Inquiries do NOT matter -- do NOT dispute them

[mattun]

This thread is true with major banks, not true with many credit unions. I get declined all the time with a 750 to 800+ score. The only reasons ever given are too many inquires and/or too much available credit. I strongly believe when it's hands on rather than a system, they'll get spooked by anything and inquires are an easy to spot red flag (especially since credit union cater more to typical people, not bonus chasers and manufactured spenders). I've steadily dropped my available credit from $400,000 (which admittedly was crazy) to sub $200,000 and I'm still getting declined. Trying to get it down to close to my salary now to hopefully eliminate that issue.

Edited June 3, 2015 by mattun

[Second Chances]

What credit unions are you trying to join? How many banking accounts had you opened recently?

 

I wouldn't cut your available CLs that much just to get a credit union account.

[Pam]

The only time an inquiry should really matter is if you haven't applied for anything. That's indicative of a larger problem. Regarding scores and report cleanliness - meh. Leave 'em alone.

[Inspired]

That's absurd. Unless an applicant has a weak credit score (and even then , it isn't really about the inquiries) an UW couldn't care less about inquiries.

Ok. Well you probably know more than me. I wouldn't call it absurd though.

[mattun]

What credit unions are you trying to join? How many banking accounts had you opened recently?

 

I wouldn't cut your available CLs that much just to get a credit union account.

 

Ones that are manufactured spending friendly, so I'd rather not say. They're more than happy to give me a checking account, but as soon as I try for a PLOC... "too many inquires, too much available credit". I even had a long conversation with one where she basically told me she'd never seen a credit report like mine and was convinced I was planning to load up my cards with $500,000 and flee the country or something. Lowering my CLs have had virtually no impact on my credit score interestingly enough. I was raised on credit boards believing you never close anything and take ever increase you can that doesn't cost you a hard inquiry. With 0% balance transfers rare, MS and bonus offers are where it's at, so I haven't missed any of the CLs I've dumped.

Edited June 3, 2015 by mattun

[Second Chances]

 

What credit unions are you trying to join? How many banking accounts had you opened recently?

 

I wouldn't cut your available CLs that much just to get a credit union account.

 

Ones that are manufactured spending friendly, so I'd rather not say. They're more than happy to give me a checking account, but as soon as I try for a PLOC... "too many inquires, too much available credit". I even had a long conversation with one where she basically told me she'd never seen a credit report like mine and was convinced I was planning to load up my cards with $500,000 and flee the country or something. Lowering my CLs have had virtually no impact on my credit score interestingly enough. I was raised on credit boards believing you never close anything and take ever increase you can that doesn't cost you a hard inquiry. With 0% balance transfers rare, MS and bonus offers are where it's at, so I haven't missed any of the CLs I've dumped.

 

 

If your AAOA can take it, go for it then. I just didn't think CUs had great bonuses for their cc's, at least compared to the prime lenders. I've usually heard them associated with rebuilding and auto loans.

 

Edit: I can't type these last few days, apparently.

Edited June 3, 2015 by Second Chances

[cv91915]

 

What credit unions are you trying to join? How many banking accounts had you opened recently?

 

I wouldn't cut your available CLs that much just to get a credit union account.

 

Ones that are manufactured spending friendly, so I'd rather not say. They're more than happy to give me a checking account, but as soon as I try for a PLOC... "too many inquires, too much available credit". I even had a long conversation with one where she basically told me she'd never seen a credit report like mine and was convinced I was planning to load up my cards with $500,000 and flee the country or something. Lowering my CLs have had virtually no impact on my credit score interestingly enough. I was raised on credit boards believing you never close anything and take ever increase you can that doesn't cost you a hard inquiry. With 0% balance transfers rare, MS and bonus offers are where it's at, so I haven't missed any of the CLs I've dumped.

 

What credit unions are you trying to join? How many banking accounts had you opened recently?

 

I wouldn't cut your available CLs that much just to get a credit union account.

 

Ones that are manufactured spending friendly, so I'd rather not say. They're more than happy to give me a checking account, but as soon as I try for a PLOC... "too many inquires, too much available credit". I even had a long conversation with one where she basically told me she'd never seen a credit report like mine and was convinced I was planning to load up my cards with $500,000 and flee the country or something. Lowering my CLs have had virtually no impact on my credit score interestingly enough. I was raised on credit boards believing you never close anything and take ever increase you can that doesn't cost you a hard inquiry. With 0% balance transfers rare, MS and bonus offers are where it's at, so I haven't missed any of the CLs I've dumped.

https://creditboards.com/forums/index.php?showtopic=524087

[Zobelle]

B* itself isn't dead. Just recoded on TU.

[Guest]

B* itself isn't dead. Just recoded on TU.

 

Oh, hell.

 

Let us all find out the B* games continue...

 

I got dizzy reading sooooooo much about that game.

[Zobelle]

Just have to get creative where you get your SP's from. Hard to do when your reports are frozen though.

[mattun]

 

https://creditboards.com/forums/index.php?showtopic=524087

 

 

That's pretty funny, and a little disturbing considering how much work I put in closing/reallocating crap this past year just to get some juicy PLOCs.

[cv91915]

Yesterday Citi approved my application for a Premier. They pulled Equifax, where I had 12 inquiries at approval.

 

Chase just approved my new Marriott Premier with my 13th Equifax inquiry.

[mendelssohn]

Citi approved me for the Exec AA MC with 17 inquires on EX, 7 in the past 6 months, and a sub 700 EX FICO.

[cv91915]

Citi approved me for the Exec AA MC with 17 inquires on EX, 7 in the past 6 months, and a sub 700 EX FICO.

 

But...

[mendelssohn]

 

Citi approved me for the Exec AA MC with 17 inquires on EX, 7 in the past 6 months, and a sub 700 EX FICO.

 

But...

 

 

I think this shows that overall credit profile is more important than both FICOs and inquiries.

 

My scores may not be the best, but my revolving credit history is strong and reported utilization is very low.

[Vireo]

Just saw this gem on another personal finance forum...

 

"A hard pull is worth about $400."

 

Logic: That's an average CC signup bonus, so $400 is the opportunity cost from not being able to get that credit card.

[mendelssohn]

That means I have $8000 worth of inquiries on EX.

 

I got more value from them than that though.

[joem1cha3l]

I was just approved for Amex with 15 Inquiries, 7 new accounts within the last 6 months. 7 of those inquiries were within the last 6 months.

 

FWIW...

[nateinva]

I was approved for the Chase IHG Rewards card yesterday, $17.5k initial limit, 17 inqs on EQ all in 2015 (except for 1 mortgage sticky) and close to 10 new accounts in 2015 (more? ). EQ FICO 08 = 764.

 

My oldest account is 25.6 yrs, AAOA 2.2 yrs on EQ, Util = 1% on $268k total revolving accounts. I have some CLIs not reporting yet and with this approval I'll clear $300k easily. This is well above individual and household income. I've had no problem getting approvals due to inqs. The only lenders that seem to blink an eye are certain CUs (imagine that).

 

I do however need an intervention to slow the eff down. :rofl:

 

Seriously though, I've accomplished all I could ever imagine....just need to work on what I have now and pull the weeds out in 2016.

 

I have 25 hards on EX right now...the last app resulted in an approval with Amex for a Biz Gold. I tried a twofer with the Biz Blue but they held the app for 3 days and by that time my EX was back on ice, which was ultimately the stated reason for the denial. I didn't call back to let them pull again.

[cv91915]

This chart is still in my R&D department, but it's illustrative in its current draft form.

 

People believe they get denied for too many inquiries when that is the reason listed on the adverse action letter. In reality, the approval process (whether by machine or human) looks at dozens or hundreds of data points and dozens or hundreds of business rules.

 

In the fictional, overly-simplified example depicted here, the applicant started accumulating risk factors four steps in the evaluation process prior to inquiries being considered, and all of those were more significant than the inquiries.

 

Inquiries may have been the proverbial straw that broke the camel's back, but they weren't the only (or even the biggest) reason for this denial. With the exception of a handful of oddball issuers, they basically never are.

 

This applicant may receive an adverse action letter listing "too many inquiries," because that is the point in the evaluation where his or her qualifications in aggregate disqualified the application.

 

 

 

♡

[Rorer_714]

Just saw this gem on another personal finance forum...

 

"A hard pull is worth about $400."

 

Logic: That's an average CC signup bonus, so $400 is the opportunity cost from not being able to get that credit card.

Most MSer's put it at around 1k.

[cv91915]

I was just approved for a Chase United MileagePlus Visa Signature with an Equifax pull, where I have 14 inquiries.

[nateinva]

[RussInGotham]

So I few months ago I was declined for an UNFCU Azure. The reason? Too many inquiries.

 

After several tries, I got an analyst on the phone. He said that it was too many inquiries. So I asked him how many inquiries should be on the report to get an approval, and how old should they be. He then said that it's not really the inquiries, but the age and quantity of my accounts. He then approved me for the card, initially at a low limit, so that UNFCU can get a better idea about my risk.

[cv91915]

So I few months ago I was declined for an UNFCU Azure. The reason? Too many inquiries.

 

After several tries, I got an analyst on the phone. He said that it was too many inquiries. So I asked him how many inquiries should be on the report to get an approval, and how old should they be. He then said that it's not really the inquiries, but the age and quantity of my accounts. He then approved me for the card, initially at a low limit, so that UNFCU can get a better idea about my risk.