topic Re: Car loan hard pull question in General Credit Topics

Car loan hard pull question

noochski — Sat, 27 Jun 2015 05:47:26 GMT

I just bought a new car now my credit report is showing 4 hard inquiries! One from the dealer, two from banks and a third from what appears to be the extended warranty provider. This resulted in a whopping 37 point drop in my TU credit score. Is there any way to get TU to recognize this situation as a single application for credit?

Re: Car loan hard pull question

RobertEG — Sat, 27 Jun 2015 06:32:52 GMT

The CRAs will record each in your credit report.

However, FICO scoring only counts them as a single inquiry, provided they are properly coded as auto-related.

Re: Car loan hard pull question

Berk — Sun, 28 Jun 2015 13:32:45 GMT

@noochski wrote:
I just bought a new car now my credit report is showing 4 hard inquiries! One from the dealer, two from banks and a third from what appears to be the extended warranty provider. This resulted in a whopping 37 point drop in my TU credit score. Is there any way to get TU to recognize this situation as a single application for credit?

Same thing happped to me when I just recently purchased an RV. Three inquiries - One from dealer and two from banks. I am guessing that they were considered as single inquirey since my Exquifax score did not change and my Experian only dropped 3 points. TransUnion was not used.

It is my guess that factors other than just the inquiries lowered your score 37 points.

Re: Car loan hard pull question

takeshi74 — Mon, 29 Jun 2015 12:15:45 GMT

@noochski wrote:
This resulted in a whopping 37 point drop in my TU credit score.

Which score? You don't have just one TU score. Even with FICO there are a number of different models used by creditors.

Nothing you can do. The FICO models will take this into account but they will show up as separate HP's on your reports. If you want to minimize the number of pulls then you should arrange your financing on your own (with a single pull) and not allow any others to make pulls when car shopping. In any case, HP's are a relatively small factor and their effects taper and fall off relatively quickly.