topic Re: Shotgunning for auto loan in Mortgage Loans

Shotgunning for auto loan

Anonymous — Thu, 20 Mar 2008 01:39:48 GMT

Hi there,

We bought two autos last year, in May and July of '07. Now pulling our credit reports, we see that the dealership sent our info to seven lenders for the first auto, and eight lenders for the second lender, in addition to one inquiry each from the dealership. It has blown our credit score to pieces. These are not showing as combined inquiries as I have read that they should, but each are being counted individually.

With the second auto, I actually requested specifically that they ask our credit union first, as we re-fi'd the first auto through the credit union and got a great rate. Per our credit report, they asked every lender in the universe, EXCEPT the specifically requested one.

Was it legal for them to run our credit so heavily? How/who do I write to get the inquiries to combine? And what about the second instance where we requested a lender & they did not use them but instead tried others?

Thanks,

ivyalmighty

Re: Shotgunning for auto loan

Anonymous — Thu, 20 Mar 2008 01:50:58 GMT

the inqs will show as seperate hits, the scoring model is where the deduplicating comes into play. if you wanted financing w/your cu you should have contacted them and never signed anything allowing the dealer to run your credit. once you sign they can pull it as much as they want.

Re: Shotgunning for auto loan

Anonymous — Thu, 20 Mar 2008 02:14:29 GMT

The speed at which you responded was magical. Thanks so much!

Re: Shotgunning for auto loan

Anonymous — Thu, 20 Mar 2008 02:16:28 GMT

glad i could help, btw welcome.