A "note" about dealerships running your credit.

[Rackham94]

I had 9 inqs from banks locally (1 customer initated) the dealer pulled the rest as stated before if they were within 30 calander days It is 1 inquiry for fico purposes?

[Shogun]

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@Rackham94 wrote:

I had 9 inqs from banks locally (1 customer initated) the dealer pulled the rest as stated before if they were within 30 calander days It is 1 inquiry for fico purposes?

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Yes, for FICO purposes, they should be scored as 1 inq.

[tommy999]

A year later each of the inquiries counted seperate.  I have 6 on eq 4 on trans and 8 on ex.  I think its more or less a lie.  each one counted for me.  I had poor credit though so If you have good maybe they only pull till they find a good deal than stop. Maybe they say its counted as 1 meaning that when a specialist reviews your account for new credit (if you didnt get autoapprove) that then they will consider it all being from a car loan. Also dealerships in FL are allowed to add up to 3% onto the loan, So after they gave me the rate I renegotated down 1.5% and they said ok

[Shogun]

They are listed as individual HPs,, but for FICO "scoring", if they are coded correctly and within a time frame, then they are "scored" as one.

[metil]

What does "coded correctly" mean? Is there a way for the consumer to see the coding of each inquery?

[pizzadude]

Unfortunately there's no way for us to see how the inquiries are coded. I was told that it is tied to the lender / creditor that pulls your credit.

[Anonymous]

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@Kratos-TM wrote:

Well here's my question......If the dealership pulls the report first, and then the finance companies pull the report second, do the finance companies pull a slightly lower score than what the dealership pulled because of the inquiry by the dealership......???

I don't mind multiple inquiries as long as the scores are the same between them all.

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What I want to know is if you don't get financed or approved how many times is your score pulled by the financing companies? How many points should you expect to lose if you apply and don't get approved?

[undrtkr65]

In 2005 I purchased my Dodge Ram from cars plus in Lenoir nc and they didn't even pull my credit just sent it straight to the bank only one credit pull. They do require a 650 beacon score so if you know you are at that or above just let them know and they won't pull your credit. I plan on buying my next car with them when I get back to 650. I'm currently at 600. I would really like to buy a Toyota Tacoma. I will have my Toyota Corolla to trade and will put down at least 5k since Tacoma are really expensive.

[Anonymous]

Actually the law states that identification can be established by running credit, but that isn't the only way.  If you have financing already arranged and/or are paying cash, they are NOT required to pull your credit under the Patriot Act and in fact, it is totally unecessary.

http://www.edmunds.com/car-buying/car-dealership-credit-report-scams-and-the-patriot-act.html

[Hokies2379]

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@marty56 wrote:

Buying a car, like a new mortgage requires some smart INQ management.  If you know you want a new car loan, don;t apply for any new credit and once you get the loan, don't apply for any new credit for a year.  It is not that hard.

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You nailed the hard part right there.

*ETA* shoot, sorry, just realized I replied to a 3 year old thread.