Hard Inquiry question

Discussion in 'Newbies' started by jmhuth, Jul 19, 2011.  |  Print Topic

  1. jmhuth

    jmhuth Silver Member

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    How many hard inquiries on your credit report do you consider acceptable? When do you draw the line & not apply for more cards? Just wondering what yall think! Thanks!
     
  2. gleff
    Original Member

    gleff Co-founder

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    Really depends on your credit score, I think, and also what your financial plans are.

    I realize that's not helpful but if someone tells you 3-4 or 9-10 I think even sifting between those answers requires the framework of where you're starting from and what you're trying to accomplish.
     
  3. Also do the credit card companies only consider your past 6 months credit history or the total 2 years when considering whether to give you a credit card or not?
     
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  4. Million Mile Secrets

    Million Mile Secrets Silver Member

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    As Gary says, it really depends on your situation, possible future loans, and your comfort level with applying for credit cards.

    I can only share my view, but you will have to determine what's right for you!

    i just applied for 6 cards on Sunday and have been approved for 4 so far, and I expect to be approved for the other 2 shortly. This will net me ~300,000 miles and points, and "cost" me about 4 to 6 inquiries on my credit report.

    This is worth it to me, since I won't be applying for any loans in the next 2 years, and I am comfortable with a churn of about 4 to 6 cards every 3 to 4 months.

    I typically try to have no more than 5 inquires per credit reporting agency on my credit report, per 6 months, since I've learned the hard way that I get denied once I cross ~6 inquiries per agency in a 6 month period.

    Once again, I think it depends on your situation. For example, if you've just declared bankruptcy and apply for 3 to 4 cards, it will likely raise a red flag, which wouldn't happen if you were, say, a 45 year old houseowner who never missed a payment!
     
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  5. jmhuth

    jmhuth Silver Member

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    Thanks! We have great credit & credit scores, carry no balances on our credit cards etc. etc. I don't plan on having any loans unless something unforeseen comes up! Thanks for your help and giving me some perspective!
     
  6. I have 1 (0 in last 6 months) inquiry on EQ, 4 (2 in last 6 months) on TU and 12 on EX (5 in last 6 months) in the last two years. This is because most banks in NJ pull from EX. Hopefully, that will change when I move to NY (fingers crossed). I've 720+ scores from all 3 agencies. I was denied Chase Sapphire Preferred because of too many recent inquiries. Hopefully, I'll succeed in not applying for any card in the next 3-4 months. :)
     
  7. Million Mile Secrets

    Million Mile Secrets Silver Member

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    Did you call the reconsideration line? I've got a denial for too many inquiries, but I don't mention that when I call in. Instead, I mention that I have other Chase cards with high credit levels, and ask if that may be reason I got denied. ;)

    I also mention why I like the new credit card so much (being sure to mention the non-mile and point reasons).

    This has worked pretty well for me!
     
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  8. Len Williams
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    Len Williams Silver Member

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    I was also denied the Sapphire card at first too. After reading Daraius' Blog, I called the reconsideration line and was immediately helped. I told him that I would like to be considered, and that I was open to any creative ways to make this work. The representative suggested closing an old account so this one could be opened.

    In the end all that it took was a 10 minute call to get approved, so don't give up yet!
     
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  9. I did call up the reconsideration number two or three times. I told them the reasons I wanted this card. I only have a Chase Freedom Card and asked them if it would help if I closed this card. They said those cards were completely different; so they couldn't do that. They were very persistent that I had too many inquiries on my report. They should see my EQ! :p
     
  10. kenbo
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    kenbo Silver Member

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    Did they explain why the Freedom card is "different" from the others? The only difference I can see is that it's a Chase-branded card and not co-branded. If that's the case though, I still don't understand the reasoning. Anyone have any ideas/explanations?
     
  11. travlr

    travlr Silver Member

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    I didn't have any Chase cards before I did this, but I recently applied for 3 Chase cards on the same day. Auto approved for one and the second two were "on review". I called up the number and told them I've been using amex and citi cards exclusively for the past 4-5 years and wanted some chase cards. The lady said no problem and approved the other two. :)
     
  12. LizzyDragon84
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    LizzyDragon84 Gold Member

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    For me, the fact that most offers have some kind of spending requirement keeps me from going too wild on credit card applications. Usually what I do is once I meet the spending requirement of one card (a process that usually takes around 3-6 months) I then go apply for another card. So far, my credit rating has remained good and I haven't run into any problems with too many hard pulls on my report.
     

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