Dealership and HPs

[Anonymous]

I went to ONE car lot Saturday to see if I could qualify for a loan for a van. I got an e-mail today from my credit mointering and was shocked to see that I had 6 new inquires on TU, 5 on EQ, and 1 EX!!! I was ultimately denied for traditional financing but was told the could call me when they got vehicles in that qualified for their in-house financing. Do all of these inquires count individually or do they all count as one against my scores since they were all for an auto loan? I have heard that multiple pulls within a specific time only count as one if they are for the same thing. Has anyone ever had this happen, authorized ONE HP and ended up with 12 total??

[BGinVA]

They should all count as one.  But what I'm most suprised about is that you say you were ultimately denied.  I'm really suprised by the FICO scores you have posted.  What is the reason they gave for the denial?

[Anonymous]

Well the score the guy showed me (my TU "FICO") showed a 670 on a scale of 253-953 but he said that the main reason is because I have a short credit history and no previous auto loans. I don't know what their scoring method is but I know that FICO is not on a 253-953 (please correct me if I'm wrong). They also told me that I had a better chance of qualifying if I went for the $15,000 van vs. the $9,000 one I wanted. I think the place is just a joke. They wanted to push their buy-here-pay-here on me but didn't even have a van available. I plan on going to my bank tomorrow to try again.

[BGinVA]

Definately if you are ready to buy put in another app or two so it all falls under the same auto shopping window, hopefully this dealer was just a joke as you say pushing his own in house financing.  Let us know how it turns out and good luck!

[CS800]

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@BGinVA wrote:

They should all count as one.  But what I'm most suprised about is that you say you were ultimately denied.  I'm really suprised by the FICO scores you have posted.  What is the reason they gave for the denial?

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True for FICO scoring but other creditors will still see them individually and some creditors might claim you have too many hard inqs.

[CS800]

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@Anonymous wrote:

Well the score the guy showed me (my TU "FICO") showed a 670 on a scale of 253-953 but he said that the main reason is because I have a short credit history and no previous auto loans. I don't know what their scoring method is but I know that FICO is not on a 253-953 (please correct me if I'm wrong). They also told me that I had a better chance of qualifying if I went for the $15,000 van vs. the $9,000 one I wanted. I think the place is just a joke. They wanted to push their buy-here-pay-here on me but didn't even have a van available. I plan on going to my bank tomorrow to try again.

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You are correct, that's not a FICO range. Maybe an auto enhanced but im unsure of the auto enhanced FICO range if it;s the same as the actual FICO.

[pizzadude]

Definately go back to your bank or CU and get a financing offer from them, then go back to the dealer and let them work to beat your rate.   They shouldn't need to pull your credit again since they just did.   Also as others have said, assuming that the inquiries are all coded as AUTO finance ( they usually are ), they will only be scored by FICO as one inquiry.

[Anonymous]

UPDATE. The same car dealership (after telling me that all of their banks said no) pulled another two reports from TU. After I was turned down I decided to go to a buy-here-pay-here place just to check things out. My income isn't much right now because I only work part-time (school full-time) but I feel like I got really lucky at this place. They had a 1998 Ford Winstar (82,000 miles on it)  that they had just taken in as a trade-in and were going to be taking it to an auction to sell (they only keep vehicles that are less than ten years old to sell.) The guy offered it to me for the same price that he paid for it. I took it for a test drive and had it looked at and ended up getting it the next day! The guy from the first car lot called earlier today and tried to tell me that they think the might have found someone who would finance me but I am very happy with what I got. I spent at least $10,000 less then I was going to and ended up using my new CC (18 months 0%apr) to pay for it so that I could rack up some rewards points and will have it easily paid off in three months or less. It just sucks that I ended up with 14 inquiries.

[teenastie]

Often times there is a small box with small writing that you have to check that hinders an auto dealer from shopping your credit after they pull it. If it goes unchecked you basically allow the dealer to shop your profile to however many banks they choose. Though Fico will score these inq's as 1 inq- another bank may look at your credit report and deny you credit due to the amount inq's you have on your CR.