topic Re: Capital One Inquries in General Credit Topics

Capital One Inquries

Anonymous — Tue, 03 Apr 2018 23:37:57 GMT

So I was buying a car and Carmax pulled Capital One like 4-5 times. So I have 4-5 HP inquiries on my credit report from Capital One Auto. Is it possible to call them and have them remove them? I have an auto loan with them and their credit card.

Thanks!

Re: Capital One Inquries

Anonymous — Wed, 04 Apr 2018 00:30:28 GMT

Auto inquiries coded as such all taking place at the same time are viewed/scored as 1 inquiry, so no need to worry about them and/or attempt to get them removed.

Re: Capital One Inquries

Anonymous — Wed, 04 Apr 2018 21:32:52 GMT

It's counting. My report says I have 7 inquiries and Cap1 is 4 of them. Also, one of the negative remarks from CK is too many inquiries.

Re: Capital One Inquries

Anonymous — Wed, 04 Apr 2018 22:14:36 GMT

BBS is talking about FICO scoring, even though it shows 4 on the report, it's only counted as 1 in the scoring.

Re: Capital One Inquries

Anonymous — Thu, 05 Apr 2018 19:49:41 GMT

@Anonymouswrote:
BBS is talking about FICO scoring, even though it shows 4 on the report, it's only counted as 1 in the scoring.

What I dont get then is why do i have a negative remark that says "too many inquiries" Without the capital one inquiries i only have 3.

Re: Capital One Inquries

Anonymous — Thu, 05 Apr 2018 20:26:53 GMT

Because they're going by the number on your report. As long as they're coded correctly as Auto, they should only count as one when input into FICO algorithm when your score is generated.

Re: Capital One Inquries

Anonymous — Thu, 05 Apr 2018 20:49:40 GMT

Oh, I should also say that they're spread out over 3 days.

Re: Capital One Inquries

CreditSage — Tue, 08 May 2018 05:16:58 GMT

I was unaware of this. Two years ago when i bought my car I had really bad credit and it got shoped by the dealerahip to the tune of 7-10 hard inquiries depending on which bureau you look at. Now that I look at some of those inquiries a few say things like “personal loan cos” “all banks” “automobile dealers, new” “finance” while some correctly say “auto financing.” These all will fall off in July this year. Should I dispute the ones that don’t say “auto financing?” Will it help?

Re: Capital One Inquries

Anonymous — Tue, 08 May 2018 09:29:00 GMT

Just let them be, inquiries are meaningless to FICO after one year even though they stay on the reports for 2.

Re: Capital One Inquries

Anonymous — Wed, 09 May 2018 13:30:07 GMT

@Anonymous
What I dont get then is why do i have a negative remark that says "too many inquiries" Without the capital one inquiries i only have 3.

Very late response to this, but worth mentioning.

"Too many inquiries" as a negative reason statement simply means that your score is being impacted due to the presence of an inquiry or inquiries. Literally all it takes is 1 inquiry to generate this negative reason statement if that 1 inquiry is holding back your score at least 1 point.

With only 1 inquiry present on TU for the last 6 months or so I was seeing that negative reason statement. In the case where you only have 1 inquiry or a couple, if you're seeing this statement it's likely because your profile is very strong and you don't have anything major holding your score back... so it's more or less just a filler statement.

Re: Capital One Inquries

Anonymous — Wed, 09 May 2018 14:15:43 GMT

@Anonymous wrote:
It's counting. My report says I have 7 inquiries and Cap1 is 4 of them. Also, one of the negative remarks from CK is too many inquiries.

Bear in mind too the source. Credit Karma may be rightly claiming that the inquiries are hurting our OP's Vantage score. No lenders use Vantage, however, so our OP can ignore that. Our OP should focus on his FICO scores.

Re: Capital One Inquries

Anonymous — Wed, 09 May 2018 15:20:07 GMT

@Anonymous wrote:
@Anonymous
What I dont get then is why do i have a negative remark that says "too many inquiries" Without the capital one inquiries i only have 3.
Very late response to this, but worth mentioning.

"Too many inquiries" as a negative reason statement simply means that your score is being impacted due to the presence of an inquiry or inquiries. Literally all it takes is 1 inquiry to generate this negative reason statement if that 1 inquiry is holding back your score at least 1 point.

With only 1 inquiry present on TU for the last 6 months or so I was seeing that negative reason statement. In the case where you only have 1 inquiry or a couple, if you're seeing this statement it's likely because your profile is very strong and you don't have anything major holding your score back... so it's more or less just a filler statement.

I saw that same reason on the back of the letter I got from Discover the other day explaining why my recent CLI request had been turned down (the reason given on the front was "not enough experience at your current credit limit", which, as I've found out, translates to "you're not using this card enough", so that's likely the real reason and everything on the back is just filler, as you said).

Re: Capital One Inquries

Anonymous — Wed, 09 May 2018 16:21:05 GMT

@Anonymous
I saw that same reason on the back of the letter I got from Discover the other day explaining why my recent CLI request had been turned down (the reason given on the front was "not enough experience at your current credit limit", which, as I've found out, translates to "you're not using this card enough", so that's likely the real reason and everything on the back is just filler, as you said).

Off topic, but "not enough experience at your current credit limit" does not mean "you're not using this card enough." I've received over 50 of those Discover denial letters, all of which have the same reason you just referenced. There were many times that I was using the card heavily and got those denial letters and other times where I used it for a single $5 swipe or not at all and received a hefty CLI. With Discover, not enough experience at current credit limit simply means that not enough time has elapsed since your last CLI, so you can't get another yet. This period of time varies heavily from profile to profile and can be 30 days, 60 days, 90 days, 6 months, 9 months, etc.