I was under the impression that when looking for an auto loan, all inquiries within a 2 week period is counted as 1 inquiry. Am I wrong? I'm looking for a car, and have applied at several on-line sites who send requests to multiple lenders. Now I have 8 count em..8!!! new inquiries from lenders. Could someone please!! advise me on this. The report I am looking at is "Experian". Please if possible, let me know asap, because I have an appointment with a car dealer tomorrow. Thanks so much for your help
I called PeopleFirst.com to verify and was told the information about the "consolidating of inquiries" by the rep there. Had I known that I would have multiple inquiries from looking for a loan I never would have applied at a few places. Now I feel like I will never get a car loan since there are so many inquiries. Talk about looking desperate :-( and now to make matters worse, my fico score from experian has actually gone down from all of this...Anyone have any ideas of how to get these inquiries off in a hurry? thanks
hi, I just applied to lending tree for a Auto loan. I was apporved online by the lending tree. They submit my application to 4 diff lender. I was apporvied by Synergy Federal Savings Bank. apr 7.6%. It says someone will call met to verify more info. Lending tree also submitted my application to peoplefirst.com, roadloans.com and americredit finacial . I was denied by americredit. Synergy Federal Savings Bank approved me right way and other 2 is still pending. They look at my efq score. Which is 651. I am not sure i will really get the loan by the Synergy Federal Savings Bank, though they approved me online through lending tree.I will keep posted. I applied for 15000.00 thanks akm
http://www.ftc.gov/bcp/creditscoring/creditscorexscript.pdf inquiries and effect on scores when shopping for car loans page 25 Begin quote by Pete McCorkell, of Fair Isaac [ I mentioned inquiries. This has been a topic of some controversy. Fair, Isaac about a year ago redesigned our bureau systems to do what we call inquiry de-duping. We know that in a lot of cases somebody shopping for a mortgage or for an auto loan will wind up with multiple inquiries from the same transaction. And of course not many people buy more than one house in any given month, or more than one car. And so we've sort of been able to say, if we count all of the auto loan inquiries and all of the mortgage loan inquiries within any given 30 day period as a single inquiry, because it's probably only one auto or one house that they're shopping for, that that is really a better representation of their credit behavior. And then also, again in mortgage lending especially, people may wind up shopping around for some period of time looking for the best rates, going to different lenders or go through a mortgage broker who shops at the different lenders. And so in fact what we've said is, we don't count any inquiries in the 30 days before this particular score is computed. So you can have a hundred inquiries in the month before the score is computed and they won't count at all. And you can have any number of mortgage or any number of auto loans in any -- I'm sorry. It's a 14 day period at any time before the score is computer, and they'll only count as one inquiry each. ]] end quote hope this helps,
Thank you Maggie75! It certainly does help a great deal. I appreciate you taking the time to respond with your post. Have a great day!
your mistake was to use those online services. THEY SUCK. Sorry. Had to say it. Take your cash down payment, or your trade to the car dealer where you want the car you want, and make them deal. set guidelines on what you want. put it on paper, and bring it with you. Don't budge. Don't budge!! I had to walk 2 times on my car deal to get what i thought was a fair price, then as I walked out the door on the APR 8%, magically, i got 7%. Even more magically was the fact that the guy had the 7% rate form all printed out and approved in his desk. He pulled it out, said sign here , here's your keys. Those finance managers are just as tricky as the sales person themselves. But you gotta give them credit, for thats how one makes their living, and i cannot "dis" anyone for trying to "come up".
