topic Re: Giving out SSN on credit inquiries in General Credit Topics

Giving out SSN on credit inquiries

Chala — Mon, 21 Sep 2015 02:50:09 GMT

Is it safe giving my SSN to the car dealer to pull my credit? Is there anyway around this, such as asking if i can enter it on their systems myself? Forgive me if this has already been discussed in another thread, i did a short search and could find nothing!

Re: Giving out SSN on credit inquiries

Revelate — Mon, 21 Sep 2015 07:50:45 GMT

@Chala wrote:
Is it safe giving my SSN to the car dealer to pull my credit? Is there anyway around this, such as asking if i can enter it on their systems myself? Forgive me if this has already been discussed in another thread, i did a short search and could find nothing!

It's almost assuredly on the Internet anyway.

I wouldn't worry about it, SSN's through a car dealership are more secure than many things we fork a SSN over for.

Re: Giving out SSN on credit inquiries

Chala — Mon, 21 Sep 2015 07:57:10 GMT

ok thank you

Re: Giving out SSN on credit inquiries

Gunnar419 — Mon, 21 Sep 2015 13:29:19 GMT

A better idea is to line up your financing with a trusted bank or credit union BEFORE you go to the car dealer. This is not only better for your credit, but it means you're less likely to have your SSN "borrowed" by some sketchy person at a dealer.

Re: Giving out SSN on credit inquiries

TheConductor — Mon, 21 Sep 2015 16:52:44 GMT

@Gunnar419 wrote:
A better idea is to line up your financing with a trusted bank or credit union BEFORE you go to the car dealer. This is not only better for your credit, but it means you're less likely to have your SSN "borrowed" by some sketchy person at a dealer.

Plus one to this. In addition, having financing prearranged gives you more bargaining power at the car dealer, since many dealers will try to get you to pay a higher price for the car by dangling low-interest financing in front of you. If you already have a good financing option available, it is easier to keep the focus on a fair price for the car.

Re: Giving out SSN on credit inquiries

Chala — Mon, 21 Sep 2015 17:00:13 GMT

good idea, thank you

Re: Giving out SSN on credit inquiries

Revelate — Tue, 22 Sep 2015 00:45:06 GMT

@Gunnar419 wrote:
A better idea is to line up your financing with a trusted bank or credit union BEFORE you go to the car dealer. This is not only better for your credit, but it means you're less likely to have your SSN "borrowed" by some sketchy person at a dealer.

FWIW I'd still let the dealer try to beat my financing when talking new vehicles... after we'd come to terms on price.

Re: Giving out SSN on credit inquiries

TheConductor — Tue, 22 Sep 2015 11:18:49 GMT

@Revelate wrote:
@Gunnar419 wrote:
A better idea is to line up your financing with a trusted bank or credit union BEFORE you go to the car dealer. This is not only better for your credit, but it means you're less likely to have your SSN "borrowed" by some sketchy person at a dealer.
FWIW I'd still let the dealer try to beat my financing when talking new vehicles... after we'd come to terms on price.

Absolutely. The idea is just to keep these as separate negotiations. Once the dealer salesperson starts talking about the price in terms of monthly payments, you've lost.

Re: Giving out SSN on credit inquiries

Chala — Sun, 27 Sep 2015 15:36:41 GMT

@TheConductor wrote:
@Revelate wrote:
@Gunnar419 wrote:
A better idea is to line up your financing with a trusted bank or credit union BEFORE you go to the car dealer. This is not only better for your credit, but it means you're less likely to have your SSN "borrowed" by some sketchy person at a dealer.
FWIW I'd still let the dealer try to beat my financing when talking new vehicles... after we'd come to terms on price.
Absolutely. The idea is just to keep these as separate negotiations. Once the dealer salesperson starts talking about the price in terms of monthly payments, you've lost.

looks like i lost, i need help, i was approved by my credit union but they would not give it to me cause i was licensed outside of my home state, thought about switching license over, but insurance in my home state is ridiculous and i can't afford (full coverage) it. I am ending up agreeing to a lease, i desperately need a car been looking for two weeks i am defeated and exhausted. By this time next year however i plan to be in good shape!

ETA: There is a page 2 to this thread please keep reading

Re: Giving out SSN on credit inquiries

Anonymous — Sun, 27 Sep 2015 13:08:35 GMT

Do you reside for an extended period in two states (ie. snowbirds who live in PA and vacation in FL over the winter)? -or have you moved and not updated your license? If it's the latter, be aware your auto insurance may not pay out on a claim due to the address provided being fraudulent. Auto insurance rates and coverages is generally dependent on where the vehicle is predominently parked and utilized. The CU is protecting itself, but also you as well.

Vehicle value is only part of the equation. Make and model alone can make a huge difference. Get quotes for other vehicles from other brands that are similar to what you're looking at buying.

If you have 700+ credit scores, you should be able to get excellent loan terms buying. No need to settle for a lease unless that's what you really want - can be a good deal for those who don't drive much. Mile overage along with wear and tear can add a lot on the backend of a lease, plus other charges that some lease contracts allow for.

Re: Giving out SSN on credit inquiries

Chala — Sun, 27 Sep 2015 14:54:30 GMT

@Anonymous wrote:
Do you reside for an extended period in two states (ie. snowbirds who live in PA and vacation in FL over the winter)? -or have you moved and not updated your license? If it's the latter, be aware your auto insurance may not pay out on a claim due to the address provided being fraudulent. Auto insurance rates and coverages is generally dependent on where the vehicle is predominently parked and utilized. The CU is protecting itself, but also you as well.

Vehicle value is only part of the equation. Make and model alone can make a huge difference. Get quotes for other vehicles from other brands that are similar to what you're looking at buying.

If you have 700+ credit scores, you should be able to get excellent loan terms buying. No need to settle for a lease unless that's what you really want - can be a good deal for those who don't drive much. Mile overage along with wear and tear can add a lot on the backend of a lease, plus other charges that some lease contracts allow for.

The answer in your first question I can answer in a PM if its ok with you. My equifax and experian score is short of 700 but over 650 Transunion not good...your saying I should not have a problem at 700 however I have had about five or six inquiries in the last 10 days, and two application bank submittals just yesterday. The reason so many is finances, can't find something affordable. I'm supposed to go in and sign a lease in a couple of hours not sure if I should back out!

Re: Giving out SSN on credit inquiries

TheConductor — Mon, 28 Sep 2015 16:27:51 GMT

@Anonymous wrote:
Do you reside for an extended period in two states (ie. snowbirds who live in PA and vacation in FL over the winter)? -or have you moved and not updated your license? If it's the latter, be aware your auto insurance may not pay out on a claim due to the address provided being fraudulent. Auto insurance rates and coverages is generally dependent on where the vehicle is predominently parked and utilized. The CU is protecting itself, but also you as well.

+ 1 to this. It's very important that if you have moved to a new state, you update your license and notify your insurer. Not only can your insurer refuse to pay a claim, also in many states it is illegal to reside there for more than X months without updating your license (and registration and inspection in some states). So if you ever find yourself in a traffic stop that could also set you back to the tune of one or more tickets.

I appreciate that you are working with tight finances right now, but failure to comply with the law (if that is your situation, and I respect that there is no real need for you to tell us whether it is) could also end up costing you a lot of money.

Whatever the details may be, I wish you success in your efforts to buy a car and I hope you find a great deal!

Re: Giving out SSN on credit inquiries

Chala — Mon, 12 Oct 2015 21:05:38 GMT

i just want to assure you i am complying with the law, and thanks for your response!