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Author Topic: Too many bank inquiries  (Read 12673 times)

Offline kivabb

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Too many bank inquiries
« on: June 27, 2010, 10:14:04 PM »
I think I pushed my luck after getting 8 mileage cards in last 6 months, the last 2 applications were denied due to:

1)Too many bankcard inquiries in last 12 months.
2)Too many inquiries in the lsat 6 months.

Anyone who has been in this situation, can they please advise if I need to sit out 6 or 12 months before applying again?

Thanks
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Offline Yellow

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Re: Too many bank inquiries
« Reply #1 on: March 05, 2011, 11:38:50 PM »
I am having the exact same issue. i'm getting denied for too many inquiries. I know that technically the inquiries stay on the report for two years, but i cant wait till then to open a new card! How many months should i wait before reapplying? Does the impact of the inquiries lessen over time? If so, anyone know how much time?
Thanks in advance
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Offline Jimbob

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Re: Too many bank inquiries
« Reply #2 on: March 06, 2011, 01:44:06 AM »
Lsat?

I got denied for a few credit cards over the last 6 months, mainly citi cards. which made my score go down
quite significantly.
If I write a letter to the credit bureaus saying that I never applied for those cards for which i was denied,
that it was an unauthorized, mileage junky, family member who did it, will they take those inquiries off my
report thereby increasing my score? Thanks
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Offline HSS

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Re: Too many bank inquiries
« Reply #3 on: March 06, 2011, 02:33:24 AM »
I have gotten denied for two cards recently (Chase Ink and AMEX Platinum) and both told me that the reason was too many recent inquiries.  However I called both of them up and spoke to the representatives and got both of them opened!

Here are the strategies I used:

On the Chase card (was a business card) they just wanted to know why I wanted another card if they see that I have very little use with my current Chase CC's.  So i told them straight out that the reason I never use the Chase cards is because I get much better rewards with my AMEX cards so I put everything on those. However I told them that the Chase Ink Cash rewards looked interesting and I wanted to possibly switch.  So they transferred some existing credit from an old card and added some new credit and then opened the card.

With AMEX after I got denied for the Platinum card, I called up and spoke to them and said that granted I have a lot of inquiries but in the overall picture that isnt inherently negative.  Also I said look at my history with AMEX and I have paid my balance in full every single month since I became a card member!! I asked the CSR "Shouldnt that count for something!?!?"  The person said that all they can do is forward the application on to a different department for further review.  So after 3 days of waiting I got an email from AMEX saying "Congratulation Your Application has been Approved"

Sometimes all it takes is a little persistence.  I figured that I had already gotten the hit on my credit reports so I might as well fight to get the cards opened, I had nothing to lose.

Hope this is helpful!

HSS
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Offline Jimbob

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Re: Too many bank inquiries
« Reply #4 on: March 06, 2011, 12:42:52 PM »
Wish you could to the same with Citi cards
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Offline Dan

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Re: Too many bank inquiries
« Reply #5 on: March 06, 2011, 12:54:30 PM »
Quote from: Jimbob on March 06, 2011, 12:42:52 PM
Wish you could to the same with Citi cards
You can request reconsideration for any card.
Has anyone had success going into a Citi branch to push an approval through like you can at a Chase branch?
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Offline Jimbob

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Re: Too many bank inquiries
« Reply #6 on: March 06, 2011, 02:35:40 PM »
 
Quote from: Dan on March 06, 2011, 12:54:30 PM
You can request reconsideration for any card.
How? Is there a number to call? Does it have to be within 30 days?

My experience with Citi Branch bankers is that they are not helpful
and not as friendly as chase.
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Offline dans fan

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Re: Too many bank inquiries
« Reply #7 on: March 06, 2011, 05:39:15 PM »
Quote from: Dan on March 06, 2011, 12:54:30 PM
You can request reconsideration for any card.
Has anyone had success going into a Citi branch to push an approval through like you can at a Chase branch?
dan from your comment it sounds like chase can help. i went into a chase branch where i have a acc. and asked if they could help with my app they told me they are not connected with cc dep they can just help me apply but cant help me get app (for someone with score of 750 just limited history for revolving acc) how can they help me
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Offline Yellow

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Re: Too many bank inquiries
« Reply #8 on: March 06, 2011, 07:30:06 PM »
Quote from: dans fan on March 06, 2011, 05:39:15 PM
dan from your comment it sounds like chase can help. i went into a chase branch where i have a acc. and asked if they could help with my app they told me they are not connected with cc dep they can just help me apply but cant help me get app (for someone with score of 750 just limited history for revolving acc) how can they help me
I'm pretty sure you would need to speak to a manager... The regular bankers are usually mediocre at best when it comes to being helpful
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Offline dans fan

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Re: Too many bank inquiries
« Reply #9 on: March 08, 2011, 07:39:47 PM »
i went into a bank asked manager he said he cant figure out how a manager can help with the underwrting they have no connection. anyone knows any specific branch manager that can help?
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Offline HSS

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Re: Too many bank inquiries
« Reply #10 on: March 08, 2011, 11:08:39 PM »
Quote from: dans fan on March 08, 2011, 07:39:47 PM
i went into a bank asked manager he said he cant figure out how a manager can help with the underwrting they have no connection. anyone knows any specific branch manager that can help?

Ya, i have never heard of Bankers or any in-branch personnel being able to help with credit approvals.  I think it is an entirely separate department.  I called the number on the denial letters, or application status checker number and spoke with them, they are the only people that i have ever seen to been able to make a difference, or forward it to someone who can.

HSS
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Offline Bp

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Re: Too many bank inquiries
« Reply #11 on: March 08, 2011, 11:18:35 PM »
A chase business rep in bk told me that if a app is denied you can deposit 10k & the bank sends a special request thah should reconsider he app & 70% it gets approved 
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Offline Dan

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Re: Too many bank inquiries
« Reply #12 on: March 08, 2011, 11:51:55 PM »
Quote from: Bp_man on March 08, 2011, 11:18:35 PM
A chase business rep in bk told me that if a app is denied you can deposit 10k & the bank sends a special request thah should reconsider he app & 70% it gets approved 
+1 and the number is higher than 70%.
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Offline aaa

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Re: Too many bank inquiries
« Reply #13 on: March 09, 2011, 12:49:41 AM »
Quote from: Dan on March 08, 2011, 11:51:55 PM
+1 and the number is higher than 70%.

Im pretty sure its automatic cc approval when opening a $10k account there. Thats why many new businesses use chase, so they have instant credit.
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Offline aussiebochur

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Re: Too many bank inquiries
« Reply #14 on: March 09, 2011, 01:07:48 AM »
Quote from: aaa on March 09, 2011, 12:49:41 AM
Im pretty sure its automatic cc approval when opening a $10k account there. Thats why many new businesses use chase, so they have instant credit.
It most definitely not automatic. Even with substantially more then $10k...
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Offline AsherO

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Re: Too many bank inquiries
« Reply #15 on: March 09, 2011, 02:34:41 AM »
Quote from: aussiebochur on March 09, 2011, 01:07:48 AM
It most definitely not automatic. Even with substantially more then $10k...

Sorry Aussie...
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Offline smurf

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Re: Too many bank inquiries
« Reply #16 on: March 09, 2011, 10:15:06 AM »
Quote from: aussiebochur on March 09, 2011, 01:07:48 AM
It most definitely not automatic. Even with substantially more then $10k...
+1
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Offline kivabb

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Re: Too many bank inquiries
« Reply #17 on: March 14, 2011, 04:14:43 PM »
Applied for the new United card and was turned down for too many inquiries (more like too many failed Citibank tries). I still have my Continental card. Is it worth calling them and telling them that I would close the Continental card as bargaining power or better off waiting another month or 2 and applying again?
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Offline Dan

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Re: Too many bank inquiries
« Reply #18 on: March 14, 2011, 04:20:09 PM »
Quote from: kivabb on March 14, 2011, 04:14:43 PM
Applied for the new United card and was turned down for too many inquiries (more like too many failed Citibank tries). I still have my Continental card. Is it worth calling them and telling them that I would close the Continental card as bargaining power or better off waiting another month or 2 and applying again?
Sure, just make phone calls and they should be willing to close the CO card and approve the UA card.
Chase: 800-432-3117 (Application status)
Chase: 888-270-2127 (Application reconsideration)
Chase: 877-781-3109 (Card combining & card type changes)
Chase: 888-245-0625 (Credit Analyst reconsideration)
Chase: 888-622-7547 (Chase Executive Office)
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Offline AsherO

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Re: Too many bank inquiries
« Reply #19 on: March 14, 2011, 04:21:58 PM »
Quote from: Dan on March 14, 2011, 04:20:09 PM
Sure, just make phone calls and they should be willing to close the CO card and approve the UA card.
Chase: 800-432-3117 (Application status)
Chase: 888-270-2127 (Application reconsideration)
Chase: 877-781-3109 (Card combining & card type changes)
Chase: 888-245-0625 (Credit Analyst reconsideration)
Chase: 888-622-7547 (Chase Executive Office)

Thanks Dan, this is a great list. Got anything like this for Citi and/or Cap1?
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