Any Rules of Thumb for avoiding "Too Many Recent Inquiries"

Discussion in 'General Discussion | Credit Cards' started by GBaldwin, Mar 16, 2013.  |  Print Topic

  1. GBaldwin

    GBaldwin Member

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    My wife and I both have solid credit scores (770+ each) and have enough income and business expenses to easily meet several sign up bonuses.

    We have been churning about 4-5 cards each once per quarter for the last year or so, but after our recent app-o-rama, we were denied 4 out of 10 applications due to "too many recent inquiries".

    We divide up the churns by bank and do the applications on the same day...all the usual stuff.

    Any other feedback for avoiding these denials each churn? Do we need to slow down or if you're going to do 4-5 cards per quarter, is getting regular denials because of "too many recent inquiries" just part of the deal?
     
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  2. Fishing4Deals

    Fishing4Deals Silver Member

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    When you say churning, do you mean canceling a card, and then reapplying some months later to get the bonus miles again? Do you keep all these accounts open? Just curious because I have been cautious and taking things somewhat slowly and am trying to figure a strategy for the coming year.
     
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  3. edekba

    edekba Gold Member

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    honestly 16 - 20 cards a year is excessive imo. I'd cut down to 3 to 4.
     
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  4. Scottrick
    Original Member

    Scottrick Gold Member

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    4-5 cards every quarter seems like a lot. My pace is closer to 3-4 cards every 6 months. But I try to be conservative. At your rate, I feel I'd run out of new offers before I have a chance to spend what I've already earned.
     
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  5. jwsky
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    jwsky Silver Member

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    If you do not need the miles in the near furure, why not slow down a bit? While getting free trips is fun, keeping your excellent credit scores are more important in the long run.
     
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  6. Kalboz
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    Kalboz Gold Member

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    Bumpage ... as reported by MMS! :)
     
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  7. GBaldwin

    GBaldwin Member

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    Thanks for all the feedback.

    @Fishing4Deals - churn was wrong word as we haven't cycled through cards by canceling and re-applying. Each quarter just doing an app-o-rama and applying for new cards while keeping open many of the previous cards.

    @Scott - I certainly don't want to run out of good options! I think we're just in a spot where we had the income/expenses and the ability to do several cards, so we weren't forced into being conservative. We may need to throttle back though.
     
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  8. mrx900
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    mrx900 Silver Member

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    16-20 cards a year is a lot! I'm just about to prep for my churn coming up in April, and I'm only gearing up for 4 cards at the most.
     
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  9. Kalboz
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    Kalboz Gold Member

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    In the past 12 months, I did 13 applications with about 60% success rate, and got 8 cards. But none of the declines are due to multiple inquiries.
     
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  10. mrx900
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    mrx900 Silver Member

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    but doesn't the declines hurt your CR also?
     
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  11. Kalboz
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    Kalboz Gold Member

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    Decline hurts in terms of getting an inquiry without benefiting from it ... a wasted inquiry, if you will.
     
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  12. Scottrick
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    Scottrick Gold Member

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    Some banks also ask if you have been declined credit in the past 6-12 months.
     
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  13. mrx900
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    mrx900 Silver Member

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    I currently have 9 cards total it seems--but like 12 inquiries from EX and EQ.....what sucks is even getting cable internet here they run a credit check on ya...and that showed up on my inquires....
     
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  14. edekba

    edekba Gold Member

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    I got one for opening a checking account... And cell phone
     

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