topic Re: New Credit!!! in Understanding FICO® Scoring

Fair shopping??

Stugotsv10 — Fri, 24 Jul 2020 20:45:26 GMT

Ok so I recently bought a car, and being it was an exotic it was not easy to finance so needless to say I had my credit ran a few times.. OK more then a few!!!

So they were all within a 14 day window, so they SHOULD count as 1.. well they didn't each one hit me on its own and basically destroyed my credit before the new vehicle even hit.

So I just got off the phone with Trans, a supervisor ARGUED with me claiming that is a pure rumor and there is NO 14 day window its 100% not true...

I have the call recorded, I'd like to send this to the CFPB but can someone tell me what the actual act is called or where I can find this rule they are claiming does not exist?

Thanks

Re: Fair shopping??

KLEXH25 — Fri, 24 Jul 2020 21:07:38 GMT

@Stugotsv10 wrote:
Ok so I recently bought a car, and being it was an exotic it was not easy to finance so needless to say I had my credit ran a few times.. OK more then a few!!!

So they were all within a 14 day window, so they SHOULD count as 1.. well they didn't each one hit me on its own and basically destroyed my credit before the new vehicle even hit.

So I just got off the phone with Trans, a supervisor ARGUED with me claiming that is a pure rumor and there is NO 14 day window its 100% not true...

I have the call recorded, I'd like to send this to the CFPB but can someone tell me what the actual act is called or where I can find this rule they are claiming does not exist?

Thanks

It's important to note that each inquiry will still report individually on your credit reports. The part about it only "counting as 1" refers to it's affect on your score. Meaning, 10 auto loan inquiries within a time span of 14 days (I think it's actually 45 days), will have less of an affect on your scores vs. 10 inquiries for 10 different credit cards, etc...

Re: Fair shopping??

Stugotsv10 — Fri, 24 Jul 2020 21:11:25 GMT

right.. but each one dropped my score 2-3 points each, it literally did not even count 2 of em as 1 let alone all

Re: Fair shopping??

KLEXH25 — Fri, 24 Jul 2020 21:16:34 GMT

@Stugotsv10 wrote:
right.. but each one dropped my score 2-3 points each, it literally did not even count 2 of em as 1 let alone all

I think inquiries will affect various scorecards differently. How many auto loan inquiries did you get on each CB? Did each one report accurately as an auto loan inquiry? How recently did this happen? Your scores should recover after a few months (not completely, but some). Others might be able to give more insight...

Re: Fair shopping??

KLEXH25 — Fri, 24 Jul 2020 21:17:56 GMT

@Anonymous any thoughts / comments on how this works?

Re: Fair shopping??

Stugotsv10 — Fri, 24 Jul 2020 21:18:10 GMT

June 23rd 12 inquiries and yes all say Auto

Re: Fair shopping??

Kforce — Fri, 24 Jul 2020 22:21:40 GMT

@Stugotsv10 wrote:
right.. but each one dropped my score 2-3 points each, it literally did not even count 2 of em as 1 let alone all

Your score drop is more likely from the new loan, and lowering age of accounts.

Re: Fair shopping??

Stugotsv10 — Fri, 24 Jul 2020 22:31:26 GMT

happened before the account even hit... then it lowered even more when it did

Re: Fair shopping??

surferchris — Fri, 24 Jul 2020 23:12:55 GMT

Just a quick confirmation:

Were these MyFICO scores (actual scores) or were they FAKO scores like Credit Karma. Because FAKO scores may drop with every hard pull.

Were the scores coded as auto and not just as consumer credit or misc finance. If not all coded correctly then yes that would cause FICO to drop with each pull. If that is the case, you need to contact each auto dealership/finance company and have each pull coded correctly.

Hope this helps.

Re: Fair shopping??

Stugotsv10 — Fri, 24 Jul 2020 23:52:38 GMT

Fico and yes coded as Auto

Re: Fair shopping??

surferchris — Sat, 25 Jul 2020 00:00:57 GMT

Sorry, I am at a loss for why the score drop then...

Re: Fair shopping??

Anonymous — Sat, 25 Jul 2020 06:14:25 GMT

@Stugotsv10 TransUnion supervisor was correct. The TransUnion versions of the fico algorithm do not have a 14 day de-duplication window. The 14 day de-duplication window is unique to the EX2 version from Experian.

All other fico versions I know of, including all of those from TransUnion, use a 45 day de-duplication window.

But, to address your situation, none of the CSR's and supervisors are going to be able to help you beyond ensuring the inquiries are coded correctly which you have already noted that they are.

The CRA's do not decide which inquiries get counted and which do not. The fico algorithm itself is programmed to group all installment inquiries together and from the date of the first one to the 45th day, any that are coded as installment will be counted as 1 for scoring purposes whether it's 10 20 or 40.

Now let's go ahead and button this one up. 😉 List the inquiries by number, date, and point loss and I'll show you what's up. I want the date of the inquiry and the date of the point loss that you are attributing to the inquiry.

Re: Fair shopping??

Anonymous — Mon, 27 Jul 2020 00:30:36 GMT

@Stugotsv10 wrote:
Ok so I recently bought a car, and being it was an exotic it was not easy to finance so needless to say I had my credit ran a few times.. OK more then a few!!!

So they were all within a 14 day window, so they SHOULD count as 1.. well they didn't each one hit me on its own and basically destroyed my credit before the new vehicle even hit.

So I just got off the phone with Trans, a supervisor ARGUED with me claiming that is a pure rumor and there is NO 14 day window its 100% not true...

I have the call recorded, I'd like to send this to the CFPB but can someone tell me what the actual act is called or where I can find this rule they are claiming does not exist?

Thanks

@Stugotsv10Please list the inquiries with date, point loss and date of point loss.

Re: Fair shopping??

Stugotsv10 — Mon, 27 Jul 2020 12:26:12 GMT

Toyoya credit - 2 pts on June 4th - Automotive

Rallye Lexus - 3 pts on June 4th - Automotive

TD Auto Finance - 2 pts on June 4th - Automotive

Chase - 2 pts on June 4th - Automotive (this one is the actual loan we went with)

Ally - 3 pts on June 4th - Automotive

Alliant - 2 pts on June 4th - Automotive

Navy Fed credit union - 3 pts on June 4th - Personal / Finance

indy BK indirect - 3 pts on June 4th - Automotive

Wells Fargo dealer services - 2 pts on June 5th - Automotive

WCapital one auto fiannce - 2 pts on June 5th - Automotive

Credco - 2 pts on June 5th - Automotive

Scheffield 3 pts on June 5th - Personal

Re: Fair shopping??

KLEXH25 — Mon, 27 Jul 2020 12:34:35 GMT

@Stugotsv10 wrote:

Toyoya credit - 2 pts on June 4th - Automotive
Rallye Lexus - 3 pts on June 4th - Automotive
TD Auto Finance - 2 pts on June 4th - Automotive
Chase - 2 pts on June 4th - Automotive (this one is the actual loan we went with)
Ally - 3 pts on June 4th - Automotive
Alliant - 2 pts on June 4th - Automotive
Navy Fed credit union - 3 pts on June 4th - Personal / Finance
indy BK indirect - 3 pts on June 4th - Automotive
Wells Fargo dealer services - 2 pts on June 5th - Automotive
WCapital one auto fiannce - 2 pts on June 5th - Automotive
Credco - 2 pts on June 5th - Automotive
Scheffield 3 pts on June 5th - Personal

You mentioned up thread that this occurred June 23rd. So what are these earlier dates? Are these dates the actual pull dates? Did the score drops occur on these dates with each pull or on a later date? I take it this is through the Experian app? Did the loan report yet, and if so, what date?

Sorry for the barrage of questions...just trying to understand.

Re: Fair shopping??

Anonymous — Mon, 27 Jul 2020 14:21:11 GMT

@Stugotsv10 Exactly, did these inquiries occur on June 4 and 5 and if so when was the point loss? the same day? What is June 23? How did you determine the point loss for each inquiry?

Re: Fair shopping??

Stugotsv10 — Mon, 27 Jul 2020 14:40:58 GMT

Sorry to Clarify

The same thing happened BOTH times, I got my wife a car and then I said screw it and wanted one MYSELF so there are 2 different sets of inquiries at work here, this was the first set. HERS.

and the point loss happened the same day they arrived on the report

Re: Fair shopping??

Anonymous — Mon, 27 Jul 2020 16:24:45 GMT

@Stugotsv10 Then that proves that the point loss was not because of the inquiries. Instalment inquiries are buffered for 30 days. You do not see the point loss until 30 days later, so those changes were from other causes.

Now if you want to know the point loss from the inquiries, go 30 days from the first one and you’ll see the point loss, if it’s not binned.

Re: Fair shopping??

Anonymous — Mon, 27 Jul 2020 16:26:24 GMT

How many points did she lose July 4?

Re: Fair shopping??

Stugotsv10 — Mon, 27 Jul 2020 16:31:53 GMT

no they took same day.. July 4th no losses... the inquiry hits instantly on Vantage so it gives you a real world idea.. then Fico hits later of course, Wallet hub is a great way to see whats what because it updates every morning at 6am