@Anonymous wrote:
@Membersince2013 wrote:
@Anonymous wrote:
@Membersince2013 wrote:
@SeanFromSoCal wrote:Were all 10+ INQ from just auto loan apps? Or other lines of credit as well? When was your last app spree?
I'm curious whether Chase has a threshold on how many X new accounts within Y months could result into mass account closure like you experienced. Or was it more attributed to the commingling of funds/accounts between you and your girlfriend
.
Yes, all 10+ INQ were from auto loan apps and i was told they'll turn into 1 HP in 2 weeks, hence i plan on calling back then. My last spree was probably a month and a half ago. Well, my GF and i share the same address and i'm an AU on some of her cards. I do pay for most of her bills...
Who told you that? They should be scored by FICO as 1 inquiry but all 10 will still remain on your reports. It's why you really should limit your car loan applications to 2 or 3 lenders at best. Other creditors see the multiple inquiries and while sometimes you can explain them away,the computers pick them up as 10 and if they're looking for a reason for AA, it gives them the justification after the fact.
Well, see...No one told me that lol. I guess i'm stuck with all those INQ now. I'll ask my GF to remove me as an authorized user on all her accounts then.
Only reason I pointed that out is because, if you look at the auto loans forum, a lot of people believe that a lot car loan inquiries won't hurt you. Not true at all.
Absolutely correct, never put a dealer in control of your credit, especially with the those mega-dealers that have access to a plethora of lenders they will take the shotgun approach and think nothing of it.
@Membersince2013 wrote:Well, funny enough, 2 days after i secured an auto loan with Chase, they decided to close ALL my credit card accounts. They also closed the cards belonging to my GF. Well, a little background story here. After getting the loan check, i went to the dealership where they offered me a better rate than Chase, so i had to return the check to my branch (loan was already showing in my Chase account). Fast forward to 2 days ago, i decided to try and get a metal Ritz card and everything went smoothly (card will arrive on monday). I then went to Target and tried to get a couple of items, but my Chase card was declined. Didn't think much of it. I just used my Capital One card and kept moving. Later that day, my GF called me to ask if i closed her Chase account. She then confirmed that it wasn't just one that was closed, but ALL. I got curious and checked mine and they were ALL closed too. Called Chase and they said it's because i opened too many accounts recently and i had too many inquiries. I tried to explain to the guy that i recently added 10+ inquiries in a span of 2 days before i was searching for a good rate on auto loans and he can confirm by looking at the report. He simply ignored me and kept saying that there's nothing he can do and that i have a 6 month window for account reinstatement. Mind you, i've had a Chase account since 2008 (originally WAMU). I've paid all my bills on time.
Chase did the same darn thing to me 7 years ago and I turned my back on them completely and hate them to this day. I hope their bank falls down in a heap of rubble never to survive again.
*im not dramatic at all* 
@Anonymous wrote:
@Anonymous, Remember that thing I said about spray and pray?
OP has 30 accounts in his sig. That's quite alot of credit if you ask me. The fact that many of them are new (according to Chase) could have triggered an AA.
I learned that the hard way too. This time I went to one place. Stated what I WANTED. They did just that. Only 1 HP. I only wanted the deal they had going so they really only needed to pull the one. Do your homework with these auto loans. They are very tricky! Have a friend in the business for many years now.
