I am shopping for an auto loan, and State Department FCU declined my application for too many recent inquiries. I have 2 inquiries this week, and a few from 9 months ago. My total is in my siggy, plus the 2 new ones (Experian). I haven't received anything yet, just checked the status online. Hmmp.
I'm still waiting to hear from the other CU, then just apply at the dealership if needed.
@StartingOver10 wrote:
@Ravensfan2001 wrote:I am shopping for an auto loan, and State Department FCU declined my application for too many recent inquiries. I have 2 inquiries this week, and a few from 9 months ago. My total is in my siggy, plus the 2 new ones (Experian). I haven't received anything yet, just checked the status online. Hmmp.
I'm still waiting to hear from the other CU, then just apply at the dealership if needed.
You have 29 inqs on EX and 34 on EQ and 24 on TU. That is a huge amount of inqs IMO. Since inqs only stay on for 2 years it does look like you have been seeking a awful lot of credit in the past two years. I don't know if SDFCU is really inq sensitive or if you have a tremendous amount of inqs. I lean toward the latter rather than the former. Maybe someone else has further insight into SDFCU.
Yes, it's a lot. 20+ were from 2012. When I first applied for a credit card with them in 2012, I had only a few inquiries. One reason I was declined was too many recent inquiries. That's where I'm getting my opinion from. I guess the word "recent" means different things to different creditors, and different people. Oh well. ACFCU and DCU had no problem approving me.
@StartingOver10 wrote:
@Ravensfan2001 wrote:
@StartingOver10 wrote:
@Ravensfan2001 wrote:I am shopping for an auto loan, and State Department FCU declined my application for too many recent inquiries. I have 2 inquiries this week, and a few from 9 months ago. My total is in my siggy, plus the 2 new ones (Experian). I haven't received anything yet, just checked the status online. Hmmp.
I'm still waiting to hear from the other CU, then just apply at the dealership if needed.
You have 29 inqs on EX and 34 on EQ and 24 on TU. That is a huge amount of inqs IMO. Since inqs only stay on for 2 years it does look like you have been seeking a awful lot of credit in the past two years. I don't know if SDFCU is really inq sensitive or if you have a tremendous amount of inqs. I lean toward the latter rather than the former. Maybe someone else has further insight into SDFCU.
Yes, it's a lot. 20+ were from 2012. When I first applied for a credit card with them in 2012, I had only a few inquiries. One reason I was declined was too many recent inquiries. That's where I'm getting my opinion from. I guess the word "recent" means different things to different creditors, and different people. Oh well. ACFCU and DCU had no problem approving me.
I saw your wonderful approval info from ACFCU in the other thread and you really got it turned around. Since the other inqs were in 2012 they should be dropping off soon. Congrats on getting the car loan refi'ed to a great rate and getting a fantastic loan for you new-to-you vehicle. What a difference two years makes!
Thank you, StartingOver10! I worked my booty off last year to buy my house in September. I kinda went crazy with the CC apps after closing, so I put a credit freeze on my files to stop myself. lol! Buying another car now was totally unexpected, and unfortunately, I had to come out of the garden. Now that I have this preapproval, no need for more inquiries. Back to the garden I go!