Hi, I financed a car a little over half a year ago, and the dealership got quotes from multiple banks, creating three hard inquiries on my credit report. I have another hard inquiry for a credit card I got around a year ago. My credit score is excellent and better than it has ever been. I am interested in getting a new credit card, but I am concerned that the four hard inquiries will make me look too risky to banks. How long should I wait before applying for another credit card?
How much to hard inquiries effect credit card acceptance?
byu/AwesomeHorses inCreditCards
Posted by AwesomeHorses
3 Comments
SInce you mention 3 of them are for a car, unless you bought 3 cars for those they only count as 1 for scoring purposes.
2 probably aren’t bad. I got a credit card this year with 2 inquiries over the last year, including 1 from a day or so earlier.
The most important thing is your overall profile. Debt and income and other expenses.
I think these are old enough that it shouldn’t be an issue. Any accounts from those inquiries will already be open and reflected on your report.
I have 20+ inquiries across bureaus and churn new cards very frequently.
Lenders (generally) don’t care as long as your credit profile is strong enough. Some are inquiry sensitive, for sure, but most aren’t.
Inquiries are literally the least important metric in your credit report. The collective fear of them is beyond overblown. For mortgage and car loan inquiries, the impact is generally consolidated anyway because FICO and lenders know that rate shopping is not atypical.