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Pre-approved for a car loan by one credit union. Rejected by other CU I didn't apply to.

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Anonymous
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Pre-approved for a car loan by one credit union. Rejected by other CU I didn't apply to.

So I recently was pre-approved for a car loan by my credit union. They ran a hard inquiry. The dealership that I was buying from also ran a hard inquiry, as I wanted to see who had the better finance option.  Got a notice from another credit union (that I'm not a member of) saying that I was rejected for a car loan. Here's the thing, I didn't apply for a car loan from that credit union. When I went into MyFico to examine my activity, I learned that several other institutions ran hard inquiries for car loans. I didn't apply to any of those institutions either. Is this normal?

3 REPLIES 3
Anonymous
Not applicable

Re: Pre-approved for a car loan by one credit union. Rejected by other CU I didn't apply to.

The dealership is the culprit here hence, look no further. Since you gave them permission to run your credit, that is usually what happens unfortunately.

Message 2 of 4
Anonymous
Not applicable

Re: Pre-approved for a car loan by one credit union. Rejected by other CU I didn't apply to.

Ah, I see. Thanks!  I guess they were running multiple inquiries to see if someone could give me a better deal than my credit union. Iff any of those other institutions were able to compete with my credit union, what would have been the benefit to the dealer?

Message 3 of 4
lexus829
Contributor

Re: Pre-approved for a car loan by one credit union. Rejected by other CU I didn't apply to.

Yup they should put a rule that lenders should only use credit reports pulled by the dealerships..

 

Now its like 5 inquiries minimum when you try to buy a car... lol

11/2016 - EQ(575)/TU(550)/EX(565) Current - EQ(675)/TU(680)/EX(678) Goal – 700


Message 4 of 4
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