How Many Hard Inquiries Is Too Many?

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willgtl
 
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Joined: Tue May 04, 2010 11:39 am
Location: Sydney, AU

How Many Hard Inquiries Is Too Many?

Postby willgtl » Wed May 05, 2010 6:37 am

I finally got approved for a credit card yesterday after getting denied for 3. So I have 4 hard inquiries now, is that too many?


smc333
 
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Joined: Mon May 10, 2010 12:19 am
Location: Boston, MA

Postby smc333 » Thu May 13, 2010 11:39 pm

I got approved for my first card after my fifth inquiry, so no. They don't hurt as much if either of the following conditions apply:

1. You are new. When your credit gets pulled on a small report, it does not affect scoring as much.
2. You make multiple inquiries in a very short period, such as 14 days. In 45 days, it may look troubling, as you're desperate to get credit, but in a span of 1-2 weeks, it appears as if you were just shopping around.

What hurts is if you open a card, then a month later start a bunch more inquiries, makes you look desperate for credit.

In short, don't worry about it, but keep your card for now, and wait a good 6-8 months before applying for more credit.

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phanio
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Location: Texas

Postby phanio » Tue May 18, 2010 9:16 am

    smc333 wrote: You make multiple inquiries in a very short period, such as 14 days. In 45 days, it may look troubling, as you're desperate to get credit, but in a span of 1-2 weeks, it appears as if you were just shopping around.


    Yes - in a short period is keey. The credit agencies know that people shop around and if you can keep it to around three pulls in a short period - then they nwill consider tham as a single pull in their scoring.

    What matters more is the amount of credit you have avaliable and how much you use.
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