Qualifying for an auto loan with 10 medical collections

[newkidontheblock]

I have been eating up everything you guys tell me plus my common sense.  I started off by paying all of my credit cards off.  Big mistake all my scores dropped and you guided me back to better scores.  Next getting rid of as many of those collections as possible (they were already paid off).  I found the samples of letters and found a Good Will letter formatted the letter to address my situation.  I then sent the letters to all of the original creditors and collection agencies and prayed.  I also discovered that the west coast lenders seem to use Experian  scores which of course were my worse scores.  I began to get calls and letters regarding the letters I sent.  My auto scores with EQ and TU were Good.  Sept 5, I got a loan from BofA and through there VIP program and proceeded to Nissan/Honda. I got as far as Nissan told the salesman I had a loan from BofA (showed him my papers from BofA) found my car again stated I already had a loan, I repeated this throughout the completion of the paper even when I was with the finance guy.  Four hours later left with my car.  Tuesday Sept. 8, I returned to BofA  with the contract in hand and spoke to the Mgr. and explained my experience.  When he spoke to the loan department he was informed I had received a loan from Nissan.  I told him I did not ask for one.  I didn't want 10 inquires on my credit report.  I knew between BofA and Nissan it would probably on be taken as 2 inquires.  I was livid I felt taken advantage of, discounted etc.  I lodged a complaint with BofA.  When Nissan asked for my imput in a survey I went off.  I latter received a phone call from the Manager regarding my problem and how they could make this right  I said remove the 6 inquires from my credit report.  They said they would see what they could do and if that didn't work I told them to pay for my windows to be tinted. They tinted my windows.

I have since found out I can complain online to the 3 crs.  In the middle of this massive undertaking on Sept. 8 I get an alert EQ up from 686 to 828 and TU up from 669 to 833, I nearly fainted and eventually EX up from 643 to 664.  What I found out was 9 of the ten collections were deleted(2 from EQ and TU and 9 fromEX 1 still remains on EX and the score only went to 664.  This was only possible because of this forum and God.  I can't thank you enough.

[mitchblue]

That's great that you got all that removed. All congrats on the car, and tinted windows  Good story.

[ErikaC1]

That's awesome! You took charge and did not let them get away with it. 

[fury1995]

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@ErikaC1 wrote:

That's awesome! You took charge and did not let them get away with it. 

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Get away with what?

Providing a loan at a rate that was sufficient on paper to sign a contract? Submitting the OP's application for financing with permissable purpose via a signed application for credit to try to provide the applicant with better terms?

OP, congrats on your new car... as an aside, what reason did you have to complain to Bank of America?

[newkidontheblock]

I'm sorry if I was unclear I was not complaining about B of A, they wanted to get the VIN number and to see how my experience with this VIP program went.  This is how I found out about the loan the NISSAN approved for me without my consent.  This is want I intend to complain to the Credit Bureaus about as well as all of those inquires.

Now my scores 8s have droped EQ 779 (very good) from 828 and TU 785 (very good) from 833 because I have added a new account. EX has not changed although they previously showed this (not having an installment loan) as a negative.

I have also received 2 offers 1. Bof A Reward CC and Chase Slate CC but I want a AMEX 1st then the other two.  I don't know what to do?

[newkidontheblock]

Also got a 3rd offer from Discover it.

[fury1995]

Applying for a car loan may result in multiple credit inquiries within a certain period of time (usually 2 weeks to 1 month).

These type of inquiries are coded a certain way for FIco.

Fico will consider these events when scoring.

Score may change but will be affected as *one* inquiry although you see the other inquiries *this is similar to mortgage application

The bigger effect on your score will/is the new installment account. The loan just opened changing your AAoA. The balance is 100% f the limit. Your overall debt increased etc.. There is always a negative effect and positive effect on credit when a new trade line reports. Your score will bounce right back in no rime.

Multiple inquiries for "Auto Financing" or "Auto Lending" will normally be seen as appplications to seek one new loan, not multiple applications seeking new credit...as appplying for revolving credit does. Fico takes this into consideration when a person seeks to get the best approval /best rate for ONE loan. This is commonly referred to as "Rate Shopping" and Fico does not penalize someone for trying to get the best terms.

The reality is YOU see the inquiries and under manual review an underwriter will see the inquiries but your score shouldn't be affected by more than it would if you only had one inquiry for this loan.

You are getting new offers for credit from these credit card issuers because your file just improved with the new Installment reporting. Also, the new application data probably updated some items on your files as well.