Car Finance Inquiries

Anonymous · ‎08-22-2017

Hi all,

Apologies if this has been asked before - I have tried to find the answer but only find general info.

I have had multiple hard inquiries from the one dealership in regard to a new vehicle purchase. My understanding is that as they were all on the one day and submitted by the one dealer that they count as 'one' search from a lenders perspective. However all were refused for having too many hard inquiries even though these were the only searches.

Some bureaus report 7 searches and some report 30. Some lenders have been great and removed inquiries and others just simply will not do so.

Could anyone advise what to do in regard to this? I almost feel that the inquiries have been incorrectly logged but this is a first for me.

gdale6 · ‎08-22-2017

@Anonymous wrote:
Hi all,

Apologies if this has been asked before - I have tried to find the answer but only find general info.

I have had multiple hard inquiries from the one dealership in regard to a new vehicle purchase. My understanding is that as they were all on the one day and submitted by the one dealer that they count as 'one' search from a lenders perspective. However all were refused for having too many hard inquiries even though these were the only searches.

Some bureaus report 7 searches and some report 30. Some lenders have been great and removed inquiries and others just simply will not do so.

Could anyone advise what to do in regard to this? I almost feel that the inquiries have been incorrectly logged but this is a first for me.

All properly coded inquires for auto loans within a 14 day period count as one for Fico scoring purposes. You can still be denied for inquiries but you can recon and point out that they were all for your car purchase and they may approve. Inquires will remain on file for 2 years but only are factored into Fico for 1 year. Welcome to the board

Anonymous · ‎08-22-2017

Wonderful, thank you. One year from these inquiries is next month - shall be interesting to see. I am sitting mid 700's on all CR but FICO on Experian still has me in the 500's.

DeeBee78 · ‎08-22-2017

@Anonymous wrote:
Wonderful, thank you. One year from these inquiries is next month - shall be interesting to see. I am sitting mid 700's on all CR but FICO on Experian still has me in the 500's.

If you were denied for a car loan at mid-700's, I would be surprised, so I think that's probably a VantageScore (aka FAKO score). Even so, it's crazy for there to be such a huge dispartiy between that score and your Experian score, which is your true FICO score.

Focus on bringing that one up, and don't pay attention to the fake scores from Credit Karma, Capital One, or Credit Sesame. While they can be a good guideline, they can be way off, as we see here.

Anonymous · ‎08-22-2017

When I applied I was mid 500's. In 6 months I've boosted ahead.

Sadly I think all other scores are correct (they are all within range of each other) and it is only Experian who hold my name wrong in addition to not reporting two good accounts and instead report a defaulted account (which was never defaulted) and refuse to change this despite the lender telling them to!

That's what gives me the low 500 FICO!

Anonymous · ‎08-22-2017

ALL scores are "correct." There's no such thing as a "wrong" score. Scores are based on 3 factors: The scoring model used, the bureau that the data is taken from using that scoring model and the point in time when the score is generated. If you have scores that are significantly different, it means that these 3 pieces of data were not the same.

HeavenOhio · ‎08-23-2017

cw212010, where are you obtaining your scores?

Anonymous · ‎08-23-2017

I am taking my scores from each of the CRB's individually.

Individual CR's

Transunion - 734 Vantage (Correct info but 20 inquries)

Experian - 556 (With 7 inquiries and an incorrectly defaulted account)

Equifax - 622 (With 27 inquiries)

All Three:

CreditKarma - Shows Transunion 734 and Equifax 737.

Equifax reports Transunion as 614 and Experian as 492.

Experian reports Equifax as 662 and Transunion as 678.

All inquiries have come from two separate car finance applications. The first for the car I now own and the second to refinance a better APR. All refusals I've had in the past were for 'too many inquiries' which has led me to believe that they are not showing as 'one' or 'two' inquries to a lender.