Credit score went up after car loan

Anonymous · ‎02-20-2017

Going to make this a short as possible.

I looked at a new truck at a dealership and got to the point of signing for the truck but decided not to based on how the dealership treated me and my trade in. I get home and find two inquiries on my credit report. One was from the dealership, the other was GM financial. The gm financial pull increased my score 4 points. Does this mean my application was approved? Why would it cause my score to go up by doing a HP?

I plan to find another dealership to purchase from. Was just curious about this

Anonymous · ‎02-20-2017

You do not mention what tools you are using to get your scores, but here is a guess as to what happened. I am guessing that you have some kind of credit monitoring service (like the myFICO Ultimate product), one that "alerts" you when certain kinds of changes have been made to your report. When one of these kinds of events occurs (for example, an inquiry) it tells you about the change to your report and it also pulls your score again and tells you what that is.

Is that right?

If so, then when you got home, the CMS told you that you had an inquiry and it also pulled your score again. The score had gone up. But the inquiry did not make it go up. An inquiry can never make a score go up. What had happened is that your score had already gone up in the days or weeks before, but whatever it is that made the score go up was not an alertable event. So you were not told at the time.

Anonymous · ‎02-20-2017

You are correct. Thanks for the quick response

SouthJamaica · ‎02-20-2017

@Anonymous wrote:
Going to make this a short as possible.

I looked at a new truck at a dealership and got to the point of signing for the truck but decided not to based on how the dealership treated me and my trade in. I get home and find two inquiries on my credit report. One was from the dealership, the other was GM financial. The gm financial pull increased my score 4 points. Does this mean my application was approved? Why would it cause my score to go up by doing a HP?

I plan to find another dealership to purchase from. Was just curious about this

Neither the inquiries, nor approval of the loan if indeed the loan was approved, would have caused an increase in your scores.