Apps Spree.. 4 Approve/1 Denied

[Enhasa]

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@dddewdrop wrote:

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@Enhasa wrote:

I recently applied for a car loan.

Much to my surprise, the dealership pulled an inquiry. Chase, BMW Financial, Bank of America, Citi all pulled inquiries too.

Does that all count as separate inquiries? 

I am still pretty pissed about it.....I was told that dealerships usually try to get loans from the manufacturer's financing division first, and if I don't qualify, then they contact the other banks to see if anyone else wants to finance. I ended up getting 0.9APR from BMW financial, so there was really zero need for my dealership to submit an app with chase, citi and BOA........guessing they got lazy and decided to all submit it together in one go.

Now.......I'm interested in applying for amex and chase freedom (i already have a chase amazon card though).......does this mean it's a bad idea since i've 5 inquiries in the last month? 

For my car loan, I just wanted to improve my credit score mostly. I paid 58k cash, and financed 10k (minimum amount they required). Loan duration is for 2 years.

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 I believe all your car loan inquiries should count as one inquiry if they were all pulled in a 30 day period.

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they all didn't fall under automotive category though, would that matter?
all were made on same day (02/05).

Thank you so much!

[dddewdrop]

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they all didn't fall under automotive category though, would that matter?
all were made on same day (02/05).

Thank you so much!

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      My answer to your question is I don't know. The CRAs say that multiple inquiries for a mortgage or car loan are counted as one. I am not sure if that is still true if "they all didn't fall under automotive category". I am not exactly sure what you mean by that. If they all inquires concerning a loan from lenders then I believe it is one category. I think if they were all initiated by the car dealership then they should count as one. Maybe so others from this site can back me up on this... I am pretty sure that they should count as just one hard inquiry in the calculation of your FICO score.  Good luck. I'm sure others will correct me if I am wrong.

[Enhasa]

I have Wells Fargo Identity Protection which gives me 1 CR + 3 CRA FAKOs each month.

https://www.wellsfargo.com/insurance/id_credit_protection/idtheft/

When they pulled my inquiries, it showed up as Chase Bank (categorized as SNL department. Don't even know what that is), Bank of America (no category), Citi (no category), BMW Financial Services NA (Automotive), New Century BMW (Automotive).

BofA, Citi and Chase had different categories according to the report, which is why I am concerned

Although they might count as 1 hard inquiry in my score, lenders will still see multiple inquiries made on the account in the past 12 months? Or they see it as 1? 

Other than the auto loan, I only have 1 inquiry in 2012 for AMEX which I got rejected, and 2 in 2011. 

Thanks!

[youngandcreditwrthy]

I believe multiple auto loan inqs are only scored as one IF completed within the same two week period; also prob depends on which model used,i.e. a TU98 model may not use this method while TU 08 likely would.

Additionally, many posters here have reported AA from the likes of Barclay's, Discover, and maybe Chase when multiple new credit card accts began reporting along w multiple auto loan inqs....
Since you are just starting essentially, you should have no probs.... I dont think your issuers would cut your limits or AA you.

Just please don't fall for that auto loan inquiry trick. I think it's bogus, and if I ever need a car loan, I will punch the salesperson in the phase who unnecessarily costs me HPs and point on my FICO... GR!! Ive been tricked at least four times in two years into getting a HP, including by my own Dentist office :-/

Good luck, and 'grats on the beamer! I'm a little jealous :-P

[dddewdrop]

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@Enhasa wrote:

I have Wells Fargo Identity Protection which gives me 1 CR + 3 CRA FAKOs each month.

https://www.wellsfargo.com/insurance/id_credit_protection/idtheft/

When they pulled my inquiries, it showed up as Chase Bank (categorized as SNL department. Don't even know what that is), Bank of America (no category), Citi (no category), BMW Financial Services NA (Automotive), New Century BMW (Automotive).

BofA, Citi and Chase had different categories according to the report, which is why I am concerned

Although they might count as 1 hard inquiry in my score, lenders will still see multiple inquiries made on the account in the past 12 months? Or they see it as 1? 

Other than the auto loan, I only have 1 inquiry in 2012 for AMEX which I got rejected, and 2 in 2011. 

Thanks!

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Those categories refer to the types of institutions that are pulling your report not why they are pulling your report. SNL stands for Savings and Loan which means a bank. I believe as far as your FICO score is concerned they should only count as one inqury. Lenders may see multiple inquiries but they are sophisticated enough to understand that your auto dealer was shopping for the best loan deal for you and that is a perfectly legit reason for a few inquiries.  Your credit report tells a story. Yours in this case is telling the story that you bought a car and shopped for financing for it. To the FICO score that is one even and one inquiry. To future lenders they will see it the same way. Lenders are trying to estimate the chance that you will pay them back and ontime in the future. If they saw you inquiring to get several different loans for different purposes or if they saw you shopping for several new credit cards, that would statistically tell them that you would be less likely to pay them back in the future. In your  case you just bought a car and financed it. Thats what appears on your credit report and that is why this group of inquiries counts as just one hard pull. A future lender looking at your report will be able to decipher this instantly from your report. Don't worry. It will work out... Good luck.

[snowkitty]

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@Sabrian31487 wrote:

Only card I had before this was Capital one Secured card 5 months (316.00 Limit) and 3 year old Badcock Loan for 1500.00..

Walmart Store Card (400.00)

OneStopPlus.com Store Card (750.00 Checkout trick/No Pull)

Discover IT (1000.00)

Chase Freedom (3000.00)

Denied

Citi Simplicity 

Being Denied is my sign that my app spree is over for a while. 

Keith

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Congrats on the approvals! I'm impressed with your Chase Freedom limit. They only gave me a 500.00 starting limit and so far no love.

[Epcot]

This thread is all over the map! Lol. But Congrats Sabrian31487, nice going! The walmart card should grow nicely during your time in the garden.

[adavis425]

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@dodfire wrote:

You know...I have read that so many times on here that if you are app'ing for a car loan they only count as 1....However this past June I bought my Audi and ended up with 12 HP's on my report that will be there for the next two years....

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I had the same experience when I bought my car. I wound up with 8 inqs and the CCCs don't seem to automatically see them as 1 inq until I explain that I was auto loan shopping. There needs to be some sort of differentiation for auto/mortgage inqs, something that highlights them as such.

[dodfire]

I agree...and while it may hold true that if a PERSON were reviewing your application they might be smart enough to say "Hey this guy was shopping for better rates on a car" I do not think that an automated loan approval process picks up on such details. 

[BearsAndTurtlesRtheBest]

Thats awesome!! As soon as you know it your Wal Mart card will surpass your DISCOVER and Chase in credit limit. Congrats!!