Originally Posted by
drekin
So I got my denial letter and I was surprised to find that the reason was not specifically related to inquires but to too many accounts: "Too many credit or load accounts have been opened recently".
I called recon again, they had notes of my previous recon calls, and denied me again. The rep specifically mentioned too many accounts (12 in the past year) and not inquiries. This is a bit troublesome as opened accounts go to all three credit bureaus. I guess nothing can be done but to wait, anyone else have this experience with 10+ accounts in last 12 months?
Well, take a moment to consider what inquiries tell a bank: that you are seeking new credit. It is the act of opening those new accounts that they consider risky. Inquiries are simply an indicator that you
may be doing so, especially where those new accounts haven't yet been reported to the credit bureaus, but once they are reported to the credit bureaus it demonstrates that you
are doing so. Thus it shouldn't really be surprise that your denial reason is too many new accounts as opposed to too many inquiries.