Hello 3 months ago my husband and I went new car shopping to 3 area dealerships. All three sent apps to everyone and anyone who would give us credit: CapitalOne Auto had 4 inquiries on our reports with in a 2wk period. And there are several other inquiries because of this quest for a car. We were declined for the loan (they tried to sell us something cheaper then a Monte Carlo ...Hubby said NO). 21 inquiries later, we looked at our reports and realised a mountain of mistakes that killed our scores. That was the beginning of my credit repair journey......5 collection accts off of our reports, a judgement that did't belong to me ....etc. Now I am worried that all of thes inquiries will hurt us next month when we attempt this again. I called CapOne and they said they can't do anything about it...if the inquiries are with in a 14 day period they will count only as one. IS that true?? And how shall I pursue this or if it is something I should concern myself with??
Re: Re: Shotgunned by dealerships Read the OP's post again. She asked if it was true all the inq's counted as one and I answered her question. Now go argue with yourself. *smooches*
Re: Re: Shotgunned by dealerships Haha...I've been around here too long to get upset. Where in the post did it say the inquiries caused the decline??? I saw the part that mentioned the slew of inquires caused by the application that was eventually declined.
Your right they are suppose to be counted as one.. Getting them to actually show like that on your report in another thing.. I have 26 inq's in January in two days, when I bought my truck.. Took me months to get them to be classified as one.. dont forget you have to get them marked that way.. With all three CRA's.. Talk about fun..
Re: Re: Shotgunned by dealerships TMITCHELL: You are correct! I didn't say that the inquiries were the reason for the decline. BUT we were told that it was a factor, major negative.
Re: Re: Shotgunned by dealerships listen when they tell you to call they will NOT be lumped as one inquiry because cap 1 or someone on this boaerd says so ..... its your report you make sure the cras report it correctly GOOD LUCK....
Re: Re: Shotgunned by dealerships In July 2002, I had 4 inquiries (all different companies) when I was car shopping. All four inquiries are on the same exact date. Is it my understanding that I can call the CRAs and get these consolidated into one single inquiry, or is that ONLY if it is the same company (not four different companies)? Thanks
Re: Re: Shotgunned by dealerships I'm not 100% sure, but I believe the 14-day/1-inquiry thing means that the scoring models are designed to treat all home/auto inquires within a 14-day period as one inquiry. This does not eliminate the inquires from your reports. They will be visible to anybody who phsically looks at the report. However, in situations where an application for credit is based primarily on credit score and is automated, like most retail department store cards, the effect of all those inquires should be reduced. If you're talking to car dealerships and they have the report right there in front of them, I would just explain the situation. It should be obvious that you were simply shopping the loan and should not detract from your elibibility. Regarding the post above about taking months to combine multiple inquires into one, I've never heard of it happening that way, but congratulations if you pulled it off.
"THEY SAY THEY ONLY COUNT AS ONE INQUIRY...anybody have PROOF??? I KNOW FOR A FACT THAT MY 3 MORTGAGE INQUIRES IN ONE WEEK WERE NOT COUNTED AS ONE!!!
GEORGE is correct. Supposedly, all the newer scoring models are designed with this 14-day rule, but there are several older scoring models which do not use it. There are also custom-designed and in-house scoring models which may not treat inquires the same way. It's just the luck of the draw whether or not you will get the favorable treatment. The best way to be safe is to assume that each inquiry will count against you. When I was shopping for a car, I carried around copies of all 3 credit reports for the dealers to look at. They should be able to tell at a glance whether they can approve or deny you based on what they see. If it looks like you are qualified, they will pull their own copy, but at least you weed out the ones where you already know you're going to get shot down.
Re: Shotgunned by dealerships-Chuck Chucky, Did the dealerships still pull your credit reports even though you had them with you? Please reply as I need to do this real soon and if I can avoid these pulls, so much the better. Thanks in advance.
Re: Shotgunned by dealerships-Chuck PhinFan, Do a search for JLynn/Ford. There are several great posts by her (and others) that talk about her truck buying experience and how she handled not being farmed out. I believe she told them to only send it to Ford. I'm pretty sure she listed her scores and what her rate is. I read them a while ago when I started researching trading in my husbands SUV. (I am sorry I can't remember the others names, but I was specifically looking for someone who had dealt with Ford and JLynns experience stuck in my head!) Michelle
Re: Shotgunned by dealerships-Chuck I'm in this jam right now! Countrywide pulled my credit on June 23, then again on July 2, under 2 diff. names and they show as multiple inquires. Plus it shows an inquiry for public record info by Landsafe, which is a subsidiary of CW too. In addition, I just bought a new car and only went to 2 dealerships, yet there are multiple inquiries on my CR. I specifically told them not to shop my loan around. But Nissan did it anyway (found them to be true rip-off artist, I have not one plesant thing to say about Nissan). At least Mitsuibishi listened. The genetleman at Mitsubishi told me to make sure you get the form that bars dealerships from selling your information to other places, i.e., credit card companies etc, otherwise you will get hit again and again, because they slip a little clause at the bottom of those forms and once you sign it, you're screwed. He said most people don't read the fine print and think it is simply a credit check, when in fact, it isn't just that. Thank goodness there are still some decent salespeople in this world. I ran a report today over at Privacyguard and yep it's saying my score is lower due to multiple inquires in the past 6 months. In a matter of days, I lost points because of this crap! I am going to try to get these inquiries consolidated. Wish me luck!
Re: Shotgunned by dealerships-Chuck Also wanted to add that if I can prove I would have gotten a better rate at Mitsuibishi if Nissan had not passed off my information and caused multiple inquiries on my CR, I'm going to threaten to sue them. I have a copy of my CR from 2 weeks ago, there was no negative infor added since then. Even the Countrywide inquires at the time didn't effect my score. In fact, my score may have been even higher because from then to now, EQ has deleted a delinquent account, I disputed as not mine, and TU updated it to closed, paid, 0 zero balance. Yet my score declined. Had to be those damn inquires from Nissan shopping around my loan on 07/18/03 and passing out my information, even though I didn't authorize them to do so. By, Monday, 07/20/03, the damage was done. I should be receiving a copy of a credit report in the mail that I ordered on Thurs. 07/17/03 from another company too. That will be definitive proof. I wanted to have it before I went Car shopping, but my computer went down and interrupted the process, and I couldn't get it online. But they have agreed to mail it to me as of the date in their system.
