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GENERAL INQUIRY QUESTION

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Anonymous
Not applicable

GENERAL INQUIRY QUESTION

Hi I am new to the forum, I am a recent college graduate and looking to purchase a house in the near future. My main question is, I work at a dealership and I have been wanting to pull my credit so I can actually view my bureau to see everything as well as my TU score. I am curious if this inquiry will be considered a hard pull or a soft pull considering it is being pulled through a dealer credit score website at my dealership. I am curious as to what my score is and how my bureau looks before me and my fiance start the home-buying experience soon. I have a total of 3 credit cards, a paid off personal loan, an open auto loan and then my student loans which i have just started paying recently as I've just graduated. I've had the credit cards for 4 years or so now, the personal loan I paid on for 1 1/2 years and its been paid off for 2 years now and my open auto loan I have had for 14 months. Student loans I have had for roughly 4 years but have just started paying on them. My last inquiry was about 8 months ago and I believe in the last 2 years I have had maybe 3-5 inquiries total. Will it hurt my credit badly to pull it at my place of employment?

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3 REPLIES 3
RobertEG
Legendary Contributor

Re: GENERAL INQUIRY QUESTION

In order to pull consumer credit reports, the dealership is required under FCRA 607(a) to provide the CRA with their stastement of their permissible purpose for credit inquiries.

That statement can be of general form if all inquiries are for the same stated permissible purpose.

They must also certify that the inquiry is only for that, and no other, purpose.

 

The statement of permissible purpose that is almost assuredly on record for your dealership is for a consumer-initiated business transaction or a consumer-initiated request for credit with respect to the purchase of a vehicle.

 

For you to use that system to pull your own credit report would, in my opinion, be a breach of the stated permissible purpose for which they make their inquiries.

You are not pulling with respect to a consumer-initiated business transaction or a consumer-initited request for credit, and your use is not for that purpose.

 

I would advise that if you wish to pull your own credit report for your own use, that you not use their system.

 

Message 2 of 4
RonM21
Valued Contributor

Re: GENERAL INQUIRY QUESTION

If you need more info on where to get scores you can look at the threads on here for various options to suit your needs.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 3 of 4
takeshi74
Senior Contributor

Re: GENERAL INQUIRY QUESTION

Don't pull via the dealer.  There are a number of sources you can use for reports and scores that will not be a hard pull including myFICO.

 

If you're looking to get a mortgage thne keep in mind that mortgage lenders do not use FICO 8.  They probably don't use whatever model your dealership uses either.  See also the Understanding FICO Scoring subforum and its stickies for info on the different FICO models used by creditors.  Always be aware of the specific scoring model & CRA when referring to any score.  Also be aware of the relevance of the model/combo to a given creditor/product.  You cannot use a score generated by one model to determine a score generated by another model.

 

Don't overlook EX and EQ.  Your mortgage lender will pull all 3 and use the mid score.  Defnitely pull all your reports and carefully review them.  Don't just fixate on scores.  You need to be able to identify issues in your reports and then work on addressing them ASAP.

 


@Anonymous wrote:

Will it hurt my credit badly to pull it at my place of employment?


Not sure even with the info you've provided.  It doesn't sound like an HP would be an issue.  However, if an HP does have a significant impact then you have bigger issues with your credit profile that you need to address.  It's not just about the HP itself but one's credit profile.  Thick profiles in good standing will see less of an impact than thin profiles and/or profiles with issues.  Either way, I'd still advise pulling your reports and scores from other sources.

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