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Kia keeps running my credit!!

Established Contributor

Kia keeps running my credit!!

I just checked my account, I bought my kia 2 weeks ago, But they ran into some problems yesterday with the bank because of my job, So now they're running my credit to multiple people!!

 

What the hell?!?!

 

Why did they let me drive off the lot without verifying the loan anyways?

 

What can I do about this? Like I said, It's been 2 weeks!

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Message 1 of 5
4 REPLIES
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Established Member

Re: Kia keeps running my credit!!

I ran into the same problem a while back when I bought my truck.

 

There is nothing you can do at this point because most likely you signed a release allowing them to submit you to multiple banks. As long as the inquires are coded correctly this shouldn't ding your score too bad.

 

I recommend building a relationship with a local credit union and securing the loan before shopping for a car. I made the same mistake.

 

 


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Message 2 of 5
Established Contributor

Re: Kia keeps running my credit!!


bhenken08 wrote:

I ran into the same problem a while back when I bought my truck.

 

There is nothing you can do at this point because most likely you signed a release allowing them to submit you to multiple banks. As long as the inquires are coded correctly this shouldn't ding your score too bad.

 

I recommend building a relationship with a local credit union and securing the loan before shopping for a car. I made the same mistake.

 

 


I ended up returning the car, Since they weren't able to secure the loan they did it and refunded me the $205 I had paid for the insurance.

 

I drove it for 600 miles in 2 weeks and enjoyed the hell out of it, The only thing I regret is tinting the windows, lol, But that's fine. I won't miss the high payments I was going to have for 4 years.

 

Edit: P.S. They ran it 14 times. Now I have to start from a seedling AGAIN!

ManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.com*****$20,000***********$6,500************$4,100************$3,500***********$2,500************$1,000****
EQ - 688 (10/9/13) | TU - 705 (02/18/14) | EX - 701 (10/9/13) | CS Fako - 717 (10/4/13) | CK Fako - 697 (11/05/13)
Message 3 of 5
Super Contributor

Re: Kia keeps running my credit!!

Do make sure the inquiries are coded correctly. A lot of times it isn't, or simply isn't coded as anything, and they end up being regarded as a regular inquiry, which means they will each be regarded as an individual inquiry.

Like bhenken said, you most likely signed the form permitting them to run your credit with multiple banks, hence the inquiries are all legitimate and valid.

What was the issue about your job that the bank couldn't resolve?

Anyhow, as long as the inquiries are coded correctly, you should be fine.
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Message 4 of 5
New Member

Re: Kia keeps running my credit!!

The dealer will let you take the car if they "think" they can get the loan approved, this is called a spot delivery, you should always get approved before you arrive at the dealership if you think you have credit issues. Modcut

 

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Shogun, myFICO moderator

Message 5 of 5