What is a decent number of credit enquiries

[ank_sh1]

Hi there,
I am looking for a number of credit inquiries which is good or not bad for cibil score. I personally have 41 hard enquiries in the last 2 years, and I am not sure if it's way too high or okay or good. I see here many people holding numbers of credit cards and I don't think that would be possible without numbers of hard enquiries.

What is the ideal number of enquiries to have in a month or quarter a year or 3 years?

Thanks,

 

[SSV]

Hi there,
I am looking for a number of credit inquiries which is good or not bad for cibil score. I personally have 41 hard enquiries in the last 2 years, and I am not sure if it's way too high or okay or good. I see here many people holding numbers of credit cards and I don't think that would be possible without numbers of hard enquiries.

What is the ideal number of enquiries to have in a month or quarter a year or 3 years?

Thanks,

First how old is your credit profile?

 

[D₹V]

Hi there,
I am looking for a number of credit inquiries which is good or not bad for cibil score. I personally have 41 hard enquiries in the last 2 years, and I am not sure if it's way too high or okay or good. I see here many people holding numbers of credit cards and I don't think that would be possible without numbers of hard enquiries.

What is the ideal number of enquiries to have in a month or quarter a year or 3 years?

Thanks,

1 enquiry per month is Ideal.

 

[ank_sh1]

First how old is your credit profile?

Its a 30 months old profile.

 

[D₹V]

1 enquiry per month is Ideal.

Its a 30 months old profile.

Then stick to this.

 

[ank_sh1]

Then stick to this.

That sounds good, right now I am having around 2 enquiries a month. Need to reduce this now.

 

[D₹V]

That sounds good, right now I am having around 2 enquiries a month. Need to reduce this now.

Yes.

If you ask CIBIL itself, they recommend one enquiry per 6 months 😂.

 

[ank_sh1]

Yes.

If you ask CIBIL itself, they recommend one enquiry per 6 months 😂.

wow that's brutal 😂, I don't think anyone would have that less enquiry.

 

[SSV]

Its a 30 months old profile.

Okay,,
Once you cross credit age of 5, the significance of number of enquiries reduces..

Credit age and significance of no of enquiries will have an inversely proportional relationship..

There are two things here:
1) the effect of enquiries on the score
2) banks weightage of recent enquiries in the approval process..
Only a handful of banks do give big importance to this

 

[D₹V]

I don't think anyone would have that less enquiry.

Many OGs have 1 or 2 cards only.

You can think about them.

 

[D₹V]

Only a handful of banks do give big importance to this

i.e. federal bank.

 

[aayusharyan]

Many OGs have 1 or 2 cards only.

You can think about them.

do you think 9-10 enquiries is good? 🙈 /s
BTW, this month even will all the enquiries, the credit score did not drop (yet)

 

[ank_sh1]

Okay,,
Once you cross credit age of 5, the significance of number of enquiries reduces..

Credit age and significance of no of enquiries will have an inversely proportional relationship..

There are two things here:
1) the effect of enquiries on the score
2) banks weightage of recent enquiries in the approval process..
Only a handful of banks do give big importance to this

This makes sense. I believe 2nd point is the main reason behind declining Loan/CC

 

[SSV]

do you think 9-10 enquiries is good? 🙈 /s
BTW, this month even will all the enquiries, the credit score did not drop (yet)

Because of your credit age

 

[ank_sh1]

i.e. federal bank.

I don't know how this bank is surviving in this market. They are focused in getting new customers but not retaining them.

 

[ank_sh1]

do you think 9-10 enquiries is good? 🙈 /s
BTW, this month even will all the enquiries, the credit score did not drop (yet)

Same here, my past 3 month enquiry is 9-10, but instead of decreasing it increased by 3 points

 

[D₹V]

do you think 9-10 enquiries is good? 🙈 /s
BTW, this month even will all the enquiries, the credit score did not drop (yet)

 

[D₹V]

do you think 9-10 enquiries is good? 🙈 /s
BTW, this month even will all the enquiries, the credit score did not drop (yet)

I've seen 30-40 enquiries in a month with 0 drop.

So it all depends on credit profile.

 

[SSV]

Same here, my past 3 month enquiry is 9-10, but instead of decreasing it increased by 3 points

It increased because of something else, not because of increase in no of enquiries

 

[D₹V]

I don't know how this bank is surviving in this market. They are focused in getting new customers but not retaining them.

Everyone is king of their market.

Spoiler: Politics

No one likes Mamta Di in India but theirs fan following/voters won't change in Bengal, whatever BJP do.