Raising my credit rating....

Discussion in 'Credit Talk' started by F Mata, Jul 19, 2000.

  1. F Mata

    F Mata Guest

    I recently decided to purchase a new car, so I went to five car dealers to look into financing. Unknown to me, everytime you make an inquiry into your credit history your credit rating drops! My first rating was 590 and then when I checked it yesterday it had dropped to 470!! Now the dealers won't even give me the time of day. They say that banks will not finance me. I can use any information on bringing my rating up to a respectble number.
  2. Sorin

    Sorin Well-Known Member

    RE: Raising my credit rating..

    You cannot do anything but wait...
    The inquiries will remain in your credit
    report for 2 years (not sure). But gradually
    your score will increase over that time to
    your previous rating... probably after
    6 - 9 - 12 months your score will be again
    590 or even higher...

    But anyway, how did you checked your score?
  3. ???????

    ??????? Guest

    RE: Raising my credit rating..

    That' seems strange that it would go down by 130 points on just inquiries, something doesn't sound right
  4. paule

    paule Guest

    RE: Raising my credit rating..

    Inquires can lower your score substantially.

    I have heard that all auto inquires during I think a 2 week period should only count as 1 hit. However, I donâ??t think that they handle this correctly.
    I suggest that you ask for a copy of your credit reports (free since you were denied credit). Wait at least a month and then send letters to the companies that inquired and ask them to remove the inquires.
  5. michael

    michael Guest

    RE: Raising my credit rating..

    Companies will not remove inquiries unless they were done in error, this was not error the guy applied for the financing!

    As for Sorin questioning a 130 point drop, come on the guy is applying for 5 different credit lines in a 1-2 week period, of course his credit will go down!

    want to see more than 2-3 inquiries in the last 6 months of your report! It's that simple.

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