Hello, I'm new to the world of trying to understand how credit reporting works, having only my home mortgage and 2 credit cards, theres not much of a credit history for me. Thats proving to be troublesome in acquiring an auto loan. Because of my inexperience in these matters, I've allowed my credit report to be accessed 3 times in the past 3 weeks. Now I'm worried that will further hinder my efforts to get a loan. I've been told that each inquiry takes 2 points off of my "Beacon" number. I need to know how long those inquiries will remain on my report and how much of an obstacle they'll actually be. I did get my beacon number from that last institution that pulled my file. They told my to give that number to other potential lenders to avoid even more hits, but nobody will take that number. They all want to "Pull my file" themselves. I know there are other considerations, besides that number, that they take into account, but when I explain to them that I'm just trying to get a feel for whether thay think I'll qualify before they actually access the report, nobody is is responsive. I don't know why. I guess I'm just being unreasonable. Any suggestions would be appreciated. Thanks in advance, Richard Adkins
Did you try your bank or credit union..Forget these teaser deals and get your own financing and stop letting them take hits on you.
I haven't tried through the dealership yet. The first attempt was through PeopleFirst.com, but thier interest rate was ridiculous. Second was through a local bank, here, in West Virginia. Third, was through my credit union, but their rate was over 10% !!
What was the score they gave you? Have you checked your own credit reports to see what is on there? Sounds like there may be something you don't know about.
I've never found any credible authority to state that an inquiry is worth x points. http://www.myfico.com/MyFICO/CreditCentral/FactsFallacies.htm http://www.bankrate.com/brm/news/mtg/20000531.asp http://www.creditscoring.com/pages/forumtranscript.htm#page47 Read that, come back, and let's discuss how multiple auto-related inquiries could affect you. But beware: It will be guesswork, only.
