How long can CC inquires hurt your score before time heals wounds?

For just about anything you want to get off your chest about credit cards.
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Kaiokenryu
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How long can CC inquires hurt your score before time heals wounds?

Postby Kaiokenryu » Mon Mar 31, 2014 10:58 am

I only have 2 cards...I've had them for 14 and 6 years respectvely in order of AAoA.
I also have a business charge card.....but its not on my credit file as a balance posting card. but the inquires are there.

i tried to diversify by getting at least two more cards....I was rejected.

reason being specifically my fico score for three reasons:

balance carried
inquiry count
not enough credit diversity

i know that time will take care of the first as i pay my balances down. my scores should rise allowing me to take care of the third reason....

the middle one i don't know about. how long can the point drop from two apps hurt my score before I gain those points back.


samhradh
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Postby samhradh » Mon Mar 31, 2014 12:30 pm

Given how old the cards you have are, the inquries from them should not be impacting your score. It's possible when you applied for card one and got denied, and then tried for card two, that the inquiry from card one made card two's issuer state inquiry count as a reason for denial.

Why are you carrying a balance? Are you paying interest? Consider an easy to get approved for Chase Slate or Citi Simplicity.

What cards did you apply for? What is your FICO score? Maybe you went too premium with your apps if your score is low.

IIRC inquiries stay on your report for two years but stop affecting your score after six months. Diversity is also aided by loans (and as you noted, charge cards) so simply having tons of credit cards will not necessarily result in a large score increase.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

Troublemaker
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Postby Troublemaker » Fri Apr 25, 2014 11:33 pm

Kaiokenryu wrote:I only have 2 cards...I've had them for 14 and 6 years respectvely in order of AAoA.
I also have a business charge card.....but its not on my credit file as a balance posting card. but the inquires are there.

i tried to diversify by getting at least two more cards....I was rejected.

reason being specifically my fico score for three reasons:

balance carried
inquiry count
not enough credit diversity

i know that time will take care of the first as i pay my balances down. my scores should rise allowing me to take care of the third reason....

the middle one i don't know about. how long can the point drop from two apps hurt my score before I gain those points back.


I am guessing you applied for both at once. Don't do it. Instead research a LOT before hand and apply for the one with a better shot (not only for approval but a higher CL etc.)

Ya, the inquiries are a pain. They stay on for 3 years before falling off. And anymore than a total of 6 hard inquiries raises flags for the issuers.
DoubleCash '99:10k / Freedom '07:11k / CU '11:15k / Slate '14:13k / Premier '15:10k / InkPlus '15:5k

takeshi
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Postby takeshi » Mon Apr 28, 2014 9:48 am

Troublemaker wrote:Ya, the inquiries are a pain. They stay on for 3 years before falling off. And anymore than a total of 6 hard inquiries raises flags for the issuers.

2 years. Effect varies with one's credit. Thicker credit profiles can handle more inquiries better than thinner ones. There's isn't just an X threshold for everyone. Plus creditors vary. Some are more inquiry sensitive than others.

linuxmachine
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Postby linuxmachine » Mon Apr 28, 2014 3:12 pm

Kaiokenryu wrote:I only have 2 cards...I've had them for 14 and 6 years respectvely in order of AAoA.
I also have a business charge card.....but its not on my credit file as a balance posting card. but the inquires are there.

i tried to diversify by getting at least two more cards....I was rejected.

reason being specifically my fico score for three reasons:

balance carried
inquiry count
not enough credit diversity

i know that time will take care of the first as i pay my balances down. my scores should rise allowing me to take care of the third reason....

the middle one i don't know about. how long can the point drop from two apps hurt my score before I gain those points back.


inquiries drop off after 2 years, but it doesn't really look like you would have much at all (unless you applied for other loans, moved to a new apartment, etc). this makes me doubt inquiries really had anything to do with it, but the system threw it out there as a potential reason since it factored into their internal score to approve/disapprove. you could always check your credit report to find out exactly how many inquiries are on your record.

most likely than not, it is your balance, and if your util ratio is high, it might be the ONLY thing you may have to fix before you can try to reapply. i also don't see credit diversity as something you should change for the sake of increasing your score, unless it fits within your plans to increase your debt for a large purchase.

Dman316
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Postby Dman316 » Sat May 31, 2014 12:34 pm

2 years, the score sting only hurts for the 1st year though.
My Cards

Chase Freedom Visa Signature: $5.2K
Capital One Quicksilver Visa: $7.5K
Discover IT: $5.5K
Huntington Voice World Mastercard: $1.6K

In the garden indefinitely.



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