I authorized a dealer to do one inquiry and get me a car. I explained that if it was more than 1 my credit score would drop. Well, thanks to them it went down 27 points simply beacuse I was looking for an auto and they could not follow instructions. Now how do I get rid of these unauthorzed inquiries keeping in mind that they will say they were authorized through the dealer. What action do I take and against whom ??
YOU GOT OFF CHEAP--I WOULD HAVE LOST 63 POINTS!!!! 9 INQUIRES X -7 EACH = -63 They "SHOPPED" the loan!!! DISPUTE as DUPLICATE--TRIPLICATE--QUADRUPLICATE--...-...-...-...-...
Contingency in a contract for an inquiry limit ?? You are kidding ?? There was no contract at my disposal until after they came back and said your all set. Then we signed the contract and agreed to the rate and drove off. The damage was already done as they sat in the backroom running the numbers. This was a verbal statement to the salesman and the finace guy at the dealership. " I do NOT want to be shopped around"...I insisted on one inquiry only and they agreed and undertstood why I made the request. end of story
Re: Re: car dealer/results 9 inquiries "I AS THE CAR DEALER'S AGENT I UNDERSTAND THAT THIS SALE IS CONTINGENT ON ONLY 1 INQUIRY BEING PULLED AND WE WILL NOT SHOP THE LOAN. WE ALSO UNDERSTAND THAT THE SALE IS NULL AND VOID IF WE SHOP THE LOAN AND THE PROSPECTIVE PURCHASER WILL HAVE NO EXPENSE INVOLVED IN CANCELING THE SALE" SIGNED CAR DEALER'S REPRESENTATIVE I guess you didn't get them to sign any statements before you let them do anything... OH WELL
Re: Re: car dealer/results 9 inquiries JUST LIKE AN INQUIRY FOR SAVINGS/CHECKING/INSURANCE---they "CAN" it is NOT REQUIRED BY LAW!!! The DON'T have to SHOP IT...
Re: Re: car dealer/results 9 inquiries yawn same here. cept two bank inquiries. now that you have 9 , its less likely you'll get a favorable rate elsewhere if the first was the winner dirty tactics? yeah. Got a credit union? Should have lined up finacing through them first (if used, usually best, or is credit doesn't meet the super nice tier).
Multiple inquiries within X days count as 1 inquiry when for a car loan or mortgage. This information is supposedly directly from FICO. Now the 27 point drop, was that a FAKO score or an actual FICO? The CRA's FAKO algorithm (if you want to call it that) may or may not take into consideration multiple inquiries on the same day for the same type of loan resulting in a loan. The real thing to consider, is that if you apply next week for any type of credit, and they are score driven, they will use the FICO not the FAKO! If you don't have anything in writing that allows them to only put it out to 1 company for a loan you will have a very hard time taking any legal action. And then there's the fact of the paperwork that they had you signing before they started shopping you for a loan. I'd bet $$$ that somewhere in that paperwork (and you should have a copy of everything since you did end up buying the car) that you agreed to let them shop you for a rate. Unless you read that line, marked through it, disputed it, and initialed / signed there where you marked the contract up you again have no leg to stand on for taking legal action. My advice is this. 1: Chock this up for experience. If you don't want your credit ruined by the car company shopping around get pre approved before you step foot inside a dealership. 2: If you don't want the dealership to shop you around, and you don't want to get pre approved from your bank, credit union, or some other source (roadloans, eloan, exc.) bring a statement with you as the one poster suggested and have them sign it stating that they will not shop you around. If they do, $1,000 for EACH extra inquiry, that extra $8,000 would come in handy. 3: Possibly consider yourself lucky that they shopped around, they might have found you an interest rate at 1-2% lower than what you would have had if they had only sent it to one lender. Or you could have possibly even been denied if your credit history isn't good enough to qualify for the first choice lender they used. The dealership's bread and butter is from getting a car sold, and if the first try comes back with a denial, or such a high interest rate that they feel it would be a deal breaker, I wouldn't blame them for wanting to shop it around for a better deal for you. The dealership won't get more money if you buy a car at 26% instead of 7.5% so it's to their best interest to find you the best rate / terms so you will decide to buy the car. ChrisB
There's a good chance you can call each CRA and get extras removed. The problem is, you're still left w/one on each CR. Had the same thing happen to me last April. BTW, your score drop may not be driven by the inquiries but related to your new credit. The pattern seems to be that new TLs will drop your score initially, then raise it over time. And if it's not your real FICO score, I would not worry about it.
MORTGAGE and AUTOMOBILE are supposed to count only as one...BUT ARE YOU GOING TO BELIEVE A CRA??? 3 X -7 = -21 they were eventually "B" BUT I KEPT THE -21 TILL THEY WERE "B"
