How many credit inquiries is too many?

All about maximizing your rewards!
Members share tips and tricks for getting the most miles, & points.
11 posts
krismanten
Green Member
Green Member
 
Posts: 9
Joined: Thu Dec 02, 2010 10:57 pm
Location: tennessee

How many credit inquiries is too many?

Postby krismanten » Sun Dec 05, 2010 10:21 pm

Ive tried for the penfed card, got turned down a few weeks ago. i then got approved for a capital one secured card, and earlier in the year signed up for a debit card. How many cards would it be safe to sign up for during this year and not get my credit score hurt? i am just starting my credit.

Also, thinking of getting either chase rewards or discover open road card. i think both of them have the 5% in rotating categories. are categories the same for each card or different? also when can the consumer find out the categories on the 2011 calender?


User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Mon Dec 06, 2010 4:53 pm

Penfed is very conservative with approval so that's not surprising. Did you apply for the Capital One secured or did you apply for an unsecured and what they gave you was the secured?

At this point if your only being approved for a secured I wouldn't apply for any more credit cards for at least 6 to 9 months. Capital One has the loosest requirements so if you didn't get approved for an unsecured card from them, you almost are guaranteed not to be approved for a Discover or a Chase.

As far as how many credit inquiries is too many, the lower the better. I try and limit mine to no more than 2 per year, max 3. The credit inquiries will stay on your file for 24 months but count much less after 12 months.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

krismanten
Green Member
Green Member
 
Posts: 9
Joined: Thu Dec 02, 2010 10:57 pm
Location: tennessee

Postby krismanten » Mon Dec 06, 2010 9:24 pm

nope i got approved for the secured one, thats what i applied for to help build my credit a little, i started to get a jcpenney card but my mom already has one so i figured id go with capital one. i do get letters from discover from time to time which cant be a bad thing i wouldnt think. but i am seriously considering piggy backing on my moms credit, she keeps on getting pre approval letters from chase freedom. i told her you guys liked that card, would my name being on the card with her be wise or not? or do they even offer that?

infomaniac
Platinum Member
Platinum Member
 
Posts: 58
Joined: Thu Nov 04, 2010 6:45 pm
Location: Boston

Postby infomaniac » Fri Dec 10, 2010 11:15 pm

It is often advised to not have any credit inquiries in the 6 months leading up to a mortgage application if that is in store for you.

User avatar
Cucumber
Centurion Member
Centurion Member
 
Posts: 567
Joined: Tue Apr 22, 2008 12:44 am
Location: Zuma

Postby Cucumber » Sun Dec 19, 2010 4:19 pm

Guys I thought there was something in the scoring formula that if you had multiple credit inquiries of the same type within a short amount of time they would count as 1 inquiry. It's that way with mortgages I think does the same rule go for credit cards???

:confused:
OBAMA
Stop talking crap about him!

infomaniac
Platinum Member
Platinum Member
 
Posts: 58
Joined: Thu Nov 04, 2010 6:45 pm
Location: Boston

Postby infomaniac » Sat Jan 08, 2011 3:29 pm

Cucumber wrote:Guys I thought there was something in the scoring formula that if you had multiple credit inquiries of the same type within a short amount of time they would count as 1 inquiry. It's that way with mortgages I think does the same rule go for credit cards???

:confused:


That is applicable to mortgages, student loans and auto loans applied for within a 30 day period. Revolving credit accounts such as credit cards do not qualify.

kinkade
 
Posts: 2
Joined: Thu Jan 13, 2011 4:23 pm
Location: Florida

Postby kinkade » Thu Jan 13, 2011 4:26 pm

Do you think 7 inquiries in 1 year is too many because that is what showed up on my credit report when I pulled it today.

jeffysdad
Centurion Member
Centurion Member
 
Posts: 875
Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Postby jeffysdad » Thu Jan 13, 2011 10:41 pm

Yes, seven is too many if they are for revolving accounts. Best to sit still for a while and build credit with what you have. I have a fairly decent credit score, but the one area where I'm consistently dinged is hard pulls as I always seem to have two or three for revolving accounts. That said, this is a relatively small factor relative to the whole credit score. Pay your bills on time all the time and you will be fine.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

User avatar
Elliot Castro
Platinum Member
Platinum Member
 
Posts: 77
Joined: Sat Jan 22, 2011 4:23 am
Location: sfdsf

Postby Elliot Castro » Sat Jan 22, 2011 4:44 am

Do you think 7 inquiries in 1 year is too many because that is what showed up on my credit report when I pulled it today.


I am going to go against the grain here. These companies know the same as you and I do (even more). They are well aware that people are getting dings for all sorts of things, and it is not always bad. In fact, most algorithms give you a set number of freebie dings, and any extras beyond that may still not even impact you negatively, if barely at all.

As mentioned, pay your bills on time... one month delay on a 20$ amount could mean 10 dings or more worth :P

User avatar
Cucumber
Centurion Member
Centurion Member
 
Posts: 567
Joined: Tue Apr 22, 2008 12:44 am
Location: Zuma

Postby Cucumber » Mon Jan 24, 2011 4:05 am

How do you know there are freebies on the first few dings that are given......where did you hear that?

:confused:
OBAMA
Stop talking crap about him!



Return to “Rewards”

Who is online

Users browsing this forum: No registered users and 0 guests