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A "note" about dealerships running your credit.

Established Contributor

Re: A "note" about dealerships running your credit.

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?

Message 21 of 39
Moderator Emeritus

Re: A "note" about dealerships running your credit.


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?


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

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 22 of 39
Member

Re: A "note" about dealerships running your credit.

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

Message 23 of 39
Moderator Emeritus

Re: A "note" about dealerships running your credit.

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.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 24 of 39
New Member

Re: A "note" about dealerships running your credit.

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

Message 25 of 39
Super Contributor

Re: A "note" about dealerships running your credit.

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.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 26 of 39
Established Member

Re: A "note" about dealerships running your credit.


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.


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?

Message 27 of 39
Frequent Contributor

Re: A "note" about dealerships running your credit.

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.
Message 28 of 39
New Contributor

Re: A "note" about dealerships running your credit.

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

Message 29 of 39
Established Contributor

Re: A "note" about dealerships running your credit.


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.


You nailed the hard part right there.

 

 

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

Message 30 of 39