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19...Yes, 19 Inquiries...

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0REDSOX7
Valued Contributor

19...Yes, 19 Inquiries...

Traded in my old Honda Accord this past Monday for a new Honda Accord and had financing lined up with my local CU (albet at 3.9% - not too bad just over a year out of Ch. 7 bankruptcy).  The CU wanted me to put 2K down on the car which I wasn't wanting to do...I could have, but I didn't want to.  They wanted the LTV to be at 80%

 

The dealer had asked if they would be allowed to compete on the rate so I said yes - of course.  Unbeknownst to me until the day after, the dealer went to 19, yes 19 different banks to beat my rate...  I have 19 new credit inquires on my EQ report now as a result of this.  YIKES.  On the upside, they did get me 2.69% from Ally Bank with zero downas a result of their due diligence. 

 

Luckily, they all show auto loan inquireis so my FICO only dropped two points to 686 (at least that is what myFICO says...).

BK Discharge 2/11/14

Currently in the garden.
Message 1 of 8
7 REPLIES 7
CH-7-Mission-Accomplished
Valued Contributor

Re: 19...Yes, 19 Inquiries...

I'm glad this worked out for you.

 

In my opinon it's not worth 19 new inquiries to save 1%.  I would have usd the CU rate, paid it for 12 months, and then refinanced through another CU at the best rates -- like DCU.

 

Those auto inquiries are scored as one, but they are so ugly.  I just don't want to see them on my report for two years.

 

This is a different story if you are right out of BK7 and we are talking 24% interest.  Then it's worth shotgunning the app all over the world to see if you can 9% or something less than that crazy high rate.  A rate in the 3's is only slightly above the best rates in the market, aside from 0% from captive lenders.

Message 2 of 8
0REDSOX7
Valued Contributor

Re: 19...Yes, 19 Inquiries...

Well, I 100% agree with you.  I just didn't think it would be so many inquiries for them to try to beat it.  Oh well, it is what it is.  I got "greedy" to say the least...but, at least I still have the 2K in my pocket instead of towards the car...

BK Discharge 2/11/14

Currently in the garden.
Message 3 of 8
CH-7-Mission-Accomplished
Valued Contributor

Re: 19...Yes, 19 Inquiries...

And I wasn't putting you down in any way.  I have seen the same result on here so many times now that I just feel compelled to warn people who are reading.  

 

At least you don't have 19 new store card inquiries!  That would be a truly ugly picture!!

Message 4 of 8
0REDSOX7
Valued Contributor

Re: 19...Yes, 19 Inquiries...

I didn't take it as a negative.  I was just saying I got greedy to save a percentage point or so...and now I have 19 inquires to show for it. 

BK Discharge 2/11/14

Currently in the garden.
Message 5 of 8
TRC_WA
Senior Contributor

Re: 19...Yes, 19 Inquiries...


@0REDSOX7 wrote:

 

The CU wanted me to put 2K down on the car which I wasn't wanting to do...I could have, but I didn't want to.

 

Luckily, they all show auto loan inquireis so my FICO only dropped two points to 686 (at least that is what myFICO says...).


Yeah I took 18 (6 on each CR)... lost 1 point on EQ... none on TU and EX.  I didn't want to put anything down either.

 

I wouldn't worry about it OP...  Smiley Wink

 


@CH-7-Mission-Accomplished wrote:

I'm glad this worked out for you.

 

In my opinon it's not worth 19 new inquiries to save 1%.


It is to save $5000 though.  Smiley Wink

 

I took the 18 INQs in January looking for a lender to finance my $40k Challenger with $0 down.

 

I could have put $5000 down and saved like $60 on my payment... but I'd rather keep the cash and get GAP ($17 month) and that's exactly what I did.

 

In a few more weeks it will be 6 months since the purchase... and in another 6 months the INQs won't count against my score at all.

 

I got my loan at 4.49%... not bad all things considered.  This fall everything falls off my TU report with early exclusion... I should rebound to well over 700 and I will refi with my CU BECU at their best rate 1.99%.

 

 

 

 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 6 of 8
Anonymous
Not applicable

Re: 19...Yes, 19 Inquiries...

I went through the same thing last year. The dealer shotgunned my app out and I was hit with over 30 Inqs scattered across all three CRA's. It didn't sting the score astronomically, but it still hurts. The fact is, it hurts worse than many would believe. I've been denied a few CC's for the sole reason of...you guessed it, too many recent inq's. I also noticed that not all of the inq's were tagged as auto. Many were ambiguous at best and trying to get the lender to tag it correctly has been a nightmare to say the least. In any event, potential lenders don't seem to look at how it's tagged anyway. All they appear to see is the number of inq's and base their decision off of that.

I will never, ever, again let a dealer have anything to do with financing another vehicle. 

Message 7 of 8
TRC_WA
Senior Contributor

Re: 19...Yes, 19 Inquiries...


@Anonymous wrote:

I went through the same thing last year. The dealer shotgunned my app out and I was hit with over 30 Inqs scattered across all three CRA's. It didn't sting the score astronomically, but it still hurts. The fact is, it hurts worse than many would believe. I've been denied a few CC's for the sole reason of...you guessed it, too many recent inq's. I also noticed that not all of the inq's were tagged as auto. Many were ambiguous at best and trying to get the lender to tag it correctly has been a nightmare to say the least. In any event, potential lenders don't seem to look at how it's tagged anyway. All they appear to see is the number of inq's and base their decision off of that.

I will never, ever, again let a dealer have anything to do with financing another vehicle. 


That's why I did my CC app spree in December... then bought the car in January.

 

I also added a couple more CC's in March neither of which gave me an issue about the INQs.  I agree with what you are saying though but here we are 6 months later and I've already forgotten about the INQs I took... in another 6 months they won't count against my FICO at all.

 

I had pre-approval... but it wasn't enough so I had to go with the dealer to find a lender which resulted in the scattered 18 INQ's.  It is what it is... I don't plan on any more CC apps till next year at the earliest... and by then the 18 INQs I took will be over a year old and the "too many recent inquiries" won't apply.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 8 of 8
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