No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Doubt you could dispute since you signed the dotted line. You actually didn't come out too bad. When I bought my car, I was already gauranteed a loan with Chase, but I needed to submit a credit app to Mazda. Since Chase is the captive lender, the app was a double pull to EX and EQ. Once Chase got the app, there was an additional double pull (because Chase) to EX and EQ. Doesn't make any sense to me because the dealer already pulled it for Chase. In your situation, it looks like they did their pull, the BofA pull for them, and went to their captive. They didn't actually shotgun your app, but I don't think they should have pulled for BofA. As for Kia, they may be required to submit an app to them, but it should have been disclosed.
What was the length of time between when BofA pulled your credit and when the dealer did? Because from what I understand, if it was a short amount of time, it's only going to count as one inquiry anyway as far as your credit score is concerned, and they will all be totally irrelevant for scoring purposes after 12 months. Just something to keep in mind if your dispute doesn't work out.
@Anonymous wrote:What was the length of time between when BofA pulled your credit and when the dealer did? Because from what I understand, if it was a short amount of time, it's only going to count as one inquiry anyway as far as your credit score is concerned, and they will all be totally irrelevant for scoring purposes after 12 months. Just something to keep in mind if your dispute doesn't work out.
You'll only be dinged once depending on how close they are to each other, but they still count as individual inquiries when your credit is pulled by a lender. For example, dealer shotguns to 30 lenders in one day. You only get dinged 5 points. But, when you apply for new credit in the future, a computer may auto denial for too many inquiries. You would have to recon to explain them.
I think you may be confusing what we are saying. Yes, each inquiry counts as a single inquiry in terms of the number of inquiries, and a new prospective lender can obviously ding you for that after they run your credit and see the number of inquiries. But, from what I understand, for FICO SCORING PURPOSES, and for those purposes ONLY, multiple inquiries of the same type in a short period of time for auto loans do not count as multiple inquiries and ding your score a few points for each inquiry. This is so that people sren;t penalized for rate shopping when making a major purchase, like for a car.
So, if a dealer shotguns your app to 10 different lenders for an auto loan, yes, your inquiry count will increase by 10. But your score won't be dinged 10 separate times for each separate inquiry.