Re: Excessive inquiries
01-16-2013 12:44 PM
I found this forum while searching Google about excessive credit inquries.
My wife and I applied for credit at a furniture store right after Christmas. They had a no interest, no down payment offer going. We were denied when the store ran our credit. Her score is around 775 and mine is around 725.
We got letters in the mail this week from one of the CRAs (I assume that stands for credit reporting agency). It listed our credit score and said something about excessive inquiries. We did refinance our house and closed in the middle of December, and I traded my car on December 26th and financed a truck. I know those are "hard" inquries and don't help, but I didn't think that two hard inquries in December would hurt our ability to get credit that badly. Plus, shouldn't it only count as one hard credit pull if the car dealer or the mortgage company pulled it a few times in one day looking for the best rate?
Welcome to the forums!
Actually for both mortgage and definitely for auto shopping, it's not unusual to have a whole lot of inquiries generated. You are absolutely correct that they are rolled up and counted as one from a FICO scoring perspective; however, they're listed individually on reports.
This is a common issue actually, several lenders systems don't seem to be able to recognize the difference and see the numerous inquiries and deny the application as a result. Usually with credit card applications one simply calls in, explains the situation, and can often get a second look; however, in this case, I'm not certain you have a lot of recourse given the sale is probably since past (or said items now sold).
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 660, Wally TU 697, EX unknown (05/13/13)
Goal Score: 680 in all three (01/01/14)
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