I have a perfect credit record, but still a 671 score, the finance manager says the inquiries are lowering my score and keeping them from getting decent financing on a new car, this is very aggravating since i have NO LATES, NO CHARGE OFFS, no derog info whatsoever, i was thinking of just filing a lawsuit monday against TU for refusing to investigate..what do u guys think??
Are the inquiries valid? If so, then there's probably nothing that can be done about them. I could be wrong about this, but I don't think that you can start an investigation on an inquiry. You need to find out what company requested the inquiry, then go to them and find out why. If they didn't have pp, then you can sue them to get the inquiry removed. HTH, Brett
of the 23 inquirys, 17 are not valid, I never applied for credit with any of these crazy companies. 6 of the 17 are from 1 car dealership. the allowed 6 different banks to pulll my report by signing 1 app. the other 11, are from an attempted identity fraud, that the person never managed to get any acounts open. all of the legit inquirys have corresponding accounts.
Are you sure it's the inquiries that's pulling your credit down? The finance manager sees a credit report and a score, but he doesn't get to see how the score is figured. He may just be assuming it's the inquiries. The way it should work is that multiple inquiries for a car loan within 14 days will count as only one for scoring purposes. It's easy to have perfect credit and still only have a score of 671. I would expect to see a number of new accounts and a debt load on a credit report like that. With a credit report comes four reasons given why the score isn't higher. Is inquiries the number one reason?
Well the last new account was 4 months ago, its a Disney Visa, with a whopping 11 dollar balance, beyond that the last new account was opened in june 2001, my utilization is somewhere around 5 percent with about 15,000 in total revolving credit available, and about 700 dollars charged on all accounts , including my 2 dept store cards, (Best Buy, and Dillards). my current installment loan is through ford credit, had it since Nov 2000, never ever been late on a payment, and before that my car loan was through Bank One opened 1996, paid off in full 48 months later in 2000 , never late. It just makes no sense, even the finance manager said himself he doesnt understand it. Very frustrating, not that im in some dire need of a car, I just want a new one!!!
Re: Re: Need these inquiries removed The 6 auto inquiries should only count as 1. I have heard of cra's deleting several inq's in situations like this, leaving just one or two there. You might try calling TU and ask them to do that.
Re: Re: Need these inquiries removed i have done nothing so far mycroft, i have never run into a problem getting credit, this is my first real issue,,, any sugestions???
Re: Re: Re: Need these inquiries removed I'm actually not the best person to ask, I've never gone through the process of disputing things with a CRA, but since this thread doesn't seem to be getting much attention from anybody else, I'll give it my shot. First, I'd verify that these inquiries are truly the reason your score is low. If this credit manager has a copy of your credit report, ask if you can see it. Credit reports that are FICO scored come with four reasons why the score isn't higher, I'd want to know specifically what those reasons are, and in what order. While you're talking with this guy, find out specifics on what it takes to qualify for the financing you want. Is there a target FICO score to shoot for? Which bureau do they use, or do they use all three? Assuming that the # 1 or 2 reason is a large number of inquiries, I'd work on that. Clearly if you were a victim of identity theft, those inquiries can be disputed on legitimate grounds. I assume that the identity theft situation has already been taken care of? I'd also dispute the inquiries for the auto loan. You only applied once, there is no reason why you should have 6 inquiries for that. While in theory these should only count as one, I wouldn't take that for granted. The computer that applies the FICO scoring model may not be able to tell that they're all for auto loans and may be scoring them incorrectly. Information on how to dispute these things can be found here, if you havn't already looked at it: http://consumers.creditnet.com/li/ Good luck. Be sure to let us know how things turn out.
Re: Re: Re: Need these inquiries removed Speaking as somone previously with the car industry, F&I guys sometimes will make you think your credit is bad or not good enough to get prime rates so they can make more money on the back end. They could be using the inquiries as an excuse. They get dealer concessions similar to what a mortgage broker gets, Yield Spread.
Re: Re: Re: Need these inquiries removed According to my salesman, who would not let me speak to the finance dept, I need a score of about 700, and am currently at 671. they actually showed me the report, and I didnt see any reasons printed, just the score, and the standard TU report given to a car dealer, no derog info at all. Like I said the finance manager and dealership general manager were both as " confused and disgusted " as i was. Funny thing was I had already given them CASH as a down payment, 3000 dollars, as in 30 hundred dollar bills. they had written a receipt. and they had to give it back, Or option B i could have taken the higher finance rate and paid an extra 30 dollars per month. But seeing as how they needed to sell way way way more than i needed to buy, I was not gonna fold. I figured I would just wait until today and argue a little more. Maybe by the time i figure this all out, I will decide i dont want a GT mustang convertible anyhow. !!
Re: Re: Re: Re: Need these inquirie I'm guessing this is an attempt to get one of those 0.9 or 1.9 percent type of loans that they always advertise, but don't really want to offer. If someone came in with a 705 FICO, they might tell them that the cutoff is 720. Almost sounds to me like they don't make enough profit if the customer takes the low interest rate deal, so they don't want you to qualify. If they're being that much of buttheads about it, I say look into getting a Chevy, then go back to the Ford dealership with your new Chevy and let the salesman know that you got the rate at Chevy and won't be buying any more fords. I don't know, I'm just the type that likes to humiliate someone who rubs me the wrong way trying to cost me money. Just a thought. ChrisB
Have you pulled your credit reports? Get all three and see what is going on. My guess that the car dealer is messing with you. I would definately attempt to get all of the ID fraud inquires removed. They have no business being there and you ahve a legit reason for removal. There are other things that will pull down your score. Moving, number of addresses on file, job hopping too. I do believe that the CRA rate what type of job you have, this too can affect your score. what does it matter if your a bank exec or a firefighter or garbage collector? time to research things! good luck, piggycat
Re: Re: Re: Re: Need these inquiries removed Why is it that I tell someone how to go about clearing some of this stuff up and it gets ignored? I have told the poster exactly what has worked for others. If you guys don't want the real answers, don't ask.
Re: Re: Re: Re: Need these inquiries removed OK LKH you win, im only an ignorant employee of Major League Baseball, please direct me to the section on where you tell us what to do in this particular situation..
Re: Re: Re: Re: Re: Need these inquiries removed See, now you're being a smart alec. I never said you were ignorant, did I? And if you hadn't been such a smart alec, I would have gone into detail, if I had gotten a response. In the 3+ years I've been a member here, I have helped probably over 100 people who have emailed me personally for help. But lately it seems that the people who know the answers get ignored. That's fine, but when things backfire remember you guys chose to listen to someone who may or may not have the right answers.
Re: Re: Re: Re: Re: Need these inquiries removed The previous posts about lowering your debt-to-income ratio, checking your scoring reason codes, and the sales guy trying to convince you that your credit isn't good enough should be looked into.
Re: Re: Re: Re: Re: Need these inquiries removed 23 inquiries, whether legit or not, are going to kill most applications, regardless of what their score is and how clean the reports are. As I already stated, the FCRA says that multiple inquiries in short 30 day period for a car or home, are to be considered as 1 inq. That obviously is not the case here. He needs to contact the cra and have them remove 5 of the 6 were auto finance related. As for the ID theft inquiries, if he has any proof of that, it should also be faxed to the cra for removal. It will almost certainly guarantee approval if he can get that done.
