Number of Inquiries Question

Discussion in 'General Discussion | Credit Cards' started by PHLFlyer, May 23, 2013.  |  Print Topic

  1. PHLFlyer

    PHLFlyer Active Member

    Messages:
    58
    Likes Received:
    20
    Status Points:
    75
    I was just thinking about this, and was hoping to get some opinions.

    I generally do not have enough in spend per month to justify applying for cards on a typical basis (big churn once every 3 months/91 days) as many people do. For the sake of this exercise, let's also assume that I will not be manufacturing spend in any way.

    I have applied for a couple cards recently as the sign up bonuses were good, one in March and the other at the beginning of May. I have a plan in mind for the points with the two cards I already received, but I was planning on picking up some more cards if the bonuses were right and they fit with a plan of usage for said miles.

    The question I have is about credit inquiries, and in particular, is signing up for one card at a time in this manner (one every 2 or 3 months) okay from a credit inquiry standpoint? I understand that number of hard inquiries isn't a huge factor when looking at credit score (or being approved for new credit), but will having inquiries on my report in this fashion have any impact on my ability to get new cards? (I understand that people do the batch of cards every 90 days so that they all go off your report at the same time).

    Thanks in advance for helping me out!
     
    Kalboz likes this.
  2. inception85

    inception85 Active Member

    Messages:
    5
    Likes Received:
    7
    Status Points:
    70
    I think the benefits of applying multiple cards in one day are:
    1. Your previous inquiry is 3-4 months ago instead of a few weeks ago, which make you more likely to get approved and your score may have recovered even more.
    2. Your inquires may have been combined. E.g I applied for Chase, Amex in March, each for 2 cards, and I see only two inquiry instead of 4 in my report.
     
    Kalboz, PHLFlyer and edekba like this.
  3. edekba

    edekba Gold Member

    Messages:
    3,462
    Likes Received:
    3,783
    Status Points:
    2,145
    Plus if your score is high enough, hard inq shouldnt have that much of an effect.
     
  4. PHLFlyer

    PHLFlyer Active Member

    Messages:
    58
    Likes Received:
    20
    Status Points:
    75
    Interesting point regarding number 2. That is something that I will think about.

    I guess I have to ask you now, even though you seem to favor applying for multiple cards at a time (which is difficult for me since I may have trouble meeting min spend requirements without manufacturing spend), do you see any detriment to my method? Short of having the inquiries a longer time ago? Thanks again for your post!
     
    rockyrock and Kalboz like this.
  5. PHLFlyer

    PHLFlyer Active Member

    Messages:
    58
    Likes Received:
    20
    Status Points:
    75
    Yeah, my score is definitely quite high, so again, do you think that continuing in this manner is fine (sounds like the answer to this is yes). I'd be happy to hear your thoughts about either method in more detail. Thanks for the post!
     
    Kalboz likes this.
  6. edekba

    edekba Gold Member

    Messages:
    3,462
    Likes Received:
    3,783
    Status Points:
    2,145
    I don't like to do AoR like everyone else, strictly because I don't feel like I am in a rush. I do it when I need or want to. And even though I have 10+ Hard Inq ... if I get denied I call in and explain why I have so many hard inquiries. (Because I like to diversify my spending. As you can also see on my CR I am not late in payment. So the reasony why I have a lot of hard inq is not because I need credit. In fact if you look at my Debit/Credit you'll see I am just fine.)
     
    PHLFlyer and rockyrock like this.
  7. inception85

    inception85 Active Member

    Messages:
    5
    Likes Received:
    7
    Status Points:
    70
    As a matter of credit score, I would say you probably won't have that much of an impact if it is high enough, but I believe if you call the recon line, they won't only read your score. They care about your relationship with them, your spending patterns and also your risks. I do think if your most recent accounts are opened 4-6 mon ago it would give you a better chance of getting approved, since you are considered with lower risk.

    But I really think this varies by person and the issuer of the cards, for example, I don't chase care that much of your recent inquiries if you have a long term relationship with them, have checking/saving accounts with them, and spend some decent amount of money on your existing chase cards. Hope this helps.
     
    PHLFlyer and Kalboz like this.
  8. PHLFlyer

    PHLFlyer Active Member

    Messages:
    58
    Likes Received:
    20
    Status Points:
    75
    Right on. I feel the same way. Thanks again for the post!
     
    edekba likes this.
  9. PHLFlyer

    PHLFlyer Active Member

    Messages:
    58
    Likes Received:
    20
    Status Points:
    75
    Thanks for the post!
     

Share This Page