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  1. #1
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    Default How many credit inquiries is too many?

    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"?
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  2. #2
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    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.
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  3. #3
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    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?
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    Quote Originally Posted by Drudai View Post
    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?
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  5. #5
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    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.
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  6. #6
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    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.
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  7. #7
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    Quote Originally Posted by Sevenfeet View Post
    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
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    Quote Originally Posted by FutureBillionaire View Post
    I'm going to get a preapproved loan from a bank
    Or credit union, which may have more favorable terms.
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  9. #9
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    Quote Originally Posted by FutureBillionaire View Post
    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.
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  10. #10
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    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
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    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
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