OK my FICO is 593, oldest account reported is 1977 (paid off mortgage) next oldest is early 90's paid off bank installments, paid off car loans, I have 27 positive accounts, GMAC, 2 Cap Ones, Providian, Speigel and Lane Bryant current in good standing, one bank installment loan open current no lates. I have 4 collection accounts but all say "consumer disputes- reinvestigation in progress" they are from the mid 90's one is a charge off settled credit card, the other 3 are $28, $343, $25. OOPS the killer is 35 inquiries within 14 days when searching for a new vehicle. Any ideas who I might get approved with for a better card?
Kathy, I think 35 inquiries is too much for applying anything and I think you should wait for applying anything even for secured cards. I think you should get secured card for rebuilding your credit and about a year try to applying for retail card or gas card. Take care. Ron.
If they're all coded as car loan-related and done within 14 days, they count as one inquiry. Fair Isaac's model knows you were not trying to finance 35 cars, but merely rate-shopping. Unfortunately, what they don't realize is that multiple CC applications are many times the same. But that's another story. Saar
Ron So is that bringing my FICO down considerably? Also since they are within 14 days and I ONLY authorized 2 dealers to pull my credit, I didn't authorize GMAC, Ford Motor Credit, Bank of AMerica, Household Auto Finance, Capitol ONe auto finance, Bank one, Nissan motor acceptance, auto one acceptance, hibernia natl bank and more to pull my credit, do I have a way to get these off???
Saar Ok but it lists all them on inquiries. So do you have any ideas who I "might" get approval from?? Thanks
Re: Saar Kathy, That 35 inquiries lowered your credit scores for getting any kind of credit and they denied you because the excessive inquiries in six months. The creditors don't like to see many inquiries in your credit reports because they thought that you're hungry for getting credit Nowdays they used computers to score your credit instead of human decision and you asked for human override they still amy turn you down because that 35 inquiries is way too much. I don't know you may try to dispute with the credit bureaus and explain why you want them to delete inquiries off your credit repoort. They may delete it or not and it is worth a try. I donm't think anyone will aprrove you any credit with 35 inquiries. Take care. Ron.
Kathy I would dispute the inquiries as unauthorized. The same thing happened to my Dad. When shopping for a car loan or a mortgage everybody and their mother pull your credit report. I would send a certified letter to the credit bureaus explaining the situation. I think you will find many won't verify back or those you do should record the inquiry appropriately. It's a pain, but I think your FICO score will increase dramatically if you can get most of them removed or reversed. Best of luck. Dani
Ron But...........Saar said that since they are all for ONE auto loan and I was approved and have GMAC on my report that it would count as one? Is that not correct? Obviously they know I wasn't trying to buy 35 cars and they all say auto finance or something in the name of the person who pulled the report.........that should be the first clue.
Re: Ron Kathy, I don't know they will think you buy 35 cars and they think you got turned down by 35 creditors for some reasons. Noone can afford to purchase 35 cars. Try to dispute with bureaus and nothing to lose for disputing inquiries with the credit bureaus. Hopefully they will do something about it. Take care. Ron.
I give up!!! It looks like I'm stuck with nothing for another 18 months then because of the damn auto dealers. The 2nd inquiry is GMAC and that's who I went with. But they kept on and on sending it to other finance companies I guess. That really sux to not be able to get credit. I dont' know who Ron is referring to when he says that is why you were denied. NOBODY denied me.
Re: I give up!!! If you want to get rid of thsoe inquiries, send a dispute in. There are many samples in the archive. .do a search. I am sure you didn't authorize all those and that's what you can dispute.
Kathy... Call the CRA and explain the situation. Tell them the inquiries are all for a single auto loan and maybe the rep will just "recode" them correctly so that they count as one and not many.
Re: Kathy... Kathy, I mean they think that you try to go to the 35 different creditors for getting a loan and you didn't get auto loan for some reason.Anyway no matter how you look at the 35 credit inquiries is way too much for applying any kind of credit. Alright nobody denied you and did they give you autoloan? At the meantime within six months you cannot apply for any credit. You have to wait. Ron.
Ron Yes, GMAC is the 2nd (in terms of oldest) inquiry listed. They gave me the loan at 3.9% interest. However, there are 33 after that all within 10 days. It has been over 6 months, in fact almost a year now. But I still don't understand.
Re: Ron Kathy, Most creditors count the number of inquiries within the period of six months and if you have less than 5 inquiries within 6 months you should be alright to apply for credit. Ron.
