I need some advice.

Discussion in 'Credit Talk' started by Davidoj, May 22, 2001.

  1. Davidoj

    Davidoj Member

    I just got a current copy of my credit report. I would like to know what is an average number of inquiries of companies that request a copy of your credit report? In 2000 I had 35 inquiries and so far this year I have had 18 1nquires. I have excellent credit and get a lot of the pre approved apps and sometimes like to send them in and some times they are approved and sometimes turned down because of to many inquiries. Also, if I have a unusually large amount of inquires should I put a freeze on my report so as not to get any more offers? Thanks
  2. Surphie

    Surphie Well-Known Member

    Recent multiple credit applications hurt you, because it makes you look ***DeSpERaTe FoR cReDiT***

    Lenders do look at your recent credit inquiries when deciding whether to approve you or not. And when you sign any application for credit or when you apply for a credit line increase on an existing account, you will be giving permission for the creditor to pull your credit report.

    Too many recently opened accounts, and recent credit inquiries will lower your score (opening several credit accounts -or trying to do that- in a short period of time does represent greater risk and lowers your score)

    My suggestion is do not apply for credit everywhere. Numerous inquiries hurt your credit rating. Again, it makes it appear you are desperate for credit. Lenders don't like to lend to people desperate for credit.

    Good luck!!!
  3. Momof3

    Momof3 Well-Known Member

    Are these "soft" inquires, if so they don't count against you at all so i wouldn't worry about it. However if these are hard inquiries initiated by you, that many in that time frame will hurt your scores.
  4. Davidoj

    Davidoj Member

    it's about half and half.
  5. marvin

    marvin Well-Known Member

    My understanding is that the affect of credit inquiries will vary, depending on the rest of you're report. I would guess that if you are maxed out on you're revolving accounts, or you have several new accounts, then it would appear that you are desperate. On the same token, if you have marginal or bad credit, the inquiries would have a significant impact because it shows that you are attempting to get a lot of credit, and you haven't proven that you can handle it.

    I don't think it would have a significant impact if you have good credit, and have proven that you can handle the credit that you have. It will still hurt you're credit, but not as severely.

    Hope this helps
  6. Surphie

    Surphie Well-Known Member

  7. Davidoj

    Davidoj Member

    Great article .... Thanks

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