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

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Frequent Contributor

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?

EQ 812 / TU 802 / EX 818 (Before the credit sprees will update soon)
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Regular Contributor

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.  

started tracking Experian - Starting Score:523 | Current Score:672 | Goal Score:740
now tracking all 3

2/20/19
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Message 2 of 11
Regular 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 10k NFCU Go Rewards10700 BECU 10k Chase FU 6k NFCU Flag 12k Disco IT 5k Amex BCE 1k Gold Delta Skymiles Biz 5k Amex Biz Gold Rewards NPSL
Message 3 of 11
New 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
Valued 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)

(5/2019)
FICO 8 (EX) 790 (TU) 808 (EQ) 791
FICO 9 (EX) 829 (TU) 820 (EQ) 829

$800K+ club
Message 5 of 11
Frequent Contributor

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
Frequent Contributor

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 

EQ 812 / TU 802 / EX 818 (Before the credit sprees will update soon)
Message 7 of 11
Frequent Contributor

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
Regular 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 10k NFCU Go Rewards10700 BECU 10k Chase FU 6k NFCU Flag 12k Disco IT 5k Amex BCE 1k Gold Delta Skymiles Biz 5k Amex Biz Gold Rewards NPSL
Message 9 of 11
Contributor

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.

EX: 765
EQ: 760
TU: 758

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