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11-28-2012 08:32 AM
In Sept. I was the primary on a car loan I co-signed with my daughter. I have been repairing my credit for the last 4 years and watching my score intensly.
When I applied for this loan I was very straight forward with the car sales man and I told him that my score is sitting at a 681. I told him if he was going to run my credit 50 different ways I can not apply because I do not want to take the huge hit against the score I worked so hard to bring up.
He told me they only run it through 2-3 agencies and I should be fine. Today I have pulled my reports from all 3 agencies and I see that there were 19 unique hard inquiries all made on the day we bought the car.
Today my credit score is back down to a 628....I took a hit of 53 points! I am beyond mad.
I started receiving letters that typically come from the financial institutions with the reasons for my denials shortly after all of this but I received 4 letters max.....how come the others didn't sent me notifications? I didn't even know that it was this bad until I randomly went in to check my credit reports.
Do I have any legal recourse? Is there something I can do to get these inquires off my report?
I currently have no debt other than this newfound car loan. I have paid off ALL my past debts and WAS working on trying to get that score up to at least a 700.
It is so discouraging.....trying to repair your credit score.
11-28-2012 09:43 AM
Where did you get your score from? I'm betting it's a FAKO. In FICO scoring they will batch so you won't take a hit for one loan.
11-28-2012 10:50 AM
UGH I WAS getting my score from freecreditreport.com (another story). But recently it has come up on my credit reports that I downloaded from EF, TU & EX.
Are you saying you went to equifax bought your report there, and then transunion and bought your report from their website as well? If so you have only received your fako scores provided by them, and they do not accurately reflect your true scores or what is contained within them (different models will be different about how inquiries are calculated).
11-28-2012 11:00 AM
OMG I have no clue to the difference of FAKO or any other score for that matter. I am such a newbee and am learning lots of new acronyms on your website today. I have been reading for the last 3 hours. This site is such a great resource!
Yes I went to each of the 3 crediting reporting agencies and have obtained my FREE report(s) on each.
11-28-2012 11:05 AM
Well, experian no longer provides any scores (fako or otherwise) to consumers (they used to though), so I would be careful in case you went to an imitation site.
But fako scores are just that, fake scores that are not based on the leading scoring model (FICO'08) and based off of some other model. When you actually apply for some credit card/loan 90% of the time they will use the Fico'08 model and have a completely different score then the fako scores you have currently.
11-28-2012 11:14 AM
The good news is in calculating your real FICO score the scoring algorithm will not count 19 inquiries. FICO scoring de-duplicates the inquiries that are coded for a car loan and counts them as one for scoring purposes. Now there may be a problem if any were not properly coded as auto loan but that is not normally the case especially when dealing with dealer finance instead of searching on your own.
In any event you will take a small hit for the inquiry(ies) and a hit for the new account. The total factor is impossible to predict because it is based on everything else in each of your individual credit bureau reports. But we can pretty much assure you it won't be anything like 50 or 60 points. Keep reading the forums to understand the difference between FICO scores and other scoring models that we call FAKO's. You can purchase your actual FICO scores for EQ and TU on this site. Getting your EX Fico is a lot harder although the car dealership will probably send you a letter or provide you with the score they actually pulled and used.
Any score from the dealer is likely to be an auto-enhanced FICO and depending on your previous auto history may be a bit higher or lower than your FICO you purchase here. Confused yet? Anyway, in simple terms if you are curious to find out where you really stand in terms of score with most lenders you can purchase your scores here. Then monitor your credit reports using a service and when you see positive (or negative) changes you can repurchase your scores to see what effect it had. Many people here use the EQ Scorewatch monitoring available on this site for notification of score changes and only purchase TU if they are planning a major purchase. Or get TU quarterly monitoring also.
WOW, I think I sprained a finger typing all that.
11-28-2012 11:47 AM
WOW thank you so much for explaining all that!!! I did JUST pull my FICO score through the service offered here and it is a 667...so now I have a baseline. Do they really differ much from one agency to the other. I pulled only my TransUnion one.
Getting my credit square has proven to be more costly that if I could have just paid off my debt in the first place.....oh well, a lesson learned. Moving forward I am seriously diligient about teach my 20 y.o. twins everything they need to know about how credit works and making sure they do not fall into a lifetime of credit woes like I have had.
11-29-2012 10:31 AM
There can be minor differences in scoring (I assume) even with all the same information on the report. But for most of us the difference in scores is because of the difference in information contained within each report or the short lag time of updating information between reports. In my case I have a collection account that reports to TU and EX but does not appear on EQ. So my EQ score is consistently higher. I also have an installment loan that reports to TU and EQ but not on EX.
It's enough to drive a guy nuts, I tell you.
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