Apps Spree.. 4 Approve/1 Denied

[Sabrian31487]

Only card I had before this was Capital one Secured card 5 months (316.00 Limit) and 3 year old Badcock Loan for 1500.00..

Walmart Store Card (400.00)

OneStopPlus.com Store Card (750.00 Checkout trick/No Pull)

Discover IT (1000.00)

Chase Freedom (3000.00)

Denied

Citi Simplicity 

Being Denied is my sign that my app spree is over for a while. 

Keith

[Enhasa]

Nice!

Mind telling me about ur scores and credit history brielfy? I am interested in discover and maybe chase freedom.

Thanks! and Grats!

[Sabrian31487]

Only FICO score i have is Equifax 708. No baddies, collections nothing all clean. 26 years old, Been with same job for 9 years and make 26308.00 a year. TU (5 month history) has not generated a fico score yet but should next month. Badcock loan that i had 3 years ago reported to Equifax so im assuming that i got an awesome CL with Chase is because of my equifax history and fico score.   Quizzle -694 (EX?)  Creditkarma -732 (TU)  Credit.com - 625 (Unknown)  Identityguard (TU 715)

Keith

[dodfire]

Citi I found out is very inquiry sensitive ....that was the reason for my denial after getting the Discover.....

[Enhasa]

I recently applied for a car loan.

Much to my surprise, the dealership pulled an inquiry. Chase, BMW Financial, Bank of America, Citi all pulled inquiries too.

Does that all count as separate inquiries? 

I am still pretty pissed about it.....I was told that dealerships usually try to get loans from the manufacturer's financing division first, and if I don't qualify, then they contact the other banks to see if anyone else wants to finance. I ended up getting 0.9APR from BMW financial, so there was really zero need for my dealership to submit an app with chase, citi and BOA........guessing they got lazy and decided to all submit it together in one go.

Now.......I'm interested in applying for amex and chase freedom (i already have a chase amazon card though).......does this mean it's a bad idea since i've 5 inquiries in the last month? 

For my car loan, I just wanted to improve my credit score mostly. I paid 58k cash, and financed 10k (minimum amount they required). Loan duration is for 2 years.

[Sabrian31487]

Never had a car loan but i believe that if you inquiry with different banks concerning a car loan within 45 day period it only counts as 1 inquiry. Applying for credit cards is different though. I had 5 or 6 inquiries on my equifax report but they were well over 6 months old. 

[dodfire]

You know...I have read that so many times on here that if you are app'ing for a car loan they only count as 1....However this past June I bought my Audi and ended up with 12 HP's on my report that will be there for the next two years....

[Sabrian31487]

OUCH!!! that stinks

[Enhasa]

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@Sabrian31487 wrote:

Never had a car loan but i believe that if you inquiry with different banks concerning a car loan within 45 day period it only counts as 1 inquiry. Applying for credit cards is different though. I had 5 or 6 inquiries on my equifax report but they were well over 6 months old. 

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will they become "1 inquiry" automatically after 45days? or do i have to do something about it?

it has been about 2-3 weeks since the inquiries are made now. so if i am to apply for a card within the next 2 weeks, it'll still show that i have many inquiries? 

i looked at my credit report and there's a classification of those inquiries. the dealership and bmw financial were classified as "automotive". Chase was classified as SNL (what does that even mean?). Bank of America and Citi was just classified as "loans." Will the CRA regard them as different categories since they are all not registered as "automotive?"

[Phizzle]

The timeframe for them to "count as one" depends on the bureau. They do in fact show as seperate inquiries on your report. The idea of them counting as one is actually more for scoring purposes. If a certain bank rejects because of X number of inquiries on your file, then it will make no difference if they were in a certain timeframe.