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Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

hard inquiry despair -- preapprovals

I was just tinkering around just out of curiosity and wanted to know if I could be preapproved for financing. So I applied to see if I could. I didnt really want to finance you see. Well this morning I check to confirm equifax that it was a soft inquiry, assuming that it would be. Well what do you know they hard pulled me!!! I AM LIVID!!! Someone please help, I never intended to officially apply. I am so mad right now. I am so worried how this could somehow adversely affect me. I am drowing in fear and despair.
EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: hard inquiry despair -- preapprovals

car financing/ loans do not do soft inquiries.

 

You will be effected by a 5-10 point drop in your score for 12 months, and the inquiry will show for 24 months.

 

 

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: hard inquiry despair -- preapprovals

i feel like such a dope. i wish i would have somehow known about this. crap.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Frequent Contributor
JagerBombs89
Posts: 403
Registered: ‎09-13-2009

Re: hard inquiry despair -- preapprovals

 


scottwagnon wrote:

i feel like such a dope. i wish i would have somehow known about this. crap.


Well did you at least get approved for financing?  And at what terms :smileyhappy:

 

Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: hard inquiry despair -- preapprovals

no i was denied, not pre approved. even if i was pre approved, i would not have applied for financing. but, in a way misleadingly, i did. don't understand why one would apply for credit, before applying for the same credit again. that seems kind of stupid, and a waste of a hard inquiry to me. oh, well. now i know.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Established Member
JBjunior
Posts: 21
Registered: ‎02-18-2011

Re: hard inquiry despair -- preapprovals

[ Edited ]
You weren't applying for getting preapproved to get approved for a loan. You were applying to be preapproved prior to shopping for a car. The pre is for shopping, the approval is from when you apply.
Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: hard inquiry despair -- preapprovals


JBjunior wrote:
You weren't applying for getting preapproved to get approved for a loan. You were applying to be preapproved prior to shopping for a car. The pre is for shopping, the approval is from when you apply.

i know this. but regardless i still took the hit to my credit file. i thought this would be a soft inquiry. oh well. now i know better.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Established Contributor
JayRizzo
Posts: 583
Registered: ‎10-17-2010

Re: hard inquiry despair -- preapprovals

Scoooooooooootttttttttt

 

You already know the speech, so I will save it for now but you gotta stop testing online pre-approvals, applications, or anything that says "Submit".

 

One more and we'll all come over and take the computer away from ya!  We just wanna keep Barclays and others off your back!  Then we can finally prove that they've eased up on that sudden account closure stuff. 

 

Oh yeah, you're our test subject in case you didn't know.

 

:smileywink:

 

Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: hard inquiry despair -- preapprovals


JayRizzo wrote:

Scoooooooooootttttttttt

 

You already know the speech, so I will save it for now but you gotta stop testing online pre-approvals, applications, or anything that says "Submit".

 

One more and we'll all come over and take the computer away from ya!  We just wanna keep Barclays and others off your back!  Then we can finally prove that they've eased up on that sudden account closure stuff. 

 

Oh yeah, you're our test subject in case you didn't know.

 

:smileywink:

 


lol... actually i am over it now. i have accepted my brand new hard inquiry friend to my hot smokin profile. who knows, maybe barclays will take a look at it and say to themselves, "NICE TASTE IN CARS" you sooo sexy! we're going to give you an increase you smokin stud.

 

really, i was having a fit and suggesting to myself i should be afraid of my little new friend. i will look great in november when all of my recent inquiries clear up. i will app for venture and perhaps a chevy aveo at that time.

 

for now i WILL WAIT patiently and GROW gracefully.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859

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