topic Re: Pissed-Jeep Auto Loan Inquiry in Auto Loans

Pissed-Jeep Auto Loan Inquiry

creditisbetter2 — Mon, 30 Mar 2015 12:45:17 GMT

I am not even sure where to begin. I went to a local Jeep dealership to purchase a vehicle with my husband. We went through the process of applying for credit and I get alerts from Transunion when someone attempts to pull my credit. Well I check my account and they've pulled it three times from Transunion. One is from the dealership itself and two others are from banks. I look on Experian and they've only pulled once and I look at Equifax and they've pulled twice, once for the dealership and once for another bank. To add more, the finance guy asked if I worked and I said no and apparently they've updated my employment to reflect housewife and it's spelled wrong. A. being a housewife is nothing I get paid for as much as I would like so I am not sure who decided it was ok to add that to my credit report and secondly, I plan to get a job within the year so I don't want that showing up on my credit report. Are car dealerships autorized to include housewife as employment and if not how can I get that removed? I don't appreciate them taking it upon themselves to add that. I am also a student but that can't be listed as employment either. My husband and I purchased several cars from Chevrolet about 5 years ago and I absolutely don't remember having my credit ran this many times and me being a housewife was not reported to any CB.

Re: Pissed-Jeep Auto Loan Inquiry

flan — Mon, 30 Mar 2015 13:37:20 GMT

@creditisbetter2 wrote:
I am not even sure where to begin. I went to a local Jeep dealership to purchase a vehicle with my husband. We went through the process of applying for credit

You applied for credit. You're going to get credit pulls. You applied at a dealer, so you're going to get get pulls from mulitple potential lender, as they shop you around looking for the best deal. (maybe for you, maybe for them, but either way, multiple pulls). They reported your employment data, accurately. I don't see any basis for complaint. You didn't want your credit reports showing your employment status, you shouldn't have applied for credit.

Re: Pissed-Jeep Auto Loan Inquiry

redbeard — Mon, 30 Mar 2015 13:45:49 GMT

I wouldn't worry about what the credit report says for employment. It is usually whatever you put on your last credit app, so if you put that down (or something similar), it will report that way.

It is not an employment verification though, so most people don't pay attention to what that says. If they need proof of employment they will ask for it.

Also, you should be very proud of being a housewife! Take pride in this. I know you view yourself doing great things in the near future, but the role of the housewife (or househusband) is what truly built this country. It is a very underappreciated role, but extremely necessary. Face it, even if you have a full time job, the housewife work continues

Dan

Re: Pissed-Jeep Auto Loan Inquiry

TRC_WA — Mon, 30 Mar 2015 13:52:55 GMT

You can contact the CRA via dispute and update your personal information which includes employment status to anything that you'd like.

I've done it recently to reflect my new employer... my previous employer from 2011 was listed on my TU report. My CU updated it then when I opened my account and I changed it myself recently.

As far as the multiple credit pulls... that's what happens when you apply at a dealer.

Re: Pissed-Jeep Auto Loan Inquiry

creditisbetter2 — Mon, 30 Mar 2015 14:15:28 GMT

Flan while I appreciate your response you can save the condescending tone. Every poster who posts to myfico does so because they have a concern about a credit issue. I'm fully aware that it was my choice to purchase a car. That's not in dispute. My concern is that I've applied for many things in the past and I don't want the label of housewife to become an issue of my credit worthiness. If you can't speak to that then I don't need you to tell me what I should and shouldn't apply for.

Redbeard-thank you. I am proud of what I do because it is the most underrated job ever and it never ends. My concern is that it's never been reported and I've applied for many things since I decided to stay home with my children. When i go to apply for jobs, I don't want that to be viewed as a negative. I've seen some companies that will use it against you and say you've been out of the loop too long because you aren't a wage earner. Not considering graduate school and other volunteer opportunities as training.

Try-wa- since it all happened in the same day does that affect my score? I know there's supposed to be a grace period if you shop around but we only went to one dealership.

Re: Pissed-Jeep Auto Loan Inquiry

CreditCuriosity — Mon, 30 Mar 2015 14:57:40 GMT

The only saving grace is for scoring purposes they should only be counted as one w/regards the Fico Scoring model for each bureaus so you said 3 TU pulls that should be coded esentially as one for the hits you will take point wise, not sure what time frame it is for it to be counted as one, but if it was done in one or two days of each other and coded correctly you won't really see an impact.. With that being said, other lenders might see it a different way being CC companies and ask why are you seeking so much credit and have all these HP's, but you should be able to explain that away as auto loan shopping.. Hope this helps a bit.. Just got a car a few weeks ago and walked away with 3 HP's one from the dealer and two from Lexus financial one on TU and one on EQ... Whenever you are dealing with an auto dealer they can shotgun your App to many different lenders to either benefit you or themselves as another stated.. It is really unfornuate when they do this and hopefully that no more will show up! Best of luck with getting your CR updated to reflect your appropriate job, shouldn't be a huge issue.

Re: Pissed-Jeep Auto Loan Inquiry

TRC_WA — Mon, 30 Mar 2015 15:26:59 GMT

@creditisbetter2 wrote:

Try-wa- since it all happened in the same day does that affect my score? I know there's supposed to be a grace period if you shop around but we only went to one dealership.

The multiple inquiries will show on your report so you can still get "too many inquiries" denials but as far as FICO scoring goes they will count as 1.

I went to 2 dealerships when I bought my car in January and took 18 inquiries combined across the 3 CRA's.

I lost 1 FICO point on EQ... none on EX and TU.

Re: Pissed-Jeep Auto Loan Inquiry

CreditCuriosity — Mon, 30 Mar 2015 15:31:18 GMT

@TRC_WA wrote:
@creditisbetter2 wrote:

Try-wa- since it all happened in the same day does that affect my score? I know there's supposed to be a grace period if you shop around but we only went to one dealership.
The multiple inquiries will show on your report so you can still get "too many inquiries" denials but as far as FICO scoring goes they will count as 1.

I went to 2 dealerships when I bought my car in January and took 18 inquiries combined across the 3 CRA's.

I lost 1 FICO point on EQ... none on EX and TU.

Doh and ouch at the same time... ;(... Not the points, just knowing you might get the dumb excuse too many requent inquires..

Re: Pissed-Jeep Auto Loan Inquiry

TRC_WA — Mon, 30 Mar 2015 15:33:32 GMT

@CreditCuriousity wrote:

Doh and ouch at the same time... ;(... Not the points, just knowing you might get the dumb excuse two many requent inquires..

Not a huge deal.

@I got a $40k Challenger for $0 down @ 4.49%... and with a BK13 on record that's pretty good.

I did my CC app spree in December... bought the car in January. The car shopping didn't affect me getting the CapOne Venture and Sam's MC in March.

No plans for any further CC's till 2016 when my reports are clear of my BK13... and by then the INQs I took will have no impact on my scores.

Re: Pissed-Jeep Auto Loan Inquiry

creditisbetter2 — Mon, 30 Mar 2015 16:51:08 GMT

@CreditCuriousity wrote:
@TRC_WA wrote:
@creditisbetter2 wrote:

Try-wa- since it all happened in the same day does that affect my score? I know there's supposed to be a grace period if you shop around but we only went to one dealership.
The multiple inquiries will show on your report so you can still get "too many inquiries" denials but as far as FICO scoring goes they will count as 1.

I went to 2 dealerships when I bought my car in January and took 18 inquiries combined across the 3 CRA's.

I lost 1 FICO point on EQ... none on EX and TU.
Doh and ouch at the same time... ;(... Not the points, just knowing you might get the dumb excuse too many requent inquires..

That's always the issue. They want to send letters stating because you've had so many inquiries that you can't have X and my goal this year was not to have but one maybe two inquiries not three at one time. That's ok I suppose because I don't plan on purchasing anything else this year that requires my credit to be ran. I wonder if it's different when they use in-house financing. I also just purchased a BMW and there's only one hard pull on my husbands account.

Re: Pissed-Jeep Auto Loan Inquiry

Anonymous — Wed, 01 Apr 2015 03:52:37 GMT

BMW dealerships run their credit through BMW financial which is their captive finance company, my guess is that is what happend your husbands situation. Most dealers shop your loan to many banks and in doing so each of them checks your credit. In the future it might be best to secure financing before you go to the dealer so you can then decide if you want them to run your credit to try and beat your loan or not. Everything I have read says that multiple HPs within a 30 day period to secure car financing does not have the same impact on scores as if you were applying for several credit cards so hopefully you won't take a hit.