How many credit inquiries is too many?

For just about anything you want to get off your chest about credit cards.
11 posts
Drudai
Platinum Member
Platinum Member
 
Posts: 55
Joined: Sun Dec 16, 2012 8:25 pm
Location: Illinois

How many credit inquiries is too many?

Postby Drudai » Fri Feb 15, 2013 8:27 pm

I'm sure this has been asked a dozen times, but I haven't been able to find a straight forward answer on it at all. I've heard a ridiculous answer of only 1/year and some who have 8-9 a year.

Currently reporting, updated 2/14, is 23 inquiries. In 2012 I opened 2 credit cards, 2 phone lines, and got a new apartment, which is where most of my inquiries came from.

9 of them are from 2011, 13 are from 2012, and one for my Sears card that I was approved for last month (2013).

(Employee of Sears, seems reasonable for the best credit limit that I have yet -- a whopping 2k.)

So, although all together on the last 2 years seems like a lot, do they really look back that far and consider that "too many"?
[size=60]
Chase Freedom: $800
Chase Slate: $500
Discover It: $2000
Sears: $2000
US Bank: $500
AMEX BCE: $2000
[/size]


Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Fri Feb 15, 2013 8:39 pm

This is probably disputed a lot around here since some people don't seem to have a problem racking up inquiries for their app sprees, but on MyFico's web site, there is a answer to the question about inquiries saying that statistics show that someone with six inquiries or more on the credit report is 8 times more likely to declare bankruptcy in the next 12 months. That is, people who are financially fragile are likely to be apping for credit all over town to survive. Those people are obviously different than this crowd that is here for the game of credit cards, but how could you tell the difference as a creditor?

That being said, even though inquiries stick around for 24 months, they are only calculated against your score for 12. So your 2011 inquiries will die in the next months.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

Drudai
Platinum Member
Platinum Member
 
Posts: 55
Joined: Sun Dec 16, 2012 8:25 pm
Location: Illinois

Postby Drudai » Fri Feb 15, 2013 8:50 pm

Thankfully I'm not one of those people in financial difficulties. Although my income is low, I'm a little addicted to the thought of having large credit limits on shiny plastic one day. Haha. Oh yes, a game indeed.

I had I think 26 last month. 3 fell off my report all together this month. So pretty much all my 2011 (since it's been 12 months) are not counted?
[size=60]

Chase Freedom: $800

Chase Slate: $500

Discover It: $2000

Sears: $2000

US Bank: $500

AMEX BCE: $2000

[/size]


Gamma
Centurion Member
Centurion Member
 
Posts: 409
Joined: Sat Sep 15, 2012 1:15 am
Location: Los Angeles, CA

Postby Gamma » Fri Feb 15, 2013 10:29 pm

Drudai wrote:Thankfully I'm not one of those people in financial difficulties. Although my income is low, I'm a little addicted to the thought of having large credit limits on shiny plastic one day. Haha. Oh yes, a game indeed.

I had I think 26 last month. 3 fell off my report all together this month. So pretty much all my 2011 (since it's been 12 months) are not counted?

Your inquiries past 12 months don't get calculated for your fico score. A person manually reviewing your credit report might question your many inquiries past 12 months. Also, you say you have 23 inquiries. How many inquiries are on each credit report?

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4745
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Sat Feb 16, 2013 11:47 am

0 is too many, you're a criminal and a terrorist if you even have 0!!!!!

Just kidding!!! Been reading the MyFICO forums too much lately.

Honestly after 2 years they no longer appear on your report, after 1 year they do not affect your score, after 6 months most lenders give little if any weight to them. YMMV with the lenders part of it, but generally that's true.

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Sat Feb 16, 2013 1:35 pm

The other thing to remember is that not all hard pulls are about credit cards. My wife and I bought a car in 2011 and we shopped between three dealerships. At the end of the 3 month process, we ended up with 7 HPs during the negotiation process.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Sat Feb 16, 2013 1:38 pm

Sevenfeet wrote:The other thing to remember is that not all hard pulls are about credit cards. My wife and I bought a car in 2011 and we shopped between three dealerships. At the end of the 3 month process, we ended up with 7 HPs during the negotiation process.


I'm going to get a preapproved loan from a bank from here on out. I learned about that when I bought my last car, and it was much easier to negotiate and nicer to my credit score.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape


DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Sat Feb 16, 2013 6:23 pm

FutureBillionaire wrote:I'm going to get a preapproved loan from a bank


Or credit union, which may have more favorable terms.

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Sat Feb 16, 2013 6:28 pm

FutureBillionaire wrote:I'm going to get a preapproved loan from a bank from here on out. I learned about that when I bought my last car, and it was much easier to negotiate and nicer to my credit score.


In the end, this is exactly what happened. After screwing around with BMW's finance arm, we found favorable terms at Suntrust.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

User avatar
Calipso
Centurion Member
Centurion Member
 
Posts: 195
Joined: Mon Oct 29, 2012 2:50 pm
Location: Boston

Postby Calipso » Sun Feb 17, 2013 4:26 pm

I have 12 in the last two years on EX, 5 on TU and zero on EQ (yay for B*).

I'm all set for now, until a nice bonus comes along. I think 12 is plenty for me.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 7 guests