denied credit because of too many BS inquiries...

[cosimo]

I was denied a credit card recently because of "too many inquiries in the past 12 months". I have about 5 in the past 6 months but they are not for CREDIT CARDS! 3 of them are for utility services- Verizon, AT&T, and a CONED electric, and the others are from Credit Union savings accounts I opened up. Why do they not differentiate the TYPE of Inquiry rather than just saying "Oh, it's a hard pull, so it's bad." ??

[nysbadmk8]

Who was the creditor?

[cv91915]

Too many inquiries is almost never the primary reason for a denial, regardless of how many or how few reasons the AA letter gives you.

 

Is your credit profile otherwise perfect?

[luckydriver]

at least one of your issues wasnt 'not enough mortgages' . i love that one. i guess they want me to own 2 homes.

[shifter]

Too many inquiries is almost never the primary reason for a denial, regardless of how many or how few reasons the AA letter gives you.

 

Is your credit profile otherwise perfect?

+1

[Matti]

Too many inquiries is almost never the primary reason for a denial, regardless of how many or how few reasons the AA letter gives you.

 

Is your credit profile otherwise perfect?

 

Nope. A whole slew of charge offs.

 

http://creditboards.com/forums/index.php?showtopic=526340&hl=

http://creditboards.com/forums/index.php?showtopic=527154&hl=

http://creditboards.com/forums/index.php?showtopic=527541&hl=

 

I think inqs should be the least of OPs worries.

[BobWang]

Ah, there was more to the story.

[Cappy]

Ah, there was more to the story.

As always

[almostanonymous]

FNBO is happy to deny on INQs alone.

[Occam]

FNBO is happy to deny on INQs alone.

There are a few who will, but they are the exceptions. Due diligence can usually save you from wasting your time and inquiries on them.

 

B* won't necessarily help with those few issuers who deny on inqs alone because they often obtain information from secretive sources which "aren't credit reporting agencies". Best policy is simply to avoid that sort of issuer if you've got inqs in the closet.

 

An FNBO denial which is really for "too many inquiries" usually has something to do with ARS.

 

But the inqs OP mentions wouldn't have been tracked by ARS... the denial was almost certainly for something else. If you are a marginal applicant, inqs can tip the balance and provide a convenient "reason."

[nysbadmk8]

 

FNBO is happy to deny on INQs alone.

There are a few who will, but they are the exceptions. Due diligence can usually save you from wasting your time and inquiries on them.

 

B* won't necessarily help with those few issuers who deny on inqs alone because they often obtain information from secretive sources which "aren't credit reporting agencies". Best policy is simply to avoid that sort of issuer if you've got inqs in the closet.

 

An FNBO denial which is really for "too many inquiries" usually has something to do with ARS.

 

But the inqs OP mentions wouldn't have been tracked by ARS... the denial was almost certainly for something else. If you are a marginal applicant, inqs can tip the balance and provide a convenient "reason."

 

 

 

Simple letter to IDA and ARS solves that issue.

[almostanonymous]

Yeah I ordered and froze my ARS report after I was declined by FNBO for "excessive inquiries". There were only 3 on ARS. Now that is some sh*t right there.

[Occam]

 

 

FNBO is happy to deny on INQs alone.

There are a few who will, but they are the exceptions. Due diligence can usually save you from wasting your time and inquiries on them.

 

B* won't necessarily help with those few issuers who deny on inqs alone because they often obtain information from secretive sources which "aren't credit reporting agencies". Best policy is simply to avoid that sort of issuer if you've got inqs in the closet.

 

An FNBO denial which is really for "too many inquiries" usually has something to do with ARS.

 

But the inqs OP mentions wouldn't have been tracked by ARS... the denial was almost certainly for something else. If you are a marginal applicant, inqs can tip the balance and provide a convenient "reason."

 

 

 

Simple letter to IDA and ARS solves that issue.

 

There may be unintended consequences (unconfirmed, but be careful) and there are other trackers.

 

IMO, it's better to avoid the lowlife institutions that pull those whenever possible.

 

You should definitely know what's on those reports though!

[nysbadmk8]

 

 

 

FNBO is happy to deny on INQs alone.

There are a few who will, but they are the exceptions. Due diligence can usually save you from wasting your time and inquiries on them.

 

B* won't necessarily help with those few issuers who deny on inqs alone because they often obtain information from secretive sources which "aren't credit reporting agencies". Best policy is simply to avoid that sort of issuer if you've got inqs in the closet.

 

An FNBO denial which is really for "too many inquiries" usually has something to do with ARS.

 

But the inqs OP mentions wouldn't have been tracked by ARS... the denial was almost certainly for something else. If you are a marginal applicant, inqs can tip the balance and provide a convenient "reason."

 

 

 

Simple letter to IDA and ARS solves that issue.

 

There may be unintended consequences (unconfirmed, but be careful) and there are other trackers.

 

IMO, it's better to avoid the lowlife institutions that pull those whenever possible.

 

You should definitely know what's on those reports though!

 

 

 

I froze them. If Us bank or Fbno wants to deny me based on that... Like you said.. didn't need them anyway.

[Occam]

Other examples are JFCU and Redneck Bank - neither pulls IDA or ARS, but they will both deny for too many Chex inquiries. "Too many" can be very few in the case of JFCU.

[Occam]

 

Like you said.. didn't need them anyway.

 

[takeshi]

(nm)

Edited April 24, 2014 by takeshi

[CreditGuy03]

at least one of your issues wasnt 'not enough mortgages' . i love that one. i guess they want me to own 2 homes.

This is a new one

[policebox]

I understand (sort of) companies that want to look at a person's credit report, such as utilities, CA, etc. But I think hard inquiries should only be allowed for actual applications for new lines of credit (or CLIs). If a company can soft you and get the same information, then that should be sufficient. But if the FICO algorithm reads inquiries as applications for credit and dings a person for too many of them under a presumption that the individual is trying to get too much credit too quickly. Non-credit application inquiries screw up that presumption and contributes to AA.

[luckydriver]

speaking of utilities, why cant we get them to report positive history? id think paying gas water and electric on time is a good indicator of peoples risk

[nysbadmk8]

speaking of utilities, why cant we get them to report positive history? id think paying gas water and electric on time is a good indicator of peoples risk

 

Yup, because if you have bad credit they will want a higher deposit, and If you DONT pay, It will surely be reported to the CRA's

[ruscorp]

I was denied a credit card recently because of "too many inquiries in the past 12 months". I have about 5 in the past 6 months but they are not for CREDIT CARDS! 3 of them are for utility services- Verizon, AT&T, and a CONED electric, and the others are from Credit Union savings accounts I opened up. Why do they not differentiate the TYPE of Inquiry rather than just saying "Oh, it's a hard pull, so it's bad." ??

 

ConEd only does soft inquiries when opening an account. (If this is the NYC company we are speaking about)

[JunkBuyersWorstNightmare]

I understand (sort of) companies that want to look at a person's credit report, such as utilities, CA, etc. But I think hard inquiries should only be allowed for actual applications for new lines of credit (or CLIs). If a company can soft you and get the same information, then that should be sufficient. But if the FICO algorithm reads inquiries as applications for credit and dings a person for too many of them under a presumption that the individual is trying to get too much credit too quickly. Non-credit application inquiries screw up that presumption and contributes to AA.

 

+1000.

[JunkBuyersWorstNightmare]

Yeah I ordered and froze my ARS report after I was declined by FNBO for "excessive inquiries". There were only 3 on ARS. Now that is some sh*t right there.

 

ARS National Services?

[nbipbm]

speaking of utilities, why cant we get them to report positive history? id think paying gas water and electric on time is a good indicator of peoples risk

It's credit, but it isn't credit that you can run a huge bill up on. They're not going to let you get up to 5000 if your monthly charge is 100 before they ask you to pay. There could be different bureaus specifically for utilities/rent/mobile/cable, but I see it being out of place on regular credit reports.