I have tons of inquires due to auto finance, when can I start apping again?

[vizon]

I've posted this story before but now I am preparing a game plan.

I have 4 cards - 

BoA 1-2-3 rewards - $500CL - 01/09

JCPENNEY Store - $1000CL - 07/09

Chase Freedom - $2500CL 02/12

Citi Platinum - $4800 CL 03/12

Auto -

Huntington - $20,100 bal - 03/12

Now, myFICO has given me my most recent score of 662. However, after I got the car I got several denials with it being my first finance. It listed FICO as 740. myFico at the time had it at about 710.

The Chase Freedom had an initial credit line of $1,000. I called last week from the back door number and told them it wasn't cutting it. I asked for a soft pull CLI. They told me they would get back to me but it may need another 2 months before they can do that. I logged in the next day and it had a $2,500 credit line with a soft pull. I pay many times a month to stay under $1,000 and PIF each month. 

Some how my Chase reported a high balance (bought a TV at an unbeatable price, Chase offers extended warranty, etc). It will be paid off but my util on that card is high.

Once that is paid off my util will be at about 22%. I do not use credit for purchases, but I have recently moved into my first apartment (I am 20) and needed furniture. My citi card has an 18/mo 0% apr. With near a $2,000 bal, I pay about $200 a month. 

So, util in 6 months will be very under control. 

However, in April I received 2 Discover more offers in the mail targeted to me. I was denied, but I could use a cosigner to get the card. I reconned about 3 times. Still no luck - and to me they are a joke. I have great history, they sent me TWO targeted offers and still denied me. Oh well. 

I have one baddie being 30 days late on the BoA in April 2010. Canceling the card next year when AF hits, since it was a PC from my original card it has a $60 af. 

I called JCPENNEY to get a CLI but they told me no, because they need to see how I handle large credit lines. When do you think I can app again and get approvals? I do want a gas card, and possibly a BCE or Discover More in the near future. I really don't want to wait a year. Do you think 6 months time is good?

When the auto hit, 20% util, all the inquries it has significantly impacted my score. I know it is temporary, but do you think in 5-6 months time when util is cut in half, the inquries have aged, along with the auto having history I have luck?

Thanks, just trying to plan it all out!

[vizon]

Forgot to post, I have about 15 inquires, 11 of them auto related.

[LS2982]

I think it would be best to wait at least 6 months, a year would be better.

[SwiftTone]

12 months is always better. In my opinion I'd wait for 12 that way you'd have a better chance of better terms and starting CLs on any new cards.

Btw, getting two targeted offers from Discover is not unheard of. I myself was getting atleast 2 a week, sometimes 3 a week for 3 months. Lol.

Also, are all those auto related inquiries within 30 days?

[vizon]

All of the auto inquiries are within 2-3 days. It was just weird getting targeted offers to be denied. They even soft pulled me lol.

[SwiftTone]

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@vizon wrote:
All of the auto inquiries are within 2-3 days. It was just weird getting targeted offers to be denied. They even soft pulled me lol.

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That's not out of the ordinary, unfortunately. It's really just marketing.

[Crashem]

You might want to verify your hard inquiries from auto are coded right. As for being targeted mailings, it is not surprising. Assuming your were preapproved, and not something else ( doesn't mean anything), you met the general credit score and demo they were looking for. Soft pulls for marketing do not get your full credit report. On getting your full credit report, they saw stuff they didn't like. They give you any reasons?

[cd2004]

I am dealing with the same issue now. about 9 months ago I cosigned new car and app'd through a dealer who sent my file to about 9 diff lenders and then I end up going straight to mercedes dealer who pulled it again. Recently about a month ago I just got another vehicle and this dealer sent my file to about 7 diff lenders and some pulled my file twice. I have to wait until next year for all my auto inq to fall off. But WFNNB and GEMB approved me for total of 3 store cards with all the inq.

[vizon]

Yep, most of mine were pulled twice. Capital one auto 3 times! Its nuts. And the joke of the situation is I got a 4.5% interest rate on my first finance EVER, being 19 at the time. Pretty cool with no cosigner I think.