loan as well. I currently have a very part time job that I just recently started. (haven't even received my first paycheck yet) That was the reasoning of why I was declined for the cc from Wells Fargo.

If this is due to just my cc utilization and I pay everything off, should I consider applying for a different card? (I'm interested in the Chase Freedom) Also, on average how long can my hard pulls be viewed by creditors? For the record, my utilization isn't very high, its less that 25% percent. I have a feeling they consider my installment loans vs. my income as well, which I am hoping is not the case.
My Wallet:
Discover IT - $9500
AMEX BCE - $9000
Chase Freedom - $5000
Capital One Quicksilver - $2700

Future Cards:
Chase CSP

PhoenixDown
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Postby PhoenixDown » Sun Nov 24, 2013 8:01 pm

Hard Inquiries stay on your report for 2 years but generally aren't factored into your FICO score after a year. The real issue is not the amount of inquiries you have but your debt to income ratio.

If you are still a student try getting student cards like the Citi Forward for students. Maybe try for an Amex green charge charge -- while it has an annual fee and you have to pay it off every month, it will help in a few years when your in a better financial situation and can back date any new cards to it.

MemberSince99
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Postby MemberSince99 » Sun Nov 24, 2013 8:30 pm

If they say utilization typically that means credit card, though they may also weigh your overall debt obligations such as student loans in relation to your income.


I'm guessing they may be concerned about your overall debt level vs your income, as 25% is not THAT high. So I would agree that's likely the concern. You could apply for the Freedom, but you will probably have to recon to get approval so you might want to search for those threads here to learn what this is and how to do it. If Wells Fargo is worried about your overall debt compared to income, Chase probably will be too.


They can see your hard pulls for 2 years, at which time they fall off and are no longer on your report (which one(s) were pulled). There is no average, just a hard rule that inquiries stay on your report for 2 years.

trainypooh
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Postby trainypooh » Mon Nov 25, 2013 10:36 am

Just wanted to let everyone know, that I bought 2 of my credit scores. Experian and Equifax and they are 737 and 740 respectively. With that, I applied for both the chase freedom and discover it and was approved instantly for both! I can't wait to receive these cards and use them responsibly. I'm pretty excited :)
My Wallet:
Discover IT - $9500
AMEX BCE - $9000
Chase Freedom - $5000
Capital One Quicksilver - $2700

Future Cards:
Chase CSP



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