Got 7 different credit inquiries from car loan shopping

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Posts: 2
Joined: Wed Jul 18, 2012 12:01 am
Location: Virginia Beach, VA

Got 7 different credit inquiries from car loan shopping

Postby awp17 » Sat Jul 21, 2012 12:10 am

So last month I bought a new car. I wanted to pay cash but took a loan out by recommendation of my accountant as I only have revolving debt and have never had a structured loan. They "shopped" around for the best interest rate and that shows 7 different inquires on my credit report.

This was all done in a matter of about 15 min. I did get a 2.7 interest rate on a 72 month loan though. However I was denied a southwest visa card for the only reason being " to many inquires", I'm frustrated by this as I'm obsessed with making sure every single one of my cards is paid off every month, and I have no negatives on my report (never missed a payment, no bankruptcies, etc) My fico score shows 709, I make a good income, etc, really wanted the card as I fly a lot for my company. I have the following other cards.

Amex Green with the option to carry a balance at 18%
Amex Hiltion HHoners surpass- 2k CL
Amex Business Lowes- 7k CL
BB&T business platinum- 9.9K
BB&T business line of credit- 250K ( I carry a balance on this for 2-5 months depending on the time of year, and its at 3.49 apr which I was told is prime, collateral is my house)
USAA Platinum Visa- 1k CL (had this since I was 18, approved for 7k but at that time mom didnt trust me with that kind of limit)
Amazon Store- 1400 CL

I want to cancel these two as they have terrible APR and have fees that are almost as high as my amex cards. I got them to built credit two years ago, since the limits are so low i take it they wont matter much when they are gone? Thanks for help guys, I appreciate it.

First premier-700
Credit one-500

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