Ok here is my question. I have on my file right now on Equifax 6 creditors. 1.is closed by me paid in full 2.is closed by me never used 3.is credit cards im an R1 on never late and total credit limit between the 3 is $31,273 BUt 2 of the cards are about $1500 away from being maxed while the other is $8800 away from the limit. Now i have on that reprot 22 creditors lookin at my report w/ the oldest 12/21/00 and the newest 11/08/01. Most are from my own creditors but a few are from companies i NEVER asked to look at. I jus applied for a Discover Card bt and was denied. I looked at my credit score and is a little past 700 but im still denied for credit eben though i NEVER been 1 payment late. My question is how many inquires (yea my spelling sucks) is to many and could that be a reason for denial. i want to try another card for a bt but afraid of denial... Can some one shed some light for me please.... Thanx jus logged on today and right away became a member!!
Are these 22 inquiries hard inquiries, or are they account reviews and promotional inquiries? Too many hard inquiries can definitely keep you from getting another card. So can that kind of balance to limit ratio.
By being so close to your CL on those two cards you are asking for trouble. Your own creditors are looking for an excuse to jack your rates up, IMO. They are checking more often because obviously you have pretty good credit despite pushing your limits but if you go any closer to your limits I would expect them to pounce. If I were you I'd spread some of the debt using Balance transfers to the one on which you have less debt even if it means paying a little more interest for a little while. Of course, if you are in a position of doing so, simply paying them down would work, too.
