5 hard pulls when told it would be 1

[poohbearntigger2]

Hello All!

     This is my first post but I have been reading here and learning for months now.  Yesterday my husband and I purchased a new car.  I was up front with the salesman and told him our credit scores (mid 700's) and told him that we were interested in 0% financing.  When it came time for the paperwork, I asked if it was going to be a mass hard pull and several pulls or would it be 1.  He assured me that it would be 1 hard pull on both of our reports.  I asked him a total of 3 times to make sure it was only going to be 1 pull.  He was very confident in his answer and told me just 1 pull.  I check my report today and my husband and I have 5 hard pulls each.  Is there anything that can be done about this or basically do I just have to deal with all these pulls on our report?  Is there a way to have them removed since he assured me that it would be 1 pull?   Thanks for any help you can offer. 

[Luscher]

If they were all for auto then they will count as 1 based on fico scoring. nothing to worry about.

they will show up as 5 on your report but WILL ONY BE COUNTED AS 1 in your scoring.

[poohbearntigger2]

Thank you! 

[Creditaddict]

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@poohbearntigger2 wrote:

Hello All!

     This is my first post but I have been reading here and learning for months now.  Yesterday my husband and I purchased a new car.  I was up front with the salesman and told him our credit scores (mid 700's) and told him that we were interested in 0% financing.  When it came time for the paperwork, I asked if it was going to be a mass hard pull and several pulls or would it be 1.  He assured me that it would be 1 hard pull on both of our reports.  I asked him a total of 3 times to make sure it was only going to be 1 pull.  He was very confident in his answer and told me just 1 pull.  I check my report today and my husband and I have 5 hard pulls each.  Is there anything that can be done about this or basically do I just have to deal with all these pulls on our report?  Is there a way to have them removed since he assured me that it would be 1 pull?   Thanks for any help you can offer. 

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Did you get 0% financing... sounds like they were rate shopping you at other banks, when going in for just say Honda Financing only and looking to buy a new honda (all example) I would write on the credit app this is to be sent to Honda credit ONLY, you are not interested in financing anywhere else.

but as other poster mentioned for scoring they are all grouped together and if you got the car in the end all worked out.

[Determined_Home_Seeker]

The same thing happened to us recently. I only signed two applications for credit, one from Gesa Credit Union and the other from Numerica Credit Union. We ended up gettting the loan through Numerica, but when I ran my report it showed 4 new hard inquiries. I am disputing these because I only okayed two and one of those two I got the loan through so there was no reason to run our credit throught the other two banks. I'm not sure if they will come off, but I'm sure gona try. 

[enharu]

this happens a lot with auto dealers.

when i purchased my BMWs, they did shotgun apps each time round, even though I specifically told them not to do so for the 2nd purchase. The dealership is essentially helping you rate shop by applying with different banks simultaneously. I ended up with 4-6 inquiries for each app round, and to make things worse, some of the inquiries were not labelled correctly as an auto loan, so they ended up counting as separate inquiries in my FICO scoring. 

if you had signed the credit form provided by the dealership, then you won't have much recourse. there's little fine print that states that you allow them to process apps on your behalf with other banks. What this means is that the inquiries are legitimate, since you permitted them. You could try to explain to an analyst during a manual review for credit app, but other than that the only way to get around this is to wait till the inquiries age and fall off.

It hurts your credit score a lot in the short term, but on the plus side, they age off fairly quickly.