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Got a New Car And Credit Went Down

Frequent Contributor

Re: Got a New Car And Credit Went Down


NiNoMArksLA wrote:
No it shows total 21 Inqs only had 11 or 12

Doesn't matter how many auto inquiries so long as they all fall within a short time frame.  You did keep it in a tight window, right?.


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Message 11 of 19
Contributor

Re: Got a New Car And Credit Went Down

Woow! Reminds me when I got a car loan when I had really low 500s-600s scores. I also got FOOLED Into taking a 25% ApR... Don't EVER Let that happen to you again!!



Message 12 of 19
Valued Contributor

Re: Got a New Car And Credit Went Down

25%? OMG! There's always a better rate out there!!

As of 2017, rebuilding...
Message 13 of 19
Established Contributor

Re: Got a New Car And Credit Went Down

I'd walk.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Message 14 of 19
Highlighted
New Contributor

Re: Got a New Car And Credit Went Down


NiNoMArksLA wrote:
Hello I went to Chevy dealer and he run my credit 10 times from banks and thats 10 Inqs I didn't want that but what am I gonna do I got a 16k auto loan from Santander 24.9 I know its a high apr gonna pay it for a 1 year get good auto credit then trade it in cheap payment of $493 only $500 down but I wanted know cause my bofa secured card gets reviewed on Feb-2013 and they might decline me know for having total of 21 Inqs and my capital one got a CLI from $300 To $500 Limt from credit steps so that's was a plus there and my Macy's I wanted to ask for a CLI But my score went down alot 549 so just gonna wait intill they age and let me other cards age

Sounds like you have a nice plan.  Just a word of caution, as a previous Santander victim, keep records of all transactions, pay online through your bank if you can and track your payment.  They have a habit of placing inaccurate information on your credit report and charging you for mysterious fees.  Just a word of caution!

Message 15 of 19
Frequent Contributor

Re: Got a New Car And Credit Went Down

When you apply for a car or for a mortgage, where the dealership or mortgage company is shopping around for rates, the inquiries will considered by credit card companies as one inquiry even though each company will be individually listed, provided that they happen within a short period of time, since it is for one purpose, in your case, buying a car.  

 

 

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Message 16 of 19
Moderator Emeritus

Re: Got a New Car And Credit Went Down

I agree with PRC. Keep all of your santander records.... I had a bad experience with santander buying up a paid off account and then reporting it inaccurately as a recent chargeoff. Lucky for me; my mortgage broker went to battle with them and agreed to delete the tradeline and I even got an apology in the letter they sent.

Starting Score: 08/29/2011 TU 671 EQ 674
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Message 17 of 19
Valued Contributor

Re: Got a New Car And Credit Went Down


webhopper wrote:
I agree with PRC. Keep all of your santander records.... I had a bad experience with santander buying up a paid off account and then reporting it inaccurately as a recent chargeoff. Lucky for me; my mortgage broker went to battle with them and agreed to delete the tradeline and I even got an apology in the letter they sent.

I'd be weary of a forgien bank. Santander is mainly based in Spain :/

As of 2017, rebuilding...
Message 18 of 19
Contributor

Re: Got a New Car And Credit Went Down

Good luck with your plan and stay focused...don't miss a payment with Santander at all and refinance after a year or so...I been battling them for a few years now and yeah I thank them for giving me credit when my credit was short but dem are some evil people...

My Wallet: AMEX Gold NPSL, AMEX BCE 1K, Express 1350, Victoria Secret 2250, Macy's 2000, Kay's 7600, Capital One 1400, Capital One 4000, Quicksilver One 3500; Quicksilver 3000; QVC 3500, Walmart 6000, Pier 1 1250, Kohl's 1500, JCrew 1550, JCPenny 3600, Discover 1500, Lowes 12000, Amazon 2400

Lender Pull: 2/16/13 TU: 672 EX: 681 EQ: 671
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Goal Score: 700
Message 19 of 19