Credco Hard Pulled 10 Times!

[Uncle_Money]

Hi Guys,

To say I am furious is an understatement.

I'm purchasing a property so recently I applied with just 2 mortgage brokers. Credco has pulled my reports a total of 10 times between all 3 CRA's THIS MONTH.

Experian - 3/9, 3/3, 3/2

TransUnion - 3/9, 3/7, 3/3, 3/2

Equifax - 3/7, 3/3, 3/2

I understand that multiple mortgage inquiries won't hurt, but 10 of them?? Has this happened to anyone else? What should I do about this?

UM

[danisgods]

yeah man, i hear you , that happened to me , when i bought a card from toyota, they pulled like 5 times in two days, that sucked ....

but i do not know if you can fight it .... best of luck man, ...

[RobertEG]

Unfortunately, the FCRA places no number or frequency limits on pulls of your CR. 

[Anonymous]

Credco did not pull your credit report, the brokers and lenders they are trying to shop your loan around did. Credco is a 3rd party vendor that provides the broker/lender with a tri-merge report. A mortgage app is going to take a triple pull for each app. There really isn't much you can do but get made at your broker.

[Lel]

Since all the inquiries occurred during a short period of time, they will all be scored as a single inquiry by the FICO scoring model.  If you get hit with another 25 inquiries tomorrow, the same rule applies; they'd be grouped with all of the previous inquiries as scored as one.  It is curious that your report has been pulled so many times, but it's probably because the mortgage brokers are shopping your application package to multiple lenders, which may have each individually requested your credit report through Credco.  Theoretically, this should be better for you because your brokers would be able to pick the best loan for your situation out of several choices.

You'd want to make sure that these are properly coded as mortgage inquiries, however.

There's nothing you should do regarding these inquiries.  If you attempt to dispute them, your credit reports could get hit with fraud alerts across the board.  If dispute comments appear on your credit reports because you tried to get a few of them off, that could hamper your mortgage approval.

Any mortgage underwriter worth his or her salt will understand that the multiple inquiries were done as part of your mortgage pre-approval process.  These inquiries won't get in the way of your approval.

[Scuba]

They may be scored as one inquiry but if you apply for a CC, they will deny you for too many inquiries.

There isn't a CC issuer out there that count those as one inquiry (that multiple count thing is for FICO scoring only).  Lenders will see 10 inquiries and deny you for everything for a year at least.   

[cdtotten]

Scuba is correct in a sense that if you apply for a CC that automatically issues a decision based on the credit report pulled, it could hurt you. However, CC companies will usually only pull 1 report (excluding Cap1), so they may only see the 3 inquiries (which is not bad).

That being said, it does NOT mean that you will be denied credit no matter what. Usually when people have a high number of inquiries and apply (and are declined), you will need to call them to recon and explain why you have so many inquiries and that they are all for your mortgage. At that point, the manual reviewer will usually disregard that aspect and make a decision on the rest of your report. This isn't going to make or break your report; just stings a little at first and looks bad to the eye.

[Anonymous]

I had this happen, just applied with ONE broker, and both the broker and the lender(s) pulled my score for a total of 9 times, but spread over 90 days. Since the first pull, my mid score EXP Class II FICO dropped from 740 to 717, and now the broker is adjusting my quote and the lender (same one that pulled the credit 5 times!) is charging me .5% more. I don't think I was being shopped around, and shouldn't my first credit report have been good for the broker for 90 days?!

[Anonymous]

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@Scuba wrote:

They may be scored as one inquiry but if you apply for a CC, they will deny you for too many inquiries.

There isn't a CC issuer out there that count those as one inquiry (that multiple count thing is for FICO scoring only).  Lenders will see 10 inquiries and deny you for everything for a year at least.   

---

I agree, I was declined a Discover More card because I had 24 inq's (10 from March 21, 2009, and 12 from May 16, 2010 "rate shopping" for my cars) the other two were for other CC apps.

Needless to say, I called Discover immediately and explained the inq's to the rep, who put me on hold and came back and said Congratulations, I was able to get you approved.

BTW, my EQ FICO at time of app was 777, 1%util, and technically only 4 inq's and most of them were outside a year old.

When I apped online Discover's computer system saw 24 inq's and freaked out and declined me instantly due to too many inq's, but a call to Discover fixed that problem.

[SIJB]

YES!  I agree it is insane and unfair for CREDCO or any credit organization to hard pull multiple inquiries on a person's credit report.

Actually, I only requested a Toyota dealership to pull my credit from Transunion once for Toyota Motor Credit Corporation.  Now I have a TMCC and a  CREDCO IMS  inquiry on Transunion,  They put a  Toyota Motor Credit Corporation and  a CREDCO AUTOMOTIVE inquiry on my Equifax, and thus far, a CREDCO AUTOMOTIVE inquiry on my Experian. 

I called Privacy Guard, a credit reporting company, and their representative said I can inform management of this and request that they have these inquiries taken off.  I will do this today.  I hope it works.