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Business and Personal Credit Inquiries 1 hit, who does this?

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Anonymous
Not applicable

Business and Personal Credit Inquiries 1 hit, who does this?

So I have a S-Corp business that has its own Cheveron gas card under its own tax ID and not my personal SS, credit limit is $8k. I have 1 personal credit card Capital One $4.5K limit (4years, rebuilt credit within this time frame) In my quest to seek new credit for the business and myself, but limit the credit inquires to just 1 pull for both, Ive learned that these Banks could care less about destorying a person credit. I went to B of A and asked Id like to apply for credit for business and myself and see what else I would quailify for? Car loan, line of credit, etc. I was told that since B of A has seperate credit departments, it would 1 inquiry for every credit product I wanted apply for business and personal, I emailed the CEO and the Executive customer service office, how ridiculous this process was and I would not be applying or doing any business with them. BBVA is the same but, if I applied with them and it would not show up on my personal credit report, which is something I like. Anyone run into this issue?

Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Business and Personal Credit Inquiries 1 hit, who does this?

what exactly is the issue for you?  I'm sorry it's just not clearly apparent in your story.  Are you saying that you feel that a bank should offer you multiple credit products based off of 1 single credit inquiry, or a combined inquiry?  and throughout different types of credit cards and loans?  

 

What's your experience with combining hard inquiries?  

I believe most institutions would provide their agents with scripting that errs on the side of caution so there may be situations where there are multiple inquiries combined into one when the institution started off by saying there would be multiple inquiries....but that would be more of the exception than the rule.  Combined inquiries are for auto loans and mortgages and have more to do with CRAs from what I understand.  

Anyway If i missed your point please clarify.  

Message 2 of 11
ToughFistFight
Frequent Contributor

Re: Business and Personal Credit Inquiries 1 hit, who does this?

Yes. All lending institutions pull your credit report before lending. Personal or business. And they might even pull all three credit bureau reports for one product. It depends what you are applying for and with who. It's the name of the game. Amex is the one outlier. They pull one time, the first time. If you apply for another product, personal or biz, it's a soft pull.
If you have a question about how pulls what, search the forum, you should be able to find it.

Chase Business Ink 20k PenFed Plat Rewards VS 25k NFCU Go Rewards 20k BECU 30k Chase FU 6k GM Biz 21k NFCU Flag 21k Amex BCP 26k Disco IT 18k FNBO Biz 11k Costco Citi Biz 8.1k Amex EDP 2k Gold Delta Skymiles Biz 5k Amazon Prime 10k USBank Cash 12k Amex Biz Plat Rewards NPSL Amex BCB NPSL
Message 3 of 11
Rgudino1717
Contributor

Re: Business and Personal Credit Inquiries 1 hit, who does this?

With BoA on the business side they can use 1 pull for different products. A couple of months ago I applied for a term loan and a credit card with BoA. Not sure if they can use that same credit pull for the personal side. 

Message 4 of 11
coldfusion
Community Leader
Mega Contributor

Re: Business and Personal Credit Inquiries 1 hit, who does this?


@ToughFistFight wrote:
Amex is the one outlier. They pull one time, the first time. If you apply for another product, personal or biz, it's a soft pull.


Personal experience confirms this isn't always the case (11 cards, 3 ea. EX HP)

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 5 of 11
Anonymous
Not applicable

Re: Business and Personal Credit Inquiries 1 hit, who does this?

There is a stage that many of us go through worrrying about inquiries only to find out to some extent, they don't matter.

I read your other post and you say all of your scores are about 760.

It looks like you still have some rebuilding to do, but you are in a good place.

Where does your S-corp bank now?

Message 6 of 11
Anonymous
Not applicable

Re: Business and Personal Credit Inquiries 1 hit, who does this?

So, business banking is done through BofA. I am looking for a Bank that can offer multiple lines of credit to me and my business by the 1 inquiry they do on me and my business. So, I would get 1 pull on me and so would my business, not multiple pulls that BofA wants to do for each credit line I would like to qualify for.  760 is Vantage scores and Fico is around 800 across all 3 for personal 

Message 7 of 11
Anonymous
Not applicable

Re: Business and Personal Credit Inquiries 1 hit, who does this?

Why are you so worried about only 1 inquiry?

Do you need credit to grow your business?
Message 8 of 11
ToughFistFight
Frequent Contributor

Re: Business and Personal Credit Inquiries 1 hit, who does this?

Good luck, as soon as you find it, let us know. We will all join too. Smiley Happy

Chase Business Ink 20k PenFed Plat Rewards VS 25k NFCU Go Rewards 20k BECU 30k Chase FU 6k GM Biz 21k NFCU Flag 21k Amex BCP 26k Disco IT 18k FNBO Biz 11k Costco Citi Biz 8.1k Amex EDP 2k Gold Delta Skymiles Biz 5k Amazon Prime 10k USBank Cash 12k Amex Biz Plat Rewards NPSL Amex BCB NPSL
Message 9 of 11
Anonymous
Not applicable

Re: Business and Personal Credit Inquiries 1 hit, who does this?

I agree, i think its based on where you apply for your next AMEX card as well.  I was originally a customer with the ED, applied for the MB platinum and a pull was completed on EX.  Interesting though, when I log into the check card app, it doesn't have the MB plat on there.  Guessing because the MB was completed on the MB site?  Though no DP on this matter can confirm it since the MB card is nonexistent now.

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