Multiple Inquiries...

[indiolatino61]

Hello all,

I was wondering...if you apply for a car loan and the dealer puts through 5 requests, let's say...is there any way to delete the inquiries from the lenders that weren't used for the actual loan? You're really not asking for 5 loans...you only choose one, so is it possible or am I just crazy...lol? Thanks for all comments, as always.

[pizzadude]

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@indiolatino61 wrote:

Hello all,

I was wondering...if you apply for a car loan and the dealer puts through 5 requests, let's say...is there any way to delete the inquiries from the lenders that weren't used for the actual loan? You're really not asking for 5 loans...you only choose one, so is it possible or am I just crazy...lol? Thanks for all comments, as always.

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No, you can't, as the dealer had permissable purpose to pull your credit.   Many times dealers will shotgun your credit file resulting in multiple inquiries, however the good news is that FICO will score them as a single inquiry within a ~30 day window.

[indiolatino61]

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@pizzadude wrote:

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@indiolatino61 wrote:

Hello all,

I was wondering...if you apply for a car loan and the dealer puts through 5 requests, let's say...is there any way to delete the inquiries from the lenders that weren't used for the actual loan? You're really not asking for 5 loans...you only choose one, so is it possible or am I just crazy...lol? Thanks for all comments, as always.

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No, you can't, as the dealer had permissable purpose to pull your credit.   Many times dealers will shotgun your credit file resulting in multiple inquiries, however the good news is that FICO will score them as a single inquiry within a ~30 day window.

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Thanks pizzadude...I figured it was too much to hope for...lol. 

[Officer737]

See I have some issues with this. On the waiver I signed for the dealership to run my credit states that I am giving THAT dealership permission to do so, nowhere in the release does it list giving consent for other entities to do so. I feel that dealerships should get your consent to send the info to the banks to avoid multiple INQs. As far as the score formulas scoring the INQs as one, if those INQs aren't coded right, the count as individual INQs and just one. I applied one time for a car loan and had no INQs on my report (checked before I went car shopping). After the car shopping was done I apped for a card and was declined on the basis of too many INQs, 9 of them to be exact.

[pizzadude]

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@Officer737 wrote:

See I have some issues with this. On the waiver I signed for the dealership to run my credit states that I am giving THAT dealership permission to do so, nowhere in the release does it list giving consent for other entities to do so. I feel that dealerships should get your consent to send the info to the banks to avoid multiple INQs. As far as the score formulas scoring the INQs as one, if those INQs aren't coded right, the count as individual INQs and just one. I applied one time for a car loan and had no INQs on my report (checked before I went car shopping). After the car shopping was done I apped for a card and was declined on the basis of too many INQs, 9 of them to be exact.

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You're correct that the inquiries don't disappear from your reports, however FICO is scoring them as one inquiry.    In this situation you should always ask for a recon, you were auto~denied but anyone doing a manual review can easily see and understand that you were applying for auto financing.

[enharu]

Make sure the inquiries are correctly labelled, in order for them to count as 1 for fico scoring purposes.

BMW did a shotgun app for me both times last year, and I ended up with over 5-6 inquiries each time, with a total of 11 inquiries. Got denied by Amex as a result because they regarded each inquiry as a separate inquiry.

[Chala]

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@pizzadude wrote:

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No, you can't, as the dealer had permissable purpose to pull your credit.   Many times dealers will shotgun your credit file resulting in multiple inquiries, however the good news is that FICO will score them as a single inquiry within a ~30 day window.

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What does shotgunning my credit app mean? I had two dealerships run my credit the same day, both submitted them to the bank, the after the first one ran it we could not agree on a price so i left. When i went to the second one and applied they said that because i applied with the first dealership earlier that day i dropped from a tier two (which i was a week before when i applied with them and left cause i wanted to search around, and yes when i came back they said i had to run it again) to a tier five how can that be?  

[Anonymous]

They lied...if you were truly approved at that dealership then the approval is good for 30 days.  They wanted you to pay a higher interest rate.  If it was outside the 30 day window then it is possible that your score changed and that your approval could change.

[Anonymous]

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@Anonymous wrote:

They lied...if you were truly approved at that dealership then the approval is good for 30 days.  They wanted you to pay a higher interest rate.  If it was outside the 30 day window then it is possible that your score changed and that your approval could change.

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Very good information, and vey enlightening.

Thanks

[Chala]

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@Anonymous wrote:

They lied...if you were truly approved at that dealership then the approval is good for 30 days.  They wanted you to pay a higher interest rate.  If it was outside the 30 day window then it is possible that your score changed and that your approval could change.

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I dont think they submitted the first one to the bank though, but i need to find out. So the first dealer that ran my credit today did not hurt my credit as bad as the second dealer is saying? I am supposed to sign a lease tomorrow if what you say is true this is a problem, thanks for your swift reply!!