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2 questions about new accounts and inquiry codes

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Frequent Contributor

2 questions about new accounts and inquiry codes

So, I applied for Barclays on 07/08/2019 and was initially denied, called back that day to talk to a credit analyst and they did a manual review and approved me. I got an alert on 07/09/2019 that there was a new account on my report with Experian and it was Barclays, thought it was a mistake. Log into Experian credit check this morning and yup its on my Experian report as of 07/10/2019. I don’t even have the account number or the credit in my hands yet, how is this possible?

 

So, with the attitude of since I’m doing a credit spree and Ill garden, I decided to take 1 more inquiry hit and applied for a BBVA CC; was denied. But the inquiry was coded as an installment loan inquiry? Anyone else have that experience with BBVA?

 

Barclays.JPG

EQ 812 / TU 802 / EX 818 (Before the credit sprees will update soon)
Message 1 of 8
7 REPLIES 7
Valued Contributor

Re: 2 questions about new accounts and inquiry codes

I’m not positive of this but this is my hypothesis for what it’s worth.

When a FI pulls a report, they request a certain score, mortgage, Auto, BankCard, or classic. Some banks use mortgage scores for everything. I think the inquiry is coded based on the type of score they request. However with credit unions all bets are off!







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 2 of 8
Senior Contributor

Re: 2 questions about new accounts and inquiry codes

Yes, Barclays reports new accounts very quickly, usually the day after approval. And I also app'd for a BBVA card this week and approved. As I recall the inquiry alert said "installment loan" but as I look at my Experian report now it's coded as "BBVA USA All Banks - non specific".

 

EDIT: @Birdman7 may have nailed it. My BBVA app this week was in branch, the teller really encouraged me to apply for a 2nd card, and after approval I asked her what my EX score was and she said 703, my Fico8 EX score is 715. And I checked and don't see a backdoor # for BBVA, if you can find a # or maybe call the # on the letter you'll receive to ask for a recon, they sure have been accommodating for me.


Fico 08: 734/716/734 TU/EX/EQ
Message 3 of 8
Frequent Contributor

Re: 2 questions about new accounts and inquiry codes

Seems I had a higher credit score but only 1 card and like 4 inquries at the time than you Dave but that doesnt matter lol . I tried to call in to BBVA to recon since I had an approval with Barclays recon, rep stated that there was no recon with BBVA, Ill wait for the letter and see if there is a number, otherwise I am closing my BBVA checking account which is what I wanted to do anyways. 

EQ 812 / TU 802 / EX 818 (Before the credit sprees will update soon)
Message 4 of 8
Valued Contributor

Re: 2 questions about new accounts and inquiry codes

FenderGuy but what score did BBVA use? Which algorithm? We may be comparing apples to oranges.

DaveInAZ did you notice which algorithm they used?







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 5 of 8
Super Contributor

Re: 2 questions about new accounts and inquiry codes


@FenderGuy wrote:

So, I applied for Barclays on 07/08/2019 and was initially denied, called back that day to talk to a credit analyst and they did a manual review and approved me. I got an alert on 07/09/2019 that there was a new account on my report with Experian and it was Barclays, thought it was a mistake. Log into Experian credit check this morning and yup its on my Experian report as of 07/10/2019. I don’t even have the account number or the credit in my hands yet, how is this possible?

 

So, with the attitude of since I’m doing a credit spree and Ill garden, I decided to take 1 more inquiry hit and applied for a BBVA CC; was denied. But the inquiry was coded as an installment loan inquiry? Anyone else have that experience with BBVA?

 

Barclays.JPG


Yes I frequently see credit card related inquiries that are described as "installment loan inquiry". I don't know why.


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 6 of 8
Highlighted
Moderator

Re: 2 questions about new accounts and inquiry codes


@FenderGuy wrote:

Seems I had a higher credit score but only 1 card and like 4 inquries at the time than you Dave but that doesnt matter lol . I tried to call in to BBVA to recon since I had an approval with Barclays recon, rep stated that there was no recon with BBVA, Ill wait for the letter and see if there is a number, otherwise I am closing my BBVA checking account which is what I wanted to do anyways. 


If BBVA denied the application due to credit reasons, they are not prone to reconsideration, unfortunately.  Very rare would they reconsider and only *if* it's due to verification instances.

Message 7 of 8
New Member

Re: 2 questions about new accounts and inquiry codes

Does anyone know what an “enhanced inquiry” means? I received one of those about a year ago.
Message 8 of 8
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