12-25-2013 12:48 AM
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
12-25-2013 09:06 AM
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.
12-25-2013 11:42 PM
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?
12-27-2013 05:35 PM - edited 12-27-2013 05:36 PM
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?
12-30-2013 07:21 PM
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.
12-30-2013 07:29 PM
12-30-2013 07:33 PM - edited 12-30-2013 07:38 PM
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.
12-31-2013 03:56 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.