Auto loan denied!!?

[Hopeful800]

my husband and I just applied for an auto loan through our local bank. We are in desperate need to replace our SUV for minivan as we have 2 kids and twins on the way.
This is the same bank we have our mortgage, checking and savings for over 2years now.
I have the higher scores (in 700's for two of bureaus and 680 for EQ)
Husband is in the 630's-670's

Anyway, they say we were denied based on the short employment history with my husbands current employer (I'm a SAHM)
And a tax Lien reported on both EQ and EX (but not TU) on mine 5 years ago.
Within these past 5 years, we've been able to buy a house, finance 2 cars, and pay off all cc debt. We have a perfect payment history, I just don't understand!!

Now we'll be dinged for their credit inquiry and get nothing for it but to go through dealership financing which we wanted to avoid.

Just venting. So annoyed.

[haulingthescoreup]

Well, that stinks!

(Welcome to the forums, by the way. Sorry it's under these circumstances.)

Do you belong to a credit union?

Who did you get your other car loans through?

[BoothwynAP]

Sounds like you are in a desperate situation, but did you order your free credit report? Dispute the claims that are accused against you? 

[Hopeful800]

No, we don't belong to a credit union but my husband does have an education loan through one.
The other auto loans were through dealerships. On the more recent Liam, the idiot dealership pulled so many that our reports show 5 (yes 5) hard inquiries for that one purchase. Those won't be off for at least another year yet. I just don't trust dealerships, but feel obliged to used them as I'll be guaranteed A LOAN, whereas I fear another denial looking for approval from someone on my own (like lending tree or a credit union)

[Hopeful800]

Oh yes, we've been disputing our reports for 6 months now- got the 3 reports free and our scores through myfico.
I should say that disputing is how I was successful in removing the lien on my TU report! (it won't budge from the other 2 tho)

Everything else on our reports are accurate except those hard inquiries which we feel aren't fair. We've contacted that dealership and they won't help, and bureaus say they cant remove because they're reported as accurate

[llecs]

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@Hopeful800 wrote:
No, we don't belong to a credit union but my husband does have an education loan through one.
The other auto loans were through dealerships. On the more recent Liam, the idiot dealership pulled so many that our reports show 5 (yes 5) hard inquiries for that one purchase. Those won't be off for at least another year yet. I just don't trust dealerships, but feel obliged to used them as I'll be guaranteed A LOAN, whereas I fear another denial looking for approval from someone on my own (like lending tree or a credit union)

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Ditto to joining a CU. Find one local.

Dealerships are known to pull multiple times like that. It's normal, but one reason why many of us avoid apply at the dealership. FICO is unique in that it'll look at all 5 of those inquiries and only score one of them and will ignore the rest. So, you are only being dinged one time even though each inquiry will appear. There's a window of 30 or so days for mortgage and auto inquiries where you can apply as many times as you want and only be impacted by one inquiry.

IMO, avoid Lending Tree.

ETA...definitely don't dispute the inquiries lest you end up with a fraud alert.

[Hopeful800]

Seriously? About FICO only scoring based on one inquiry out of many...I figured since they all show-and credit karma alerted me that I have 5 new hard inquiries that impact my score-that they all counted against me.

So, what you're saying is that I can apply several times on my own within 30 days for an auto loan and only get dinged for one of those inquiries?

[llecs]

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@Hopeful800 wrote:
Seriously? About FICO only scoring based on one inquiry out of many...I figured since they all show-and credit karma alerted me that I have 5 new hard inquiries that impact my score-that they all counted against me.

So, what you're saying is that I can apply several times on my own within 30 days for an auto loan and only get dinged for one of those inquiries?

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Ignore any advice and scores offered by CreditKarma. Their FAKOs, TransRisk and Vantage, do count each inquiry against you, but FICO does not. You can apply 100 times within a month and 99 of those inquiries will be ignored by FICO. They'll show on your CR, but FICO will ignore them (and is evidenced on your FICO report if you ever pull it). I'll also add that (as an added bonus) if there was any ding due to that inquiry, that ding will not be felt until the expiration of that inquiry window. So if you go to dealer#1, #2, #3, and so on, and assuming they use the exact same FICO version, your score will be the same each time and the inquiry will not hurt inside that window. The inquiry will only be scored once that window closes.

BTW, the window varies on FICO version. Some of the older versions were 14 days (the TU from here is 14 days). Newer and most-used versions are either 30 or 45 days. The EQ on here is 30 days.