Inquiries. Dirty Dirty Inquiries.

[Anonymous]

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@guiness56 wrote:

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@Anonymous wrote:

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@guiness56 wrote:

You can always ask but they didn't do anything out of the ordinary, or wrong.

When you apply for an auto loan that is how it works.  Any inquiries within a certain time frame are only scored as 1 by FICO.

I don't know who Forward is and I am not real sure if they just see how many inquiries are on your report or if it shows who did the inquiries.  If it showed who, they should be able to tell they were all from an auto loan search.

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There is an FTC Advisory that might be relevant.  I've seen it before and RobertEG posted it once recently, too. 

I will attempt to locate it and post back.  Hopefully it will reinforce my initial reaction that the car dealer is in the wrong.

EDIT:  Found it!  http://www.ftc.gov/os/statutes/fcra/coffey.shtm

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You would know better than me from a legal stand point. 

However, the FTC opinion letter is dealing with going to a dealership and just asking questions about a vehicle, not actually filling out an application.

If the OP did fill out an application I don't think this would work.  The permission was given when the application was filled out.

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You are definitely correct.

If an application was filled out and / or otherwise gave permission for a credit check, than OP is up the creek.

[Jesster]

yeah. i did an app. These inquiries aren't keeping me up at night. I just was curious as to whether or not I could cheat the system by killing a few inquiries under the idea that I didn't physically apply for all of those creditors. I can live with it. I'll think of it as Forced Gardening.

[Anonymous]

I just went thru the same deal, last year went to the dealership and turns out they hit 10 different banks 3-16-2010. (10 inquiries)

My EQ Fico Report showed on the "inquiry" page I had 15 inquiries that might be affecting my score and on the "understanding your score" page it said I had 4 inquiries in the past year that are affecting my score (I was a bit confused) so to make a long story short all 10 of those inquiries just fell off 3-16-11, I pulled my EQ report which is the one with all the inquiries and my score had went up by 9 points, so it would seem as all 10 of those did only count as one.

The funny thing is those were all pulled on 3-16-10 and I applied for a CC 6-?-10 and according to the "understanding your score page" that said I had 4 inquiries affecting my score when on the "inquiry" page it said I had 15 affecting my score, so for some reason Fico must have counted that inquiry on 6-?-10 for the CC as the "Rate Shopping" auto loan????

I'm curious when that 6-?-10 inquiry falls off 6-?-11 if my score will reflect any increase.

I would bet all of your inquiries only count as 1, so I wouldn't worry to much about it. Yeah it sucks to see them all on your report but at least they should only count as one as far as your score goes.

[Anonymous]

To the OP:

You apparantly do not understand how it works.

All of these inquiries were legally done in the pursuit of your failed car loan.

After completion of a credit application, the dealership runs your credit once, themselves. This allows them both compliance with Patriot Act regulations and lets them see what your score is so they can figure the best bank to approach about getting you bought.

By law in my state, if a dealership runs your credit they must also submit a deal to at least one bank. This satisfies the obligation that the credit pull was done for a valid reason of attempting to secure financing.

Based on the information in that pull the dealership may pull your other 2 bureaus to see if you look better or worse.

Then when they go to approach banks on financing they send out an electronic deal to their choice of banks, this ED contains among other info your credit score and your name and social and the implication that you understand that your score will be pulled.

When the banks' systems get the deals, they auto pull your credit and computer analyse the deal, and then send back to the dealership an approval, a decline or a counter offer.

Yes if you have Bill Gates credit you get 1  pull from the dealership then one pull by the bank thats going to finance you.

If you have difficult and shoddy credit, your deal is 'shotgunned" to many banks to see who will buy you or at least counter offer.