I was denied due to too many inquiries from when I bought my wife's car in april and the dealer got around 12 lenders to pull my credit and compared for the best term offerings for me... that's nice in a way but that was 12 hard pulls.... Citi said that's why my app was declined.
I asked them if they can reconsider it and take into account the nature of the inquiries, and they said actually yes we will review your application more deeply within 7-10 business days, and you should call after that to check the results.
So I will call... what do you think my chances are?
Starting Score: 552
@IanZ63Q1 wrote:I was denied due to too many inquiries from when I bought my wife's car in april and the dealer got around 12 lenders to pull my credit and compared for the best term offerings for me... that's nice in a way but that was 12 hard pulls.... Citi said that's why my app was declined.
I asked them if they can reconsider it and take into account the nature of the inquiries, and they said actually yes we will review your application more deeply within 7-10 business days, and you should call after that to check the results.
So I will call... what do you think my chances are?
IMO this should be a fairly easy recon ~ anyone manually reviewing your report can easily see that the inquries were related to Auto loan shopping. This is one of the areas where automated underwriting fails bigtime. 
Let us know how it works out !
I don't read about too many recons with Citi but then again, I don't see a lot of people applying for them on these boards.
I think if they realize they were all auto-related, they should give you the card. What card did you apply for??
What the dealer did is called "shotgunning" or shotgun blasting. Believe me, it wasn't to be "nice."
Starting Score: 648
What are your scores. a dealear shouldnt have to run 12inq if your credit was stable for a car, there arent that many finance options IMO...that may be a factor in your citi approval.
@Anonymous wrote:I would not blame his scores, I would blame the dealership. It truly can vary from dealership to dealership or even person to person within a dealership on how many apps they try to shotgun.
Actually I don't blame the dealership at all: they are doing you a favor by that behavior.
The problem is that apparently many auto-inquiries get incorrectly coded for whatever reason, and that is the fault of the lenders, not the dealers. I'm not certain how to see auto inquiry coding on my reports... out of the slew of inquiries I took, only one states "Auto Loan" in the comments (according to my EX report) whereas all others are listed as "Permissible Purpose."
It's a little fustruating as there should be tighter control on these things, but regardless I agree with everyone else: this is the easiest recon in the world to perform, you'll be fine.
