I have been working on my credit over the last 18 months and it is slowly improving due to positive credit card trends and flawless payment history over the same period with low utilization and working on all the lates.
With that said, I currently have 7 inq on two of my reports.
1 is due off next month
The next 2 are from my purchase of a vehicle and the one I am annoyed by
1 from Cap One Auto Finance listed as "Personal Loan Companies" I got a week before I purchased my car
1 is from the auto dealer that ran my credit the day of the purchase to see if I could get a better rate and that's listed as "Auto Reseller"
I okayed the credit check at the dealer because I was under the impression that all auto financing in a 45 or 30 day period would go under 1 inq, but thats clearly not the case. How do I fix that?
I only ask because every point counts for me and I would like it as high as possible as I am going to be asking for CLIs, closing out my last secured card and refying vehicle
Any auto loan inquiriy made within a 2 week to 45 day period, depending on the model used, will count as 1.
Contact them and ask them to recode it specifically as an auto loan and not a personal loan.
How they are coded makes the difference.
Call capital one and ask them to change the coding on a credit inq? Where do I even begin. I call capital one before. Its usually a conversation with what I assume is Philippines or India that gets me nowhere? Any clues or hints?
OP, how do you know that these are counted against you (per FICO)? Your FICO report would be the only source that would tell you with any certainty whether or not they are miscoded.
ETA....when did you get the car?
Because having an extra inq puts me at 5 inq vs 4. It is miscoded. I have 5 inq over the last two years and two of them are for a car purchase (within 3 days of eachother)
I got a car 13 months ago.
I know that. That is how it is supposed to be however. Because one inq is categorized as Auto Finance related (inq via dealer) and the other as Personal Loan related (Cap1 Auto Finance) they are not categorized as one, but are their own individual inq
Because of the extra inq which isn't due to come off anytime soon. I am over the threshold of reasonable amount of inq and it is dragging my score down. It wouldn't be a big deal, but these don't age off for almost a year.