Originally Posted by
PumpkinSmasher
With seemingly most of the banks tightening standards for new accounts, do they care more about the accounts open or the inquiries? Or does it depend on the bank?
Creditors are not all identical so the creditor definitely matters. Some have tougher criteria than others. Some are more sensitive to new accounts than others. The person's credit profile also plays a part. Person A may run into more concern over new accounts and inquiries than Person B if Person B's credit profile is significantly stronger and in better shape.
Despite the tendency of people to obsess over inquiries, inquiries are generally a small factor. They can be cited as an issue for those with credit profiles that are thin and/or have issues but in such cases they're really more of symptom than a cause. An individual with a stronger credit profile will generally be able to handle more inquiries without running into problems.
"Accounts open" is a bit vague and oversimplifying the matter. Having a larger number of aged accounts is generally beneficial. However, new accounts can have a negative impact especially with larger numbers of new accounts. The impact really depends on the shape of an individual's credit profile so you can't just look at individual factors out of context.
Originally Posted by
PumpkinSmasher
And do banks really only care about inquiries or accounts opened in the last 24 months?
Inquiries fall of reports at 2 years. They stop impacting FICO scores at 1 year. However, a creditor can certainly reference anything in a report and some creditors may look at inquiries up to 2 years of age. Again, creditors are not all identical. Different creditors may be willing to extend different amounts and terms to the same credit profile.
Originally Posted by
roundtree
This is probably true in general, but every card issuer does tweak the Fair Issac formulas for their own purposes.
Creditors don't change FICO's scoring models. Additionally, FICO scoring models are only one consideration for creditors that use them (not all do). Creditors also reference the data in the report pulled. The criteria that creditors use in their decisions to approve, amounts/limits to offer, etc can and do vary but it's their criteria that they tweak, not the FICO models. A FICO 8, for example, is a FICO 8. There isn't a Chase FICO 8 variant, an AmEx FICO 8 variant, etc.
What creditors can do is select a FICO model that better suits what they're looking for. FICO 8 tends to be the most commonly used model for credit card decisions right now but it's certainly not the only FICO model used in credit card decisions. FICO 8 Bankcard (not the same thing as FICO 8), FICO NG2, and even older FICO models are used by some creditors.
Originally Posted by
nccarguy
Without Private Client relationship and in bank application they will decline to approve a non branded card application if you have had 5 inquiries with opened accounts in 24 months.
As stated above, it's open accounts, not inquiries. I'm well above 5 inquiries with each CRA. I'm not CPC. I had no problems with my last 2 Chase apps for cards that were not cobranded.