Ok...I pulled my Exp. CR and I have a 660 Auto fico score but I have 118 inquires that has to be killing my score by atleast 50 pts. its alos hurting my ability to consolidate my bills by getting a consolidation loan. The past auto dealers *****d out my credit file to every bank know to man...Please can some one help me? I cant wait 2 years to have these drop off!! HELP!!!
You can ask them to re-investigate the inquiries. Unfortunately, they will not do it. At that point, you have the option of litigating or dealing with it until they fall off after two and a half years (Experian is longer). It is beleived that after inquiries age six months or longer, they no longer impact your score. I've seen no substantive date which proves this to a certainty. Personally, I think the issue of failure to re-investigate inquiries is ripe for litigation. However, I think it would take some unauthorized inquiries to put down any authority. Still, even if they are yours, you could make the argument that this fact is not the issue insofar as the FCRA presribes that all items are eligible for dispute. There failure to re-investigate inquiries as a pattern of practice is unquestionably a violation, although, Cushman sets forth that the inaccuracy must in fact be inaccurate. That is to say, you may on one hand may say it's a violation because they didn't re-investigate and on the other hand, they say so what . . . those inquiries were permissible. With permissible inquiries, I think such a claim with only the above allegations is dubious. With that said, you may or may not be able to get the inquiries deleted via filing a Complaint. It is difficult to say in that Experian typically has very good counsel (Jones-Day is no slouch).
so...basically I'm stuck? This has GOT to be killing my report and I cant believe auto dealers can do that to you. I have no idea who half of the banks are on my CR. 118 inquires is insane! I'm thinking of putting fraud alert on all 3 CB's to avoid idiots from running my credit left and right. I'm so fustrated right now that I have this crap on my report for the next 2 years and I dont know any of these people. instead of having a 700+ FICO, I'm stuck with a 660 and 118 inquires for the next 2 years... fustrated! D.
Are they all coded as auto inquiries? If so, inquiries within a 14 day period (old FICO) or 30 day period (new FICO) should be counted as 1 inquiry for score calculation purposes, regardless of how many there were in that period. If any of the inquiries was erroneously not coded as an auto loan, it would have a greater impact on your scores. Those ones would then be scored as if each represented a separate attempt to open a credit account. You would want to get the inquirer to correctly code it to avoid this effect on your scores. According to Experian: "Inquiries remain on your report for two years. " http://www.experian.com/credit_score_basics/improve_credit_score.html It is unlikely that 1 year old inquiries will have the same effect on your scores as more recent inquiries. In addition, the effect may depend on how high your debt to available credit ratio is, and how old your credit history is, and whether you have additional negative items. The effects might even fall off not just linearly, but at the fastest rate initially, representing the fading of the risk that a bunch of new unreported accounts might be in the works, as any new accounts have had time to report. Yours would be an interesting test case to measure what effect inquiries have over time. In order to gage how much of your score depression is likely to be due primarily to the effect of the inquiries, what is your current credit utilization (debt to available credit), the age of your accounts, and are there any other negative items showing?
118 inquiries doesn't hurt any more than 10. There's a maximum of 10% of your score for "new credit" -- which includes both inquiries and new accounts. Also, inquiries are only scored for one year, though they report for two.
Ontrack, I have an discharged BK from 2001 and a small court issue from 2001 that was paid for $200. thats it for neg items. Since the BK, I have NEVER been late on any of my obligations since 2001. I have 17 open accounts and the oldest account is from 1994 that has never been late. 6/17 are paid off with others having balances under $500 each. Direred- then why am I getting denied for EVERYTHING nowadays? the denial letters all state "too many inquries"..
How long ago did you apply for the auto loans? How many other non-auto applications have you made recently? More than 1 or 2 a year, on top of the auto inquiries, might start to look excessive. Potential lenders don't have to look at just your FICO score. Since they have pulled the actual report, they can separately look at that, including inquiries on it. Some lenders screen specifically against lots of inquiries, separate from FICO, assuming that the consumer is desperate. Even though FICO may lump them together, an individual lender might not. It is a good argument for NOT financing thru an auto dealer, except where there is special manufacturer financing, but considering using a bank or credit union. You might try contacting the lenders who turned you down and ask them to manually review their decision. Or just wait, since with a BK still showing, they might still be leary.
