How many hard inquiries are considered safe?

[1p2tv]

I asked ChatGPT and it says only do a maximum of 2 hard inquiries per year but I see multiple people doing a hard inquiry every other month in here. So what exactly is the best practice?

I got my first credit card (Amazon Pay ICICI) a few weeks ago and my CIBIL score dropped from 770 to 755 (by 15 points) and therefore I am concerned as to what I should do.

A thing to note is that I tried to apply for the SBI Cashback Card but it didn't let me proceed after the input office address page. It just gave me "We experienced some problem in processing information you provided. Pls retry" again and again. Then next day when I tried to continue my application, it showed rejected. Although it did not do a hard inquiry into my CIBIL.

Currently I was thinking of applying for the Airtel Axis Bank Credit Card as it has some nice benefits and is one of the top credit cards right now. I wanted to ask if it is safe to apply for it right now (considering my credit score and that I just got a credit card a few weeks ago).

 

[TaxWiser]

I asked ChatGPT and it says only do a maximum of 2 hard inquiries per year but I see multiple people doing a hard inquiry every other month in here. So what exactly is the best practice?

I got my first credit card (Amazon Pay ICICI) a few weeks ago and my CIBIL score dropped from 770 to 755 (by 15 points) and therefore I am concerned as to what I should do.

A thing to note is that I tried to apply for the SBI Cashback Card but it didn't let me proceed after the input office address page. It just gave me "We experienced some problem in processing information you provided. Pls retry" again and again. Then next day when I tried to continue my application, it showed rejected. Although it did not do a hard inquiry into my CIBIL.

Currently I was thinking of applying for the Airtel Axis Bank Credit Card as it has some nice benefits and is one of the top credit cards right now. I wanted to ask if it is safe to apply for it right now (considering my credit score and that I just got a credit card a few weeks ago).

Try considering this Thread regarding same topic on which many of the members including me shared our opinions.

Time Gap between two credit card applications

1 week ago i applied for Axis Bank CC and got it yesterday , i also need SBI Card so can i apply now or do i need to wait for some time before applying . I need it before BBD & GIF Sale (which most probably will start in First week of October) The Axis card was shown as pre-approved in Axis...

bekifaayati.co

Hope it clear all your doubts

 

[Skylar]

I asked ChatGPT and it says only do a maximum of 2 hard inquiries per year but I see multiple people doing a hard inquiry every other month in here. So what exactly is the best practice?

I got my first credit card (Amazon Pay ICICI) a few weeks ago and my CIBIL score dropped from 770 to 755 (by 15 points) and therefore I am concerned as to what I should do.

A thing to note is that I tried to apply for the SBI Cashback Card but it didn't let me proceed after the input office address page. It just gave me "We experienced some problem in processing information you provided. Pls retry" again and again. Then next day when I tried to continue my application, it showed rejected. Although it did not do a hard inquiry into my CIBIL.

Currently I was thinking of applying for the Airtel Axis Bank Credit Card as it has some nice benefits and is one of the top credit cards right now. I wanted to ask if it is safe to apply for it right now (considering my credit score and that I just got a credit card a few weeks ago).

If your credit history is over 5 years, the impact of new inquiries on your credit score is minimal.
In the last 8 months, I had 9 inquiries, resulting in a 1-point drop in CIBIL score for each enquiry and new accounts also led to a 1-point drop.
before my credit it history reached 5 years there use to be 2 points dip for every new enquiry.

 

[Skylar]

Last 10 months score

for every enquiry and new account added it use to drop and use to recover in the same month.

 

[1p2tv]

If your credit history is over 5 years, the impact of new inquiries on your credit score is minimal.
In the last 8 months, I had 9 inquiries, resulting in a 1-point drop in CIBIL score for each enquiry and new accounts also led to a 1-point drop.
before my credit it history reached 5 years there use to be 2 points dip for every new enquiry.

Unfortunately my credit history is only around 9 months. What would you suggest for that?

 

[hitirfan]

Unfortunately my credit history is only around 9 months. What would you suggest for that?

Use the CC for a month or two, keep utilization low. Once it gets reported to CIBIL, your CIBIL get up again. Then try for another card.

 

[Skylar]

Unfortunately my credit history is only around 9 months. What would you suggest for that?

if you want to get new card get them there will be temporary drop with time it will recover.

if you want to play it safe apply for new cards once a year or once in 6 months till it crosses 5 years.

 

[wcgxlr8]

+1, I’ve made 30+ enquiries in the last year according to CIBIL , but my score hasn’t dropped , but I’m sure it will drop now due to the Amex card. In your case, I would suggest to use your existing card for 3-6 months, add another one after that only. If you’re not bothered about short term CIBIL score drop and are offered some cards by banks, then go for it.