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Established Member
Posts: 22
Registered: ‎06-22-2007
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Newbie needs some help.

My Fico's fell some 20 points after I LEASED a new car! The dealer ran my credit on all three bureaus as 1. CREDCO/Ford Motor 2. Land Rover Capital Group and 3. Ford Motors of Manhattan (NYC). Three inquiries on EACH of the bureaus at the same day or two! From the same transaction. The Ford NYC store also has the Jag and Range Rover Dealership in the same building under the same ownership. I got the lease and at their lowest promo rate. But my scores went from hovering at 700 to something like 665! From almost okay to crap again! How do I get these inquiries combined/lifted/etc? Nothing else has changed other than the debt related to the lease and I'm still under 10% utilization of my overall credit! HELP! Mark in NYC
Established Contributor
Posts: 630
Registered: ‎06-20-2007
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Re: Newbie needs some help.

Most times multiple auto inq only count as one. If they check each CRA I think you will have one on each. I would not worry to much your score should rebound quickly as you make your payments on time.
9/18/08 TU=707 EQ=706 EX=702
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Newbie needs some help.

Welcome.. Please read the Scoring 101 thread.
Established Contributor
Posts: 905
Registered: ‎05-09-2007
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Re: Newbie needs some help.



markinnyc wrote:
My Fico's fell some 20 points after I LEASED a new car! The dealer ran my credit on all three bureaus as 1. CREDCO/Ford Motor 2. Land Rover Capital Group and 3. Ford Motors of Manhattan (NYC). Three inquiries on EACH of the bureaus at the same day or two! From the same transaction. The Ford NYC store also has the Jag and Range Rover Dealership in the same building under the same ownership. I got the lease and at their lowest promo rate. But my scores went from hovering at 700 to something like 665! From almost okay to crap again! How do I get these inquiries combined/lifted/etc? Nothing else has changed other than the debt related to the lease and I'm still under 10% utilization of my overall credit! HELP! Mark in NYC

FICOs tend to tank when installment accounts are newly added... HOWEVER they start to climb after the 6 month mark as a result of timely payments. There is some disagreement on this board as to the impact on FICOs when installments are paid back rapidly (i.e. double payments monthly.) I started my mission to grow as a result of installment overpayment this month, so I'll be offering some feedback as I see the FICO scores over the next 6 months.
 
Did you pick up a disco, courage or Range?
 
I picked up a Volvo S80 here.
 
Rob
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
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Re: Newbie needs some help.



FICO_Focused wrote:


markinnyc wrote:
My Fico's fell some 20 points after I LEASED a new car! The dealer ran my credit on all three bureaus as 1. CREDCO/Ford Motor 2. Land Rover Capital Group and 3. Ford Motors of Manhattan (NYC). Three inquiries on EACH of the bureaus at the same day or two! From the same transaction. The Ford NYC store also has the Jag and Range Rover Dealership in the same building under the same ownership. I got the lease and at their lowest promo rate. But my scores went from hovering at 700 to something like 665! From almost okay to crap again! How do I get these inquiries combined/lifted/etc? Nothing else has changed other than the debt related to the lease and I'm still under 10% utilization of my overall credit! HELP! Mark in NYC

FICOs tend to tank when installment accounts are newly added... HOWEVER they start to climb after the 6 month mark as a result of timely payments. There is some disagreement on this board as to the impact on FICOs when installments are paid back rapidly (i.e. double payments monthly.) I started my mission to grow as a result of installment overpayment this month, so I'll be offering some feedback as I see the FICO scores over the next 6 months.
 
Did you pick up a disco, courage or Range?
 
I picked up a Volvo S80 here.
 
Rob


No I disagree!  New installment loans do not tank your FICO scores.  New CC (or other revolving accounts) can and usually do, however. Also, paying an installment loan off faster doesn't improve your scores.  What's important with installments is paying on time, not paying faster!
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Contributor
Posts: 905
Registered: ‎05-09-2007
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Re: Newbie needs some help.

Fused - Don't know where your info is coming from, however, I can speak from personal experience here... My FICO went down the day my installment landed on my CRs ALL of them.
 
The amount of the installment loan was not to high.. Just under $30k and myFICOs all dropped about 10-15 points each.
 
My scores have been growing rapidly as the result of adding a couple of strategic AUs, but I've recently been declined new credit and the sited reason was "Installment loan balance is to high."
 
The process of paying down Installments is up for debate, as more than one poster here recently offered some info that their FICOs went up when chunks of the debt were paid at once... I'll update when and if I see the impact of the double payments.
 
Rob
 
 
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
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Re: Newbie needs some help.



FICO_Focused wrote:
Fused - Don't know where your info is coming from, however, I can speak from personal experience here... My FICO went down the day my installment landed on my CRs ALL of them.
 
The amount of the installment loan was not to high.. Just under $30k and myFICOs all dropped about 10-15 points each.
 
My scores have been growing rapidly as the result of adding a couple of strategic AUs, but I've recently been declined new credit and the sited reason was "Installment loan balance is to high."
 
The process of paying down Installments is up for debate, as more than one poster here recently offered some info that their FICOs went up when chunks of the debt were paid at once... I'll update when and if I see the impact of the double payments.
 
Rob
 
 



My FICO scores have never tanked with a new installment loan, big or small, reporting on my CRs.  Are you sure other changes weren't happening on your CRs?
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Contributor
Posts: 905
Registered: ‎05-09-2007
0

Re: Newbie needs some help.

Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
0

Re: Newbie needs some help.



FICO_Focused wrote:
ABSOLUTLEY POSITIVE...
 
Rob


Nothing is absolute! Smiley Happy The key word you used is tanked. A small ding to your scores maybe but tanked, NO WAY!!! 
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Contributor
Posts: 905
Registered: ‎05-09-2007
0

Re: Newbie needs some help.



fused111 wrote:


FICO_Focused wrote:
ABSOLUTLEY POSITIVE...
 
Rob


Nothing is absolute! Smiley Happy The key word you used is tanked. A small ding to your scores maybe but tanked, NO WAY!!! 


Semantics for sure...Smiley Very Happy But my scores went down double digits. And I'm a daily puller that has been in credit repair for a little while.
 
Ding - Tank - Dip - Swale....Smiley Tongue
 
Rob
 

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