     Patricia Holly (Househunting) | Thursday, April 26, 2001 - 10:20 am 
Ok, inquiries kill your score. Got that. Has anyone been able to figure out if there is in fact some sort of peak after which additional inquiries no longer matter. For the sake of argument, let's say I have 10 inquiries on the same report for the past 6 months and each inquiry subtracts 10 points from my score. Did I just lose 100 points or 60 because after 6 it no longer matters? [I hope this is clear what I'm asking, I reread some of my posts sometime and have no idea what I am talking about:-)]
I have been tempted several times to just go for it and start applying all over the place to get whatever I can and keep those I want (depending on limits) and ditch the rest. |
| Christine Baker (Admin) | Thursday, April 26, 2001 - 03:45 pm
I know what you're asking, but the 10 point/inquiry is really just a very wild guess.
I think the inquiries are impacting on a curve, i.e. EXAMPLE 10 points for the first, 15 for the second, etc, and then 4 points for th 7th, 3 points for the 8th, etc.
And, the inquiries that are 5 or 6 months old are fewer points than the ones this month.
AND, I think that it also depends on which model you're in.
It could well be that inquiries cost more points for people with high balance/limit ratios, etc.
I think what you're trying to do is apply at lots of places all at once before they are reported as new accounts? The new accounts will lower your score PROBABLY more than the inquiries.
It's an interesting approach.
Have you tried calling creditors to find out what their underwriting guidelines are?
What are you looking for? Are higher limits more important than lower rates?
Why don't you just have your husband apply for good cards and you become an authorized user until your scores are were you can get them on your own? |
| Shylock (Shylock) | Friday, April 27, 2001 - 04:37 am
Well I don't agree with the 10 points/inquiry theory. However I would surmise that once you have 4 inquiries you're pretty much shot in the inquiry department so what's another 1, 2 or 1,000?
But I would be cautious about putting an inquiry in a month under the theory of "I already have 4, so ... " With an inquiry every 3 months (4 a year) that means that in 6 months you'll have an improved score as long as you don't put new inquiries on.
What is your score now and how much are you trying to raise it by? If you're thinking you'll be able to gain 50+ points by an inquiry-management strategy I'd say that is the height of optimism. Inquiries are only a factor worth considering if you scored, let's say, a 662 and you needed a 680+ |
| Patricia Holly (Househunting) | Friday, April 27, 2001 - 10:55 am
Christine and Shylock-
My biggest problem right now is limits. I have a few cards with awful limits (800-1000) relative to how much I need to use them. I work for a small company and need to charge travel expenses and the like. I want to keep them on my personal accounts and not on a company card. (I got into a real pickle with my last company and their corporate card. I ran up a $3000 in expenses and they took 6 months to reimburse, leaving me with the balance.)
My experian report is clean of all negatives. My trans union and equifax have 2 paid charge offs from '95. Trans Union also has 2 30 day lates from '98. My FICO with equifax was 636 last month and is now 658 with the 2 negatives. So, I figure my experian must be over the magical 680. I guess I am hoping that maybe some of the card companies pull from experian and I could end up with a decent card if one of a group I mass apply with pulls just experian. I have convinced my hubby to wait until next summer to get the mortgage because the negatives will be off almost completely by then and we should qualify for most loan programs. Lexington could still get them off in one of the next 2 rounds (experian is clean now so anything is possible) so I am going to let them try. The problem with this approach is 6 months before we go for the mortgage I won't apply for anything and if it drags on for months I could be looking at 18 months from today before I qualify for decent cards. So my balance ratios will not get much better and embarassing situations like my card being declined at the Hotel Inter-Continental in DC last month because it was too close to the limit, will keep happening.
I have already closed my CCB cards last year but still only have bad cards like 1st Premier (terrible increases even after 3 years of perfect payment history), Orchard etc. So, this is why I was wondering about a mass application spree might work out for me. I was going to get a Sterling Gold or something with a secured $5000 limit but I really need to put that type of money into savings for the down payment.
Would it really be in my interest to get on my husband's accounts as an AU? What kind of impact will it have? |
| Christine Baker (Admin) | Friday, April 27, 2001 - 01:37 pm
It SHOULD show on both your credit reports, but you want to make sure before you apply. If he has any accounts he's not using, you might want to try those first.
Have you tried First Consumers? They're very good with increasing limits and PARTIAL deposits. |
| Shylock (Shylock) | Friday, April 27, 2001 - 03:10 pm
Try Banco Popular. I got that one after Orchard with a $40.00 annual fee and a 17.9% APR. I started with a $1,500 limit and went to $1,900 after 6 months and $2,200 after 6 more. |
