Credit
08-14-2006, 05:51 PM
#13
1st Gear Member
Join Date: Jun 2006
Location:
Posts: 69
RE: Credit
If it was from the dealer in particular...(not a bank or banks)...I am pretty sure they have the ability to fix it and the responcibility to. I would report to the FTC and check out their website to see how/if they can help. That's what they're for is to regulate that kinda BS. There is supposedly a new policy now that all inquires of the same nature (i.e. auto loan) within 2 weeks only count as one. This only started in the last couple of months or so I think. I think the way it works is they all still show up on your report but as far as it affetinng your FICO score, it doesn't repeatedly lower it, it only knocks off points once. (I know, not a whole lotta good..but hey what ever hleps)
08-14-2006, 08:06 PM
#15
3rd Gear Member
Thread Starter
Join Date: May 2006
Location:
Posts: 701
RE: Credit
ORIGINAL: MUSTloveSTANG
If it was from the dealer in particular...(not a bank or banks)...I am pretty sure they have the ability to fix it and the responcibility to. I would report to the FTC and check out their website to see how/if they can help. That's what they're for is to regulate that kinda BS. There is supposedly a new policy now that all inquires of the same nature (i.e. auto loan) within 2 weeks only count as one. This only started in the last couple of months or so I think. I think the way it works is they all still show up on your report but as far as it affetinng your FICO score, it doesn't repeatedly lower it, it only knocks off points once. (I know, not a whole lotta good..but hey what ever hleps)
If it was from the dealer in particular...(not a bank or banks)...I am pretty sure they have the ability to fix it and the responcibility to. I would report to the FTC and check out their website to see how/if they can help. That's what they're for is to regulate that kinda BS. There is supposedly a new policy now that all inquires of the same nature (i.e. auto loan) within 2 weeks only count as one. This only started in the last couple of months or so I think. I think the way it works is they all still show up on your report but as far as it affetinng your FICO score, it doesn't repeatedly lower it, it only knocks off points once. (I know, not a whole lotta good..but hey what ever hleps)
Update:
They ran it once and then sent it to 21 other banks who also ran credit reports. WHY? Well let me tell you that before I went in to the finance office I told the new car sells manager that I have a bank that would give me 4.9 percent. The insisted I go through ford financing because I could get more money off the car......so I said fine I will see what ford would do.........it came back at like 6.5 percent and they said we can get it better then that ........I said no thanks I already have a bank I would prefer to use....they ran it anyways.
08-14-2006, 08:46 PM
#18
2nd Gear Member
Join Date: Jul 2006
Location:
Posts: 195
RE: Credit
I hope you don't take offense but... at 22 years old I doubt you had over 823 FICO and even at 703.... well that's possible but other information you provided states otherwise. FICO over 700 is usually considered excellent credit and you shouldn't have any problems with getting into a tier 1 loan. Also, I really don't think your score would have dropped that much for running it 23 times and plus, when dealership sends your application to 23 different companies, they usually send that together with your credit report so they don't have to re run your credit again only until they are about to approve you for the car loan.
Another thing, scores over 650 or even lower than that, they do not send it out to outside lenders, you can usually get an inhouse financing so your score might have been low already.
And... some companies have a check system that prevents them from ordering your credit report more than once in a given amount of time.
Hope this helps...
Another thing, scores over 650 or even lower than that, they do not send it out to outside lenders, you can usually get an inhouse financing so your score might have been low already.
And... some companies have a check system that prevents them from ordering your credit report more than once in a given amount of time.
Hope this helps...
ORIGINAL: Fizzie06
I bought my car a few months ago and the dealership ran my credit 23 times and really jacked my credit(823 to 703)... I just found out to day because I was going to buy a GT and got turned down for TOO MANY INQUIRES LAST 12 MONTHS. What would you guys do? I signed to let them see my credit and got 4.9 percent through my local bank and then found out they ran it 22 more times WHY??????????????
I bought my car a few months ago and the dealership ran my credit 23 times and really jacked my credit(823 to 703)... I just found out to day because I was going to buy a GT and got turned down for TOO MANY INQUIRES LAST 12 MONTHS. What would you guys do? I signed to let them see my credit and got 4.9 percent through my local bank and then found out they ran it 22 more times WHY??????????????
08-14-2006, 08:58 PM
#19
3rd Gear Member
Thread Starter
Join Date: May 2006
Location:
Posts: 701
RE: Credit
well I can scan it on to the computer and let you see for your self. Next I don't have a problem getting a loan due to score its because of too many inqires in the last 12 months is what it reads...........My score was so high do to a company I started up when I was 18 loans that have been paid off. Then I have financed 5 cars 2 sold and 2 paid off 1(the mustang i currently have) financed. I have no reason to lie to you on the 100 something.(65 point drop in inqires as fico said the other they are looking into). 22 w/great credit is achieveable. Never had a credit card and only in debt w/my mustang. AND ABOUT TO BUY ANOTHER ONE.
ORIGINAL: chuckcsf
I hope you don't take offense but... at 22 years old I doubt you had over 823 FICO and even at 703.... well that's possible but other information you provided states otherwise. FICO over 700 is usually considered excellent credit and you shouldn't have any problems with getting into a tier 1 loan. Also, I really don't think your score would have dropped that much for running it 23 times and plus, when dealership sends your application to 23 different companies, they usually send that together with your credit report so they don't have to re run your credit again only until they are about to approve you for the car loan.
Another thing, scores over 650 or even lower than that, they do not send it out to outside lenders, you can usually get an inhouse financing so your score might have been low already.
And... some companies have a check system that prevents them from ordering your credit report more than once in a given amount of time.
Hope this helps...
I hope you don't take offense but... at 22 years old I doubt you had over 823 FICO and even at 703.... well that's possible but other information you provided states otherwise. FICO over 700 is usually considered excellent credit and you shouldn't have any problems with getting into a tier 1 loan. Also, I really don't think your score would have dropped that much for running it 23 times and plus, when dealership sends your application to 23 different companies, they usually send that together with your credit report so they don't have to re run your credit again only until they are about to approve you for the car loan.
Another thing, scores over 650 or even lower than that, they do not send it out to outside lenders, you can usually get an inhouse financing so your score might have been low already.
And... some companies have a check system that prevents them from ordering your credit report more than once in a given amount of time.
Hope this helps...