the whole kit and caboodle

I think you would be better off spacing it out some.

Why take the chance that the whole kit will get you cabooted?

 

My experience has been that if you dispute everything at once, they only do a few. Then you start over. I think others have had the same experience.

Whatever you do, label them clearly. What I do is label them by disputes, with the title in bold print, color (preferably red), and larger type as DISPUTE #1, etc. This way there is no doubt you have more than one dispute. At any rate, my advice is to do no more than three at a time. Space them out , sending a new dispute every week or two.

As a general rule, these people are really dumb. I'm not saying that to be mean, it is a fact.

 

Well, since you shouldn't be thinking about disputing anything else with credit bureaus until you have the creditor/collection agency demanding their removal, it then becomes obvious that you need to dispute the inquiries with the credit bureaus.

You need to do inquiry disputes first based on their permissabilty. If they are or might be impermissible inquiries, then you need to dispute them on that basis, then move on to the others after you have the answers to your permissability based disputes.

 

I'd listen to Bill, he is usually right on with these things.

As far as my personal experience, disputing too much at once has never had as good results. I think they assume 'credit repair' and put less effort in it.

Shawn

 

I agree with Bill--space them out. I can look back and see that I have had more success with disputing 1-3 accounts at a time. Anymore than that, and they seem to have a personal vendetta against correcting everything.

cariba

 

Good lord, hon. Your inquiries total 114! What have you been applying for?

Dani

 

I would definitely dispute those. Are they classified any differently than the rest of your inquiries? That should be against the law. That alone probably cost you 80 FICO points.

Dani

 

I vote in favor of spacing things out. My rule so far has been never more than 4 dispute items at once. Doing that, CreditExpert has removed 6/7 inquiries, 3/4 charge-offs and 4/4 late pay histories for me.

I started w/ inquiries/personal info, then to chargeoffs, then to late pays. In your case, I'd probably dispute two inquiries, your oldest chargeoff and your oldest late pay history. Seems that the older things are, the more likely they are to come off (except for Discover). And with the inquiries, make sure you're disputing on accounts you were denied for (if an account was approved from the inquiry...the accounts can go into dispute). Also, stay away from disputing inquiries made within the couple months...apparently this can cause your report to be flagged for fraud alert.

HTH.

 

114? 114!!!!!!!!!! Where you going to try and re-finance the national debt? (just teasing)


Well, basically, once you sign a credit app, the dealer can shop it all he wants as long as it is towards that 'purchase'. He can send it to a hundred lenders if he wants as long as it is based on the same deal. Most won't however, after tow or three you are just beating a dead horse. Plus, a lot of those apps cost the dealer money. Most managers I know would send you walking over that. Must have been a rookie in there somewhere.

However, if you are declined financing, he can't run your credit 6 months later to see if he can get it for you then without a new app. That would require a new credit app.

I think the penalty was at least 1k per violtion- if I remember right- if we didn't have a signed app. Plus the dealer would lose his account/right to run reports.

That does not mean it is no done. You can pull a report without a SS number- and some states use the ss number on the driv license. We could put in a name and DOB and we would get a list, from that list we could pick the closest address match and get the credit report.

I have seen drivers 'pre-qualified' from the photocopy of their drivers license while they were on the test drive.

The 'rate shopping' thing applied before the automatic scoring system, in the good 'ole days when a finance analyst actually reviewed the reports.
Now each one of the those inquiries is going to count- even if not the same amount....i.e the first might be -5, the second an additional -3, the third another -2, and then only a few points for the next dozen or so. (this is my opinion, not a scoring model). I am sure a 'reverse' law of limiting return theory applies here.


Happens with mortgage brokers too....

Shawn

 

I purchased my truck in 1999. I went to my bank and was already approved for the loan (check in hand) before I began shopping for an automobile. The dealer took my information - name, address, social, etc. I refused to let him even make a copy of DL. I told him do not pull my credit. I was already approved. Damn if they didn't pull my credit report anyway. I didn't realize it until I left the dealership and pulled my report four months later. I was steamed. It just dropped off last week. How can a dealership pull your credit report after I told them not to? The best part - I was approved through my bank at 7.75%. The dealership told me they could approve me at 9.4%. Sure, let me snatch up that one.

Dani

 

I would have disputed it every single month...

They CAN'T pull with-out you "THINKING" about buying with a loan from them...YOU HAD NO INTENTION SINCE YOU HAD THE CASH IN HAND!!!

 

He should have sued them in my opinion.
Now it depends on how long ago that happened.
And he should have taken a tape recorder to the dealer with him.
I have a little digital that runs 90 minutes just for such situations.

 

If you did not sign a credit report, it was a violation for them to do so. I don't know what all could be done, however, it happens so often.

I know we tried our best to get everyone to finance with us....it's more profit. Sometimes more than the deal itself. It's reffered to as the 'back end'.

I am surprised they didn't match your rate, I know most of the lenders we use allow us to match any verified approval.

The dealer gets money just for writing the loan for the bank, not much, usually 50 - 175 dollars per deal, depending on the financial institution and how much business you give them.

Then, they get whatever interest they can make over 'buy rate'. The 'buy rate' is the interest rate assigned by the bank. If you qualified for 7%, and I wrote you at 7.99%, I get all the interest generated by that .99% over the loan (but I get it at the end of the month,unlike the bank who has to wait). The higher I send you out at, the more commission I get. While the dealer gets the 'back end' money, the F&I guy and the salesman get a comission on it.

Now, there are ways to raise that number without you even realizing it. I can do you a 'favor' by not making your payment due for 30, 60, sometimes 90 days. You are ready to be my best friend, I just got xx days of full interest added to my coffers.

Also, if you finance elsewhere, there is less than a 1% chance you are going to buy any 'add-ons' from the dealer....not just a warranty or life insurance, but lo-jack, accesories, etc. It takes a lot of control away from the dealer.

I have seen credit pulled before 'just to do it'. The salesman might just have wanted to see. Those 12 hour days get boring sometimes and you have to break it up somehow. You see some pretty strange things sometimes....

I remember this one guy...he had been in once or twice looking around, but really wasn't serious about buying anything. He was just a local guy who popped in every now and then, had a cup of coffee, and kicked a few tires.

Anyway, he was getting his car service and decided to finally break down and buy a new (or different) car. When we put his application in, he had around 80k of revolving debt! And he didn't know anything about it!

He called one of the card companies, we were going to get them to verify to the auto loan company that the report was screwed up and the accounts were not his. Come to find out, his wife (of three years) had been opening accounts as the offers came in the mail. She didn't work, she was using one card to pay another with cash advances. There were around 12-14 credit card accounts involved. She had rather quickly run up about 80k in debt.

Can you imagine?


Shawn

 

Shawn,

Thanks for the financing info. I see now how it works and on my next purchase I will be a little wiser.

 

George,

Before I found this board last December I did not know you could dispute inquiries. By the time I figured out that everything on the credit report was disputable 14 months had already passed and my rationale was "why rock the boat." I guarantee it will not happen again, though.

Dani