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Frequent Contributor
Kratos-TM
Posts: 429
Registered: ‎05-23-2013
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Secondary credit runs at dealership

There's always multiple credit runs at a dealership........but I'm curious.......does whoever make the second pull on the report see a slightly lower score than the one who did the first pull?

 

Indeed all the inquiries are counted as one.....but that "perk" may start on the second pull on down, not at the first...........which means if there were 15 pulls, 14 pulls would be the same score and the different score would be the first pull..........???

 

Does my question make sense.......

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EQ... 810 (12-02-13)
TU... 810 (12-02-13)
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Revelate
Posts: 9,735
Registered: ‎12-30-2011
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Re: Secondary credit runs at dealership


jarroldharrell1 wrote:

There's always multiple credit runs at a dealership........but I'm curious.......does whoever make the second pull on the report see a slightly lower score than the one who did the first pull?

 

Indeed all the inquiries are counted as one.....but that "perk" may start on the second pull on down, not at the first...........which means if there were 15 pulls, 14 pulls would be the same score and the different score would be the first pull..........???

 

Does my question make sense.......


Unlikely: the dealership will pull your credit before that in my experience, after which they start shopping for loans so they'll all have the inquiry listed AFAIK.

 

Otherwise you're right, depending what's in your individual file you may have an additional inquiry penalty (not always, inquiry damage is not linear with number of inquiries) for the second and subsequent pulls to your credit report as they're updated virtually in real time these days.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Frequent Contributor
Kratos-TM
Posts: 429
Registered: ‎05-23-2013
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Re: Secondary credit runs at dealership

This would mean that the dealership would receive the highest score, while all the other places he's shopping to would see a lower score than what the dealer saw......BUT.....they'll all see the same score as one another, just not what the dealer saw.....

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
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HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
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Re: Secondary credit runs at dealership

Like Revelate mentioned whether there is any effect from the inquiry is going to be variable by individual. In some reports a new inquiry will be a threshold for a score drop in some it will be a non-event with no score change. I don't recall ever reading where an inquiry would result in a score increase but since we have no idea of the scoring algorithms details then I would hesitate to say never.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
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Revelate
Posts: 9,735
Registered: ‎12-30-2011
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Re: Secondary credit runs at dealership

[ Edited ]
HoldingOntoHope wrote:

Like Revelate mentioned whether there is any effect from the inquiry is going to be variable by individual. In some reports a new inquiry will be a threshold for a score drop in some it will be a non-event with no score change. I don't recall ever reading where an inquiry would result in a score increase but since we have no idea of the scoring algorithms details then I would hesitate to say never.

I am confident with the exception of *possibly* a rebucketing event, that the addition of any negative information on a credit report is never a positive.  The re-bucketing event is far more likely to occur when a negative drops off given the time dependent nature of the algorithm: something like a collection or a tax lien doesn't hurt that much far in the past and that may put someone on the top end of their current bucket, whereas it's a big negative as soon as it gets added.
 
An inquiry is a negative, not a big one, but zero or non-zero.  I think it's safe to say it never results in a score increase.
 
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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