Here's the scenario:
About two years ago, I wanted to lease a Car. The dealership I applied at had 9 !!! yes 9 different lease companies working on it. This shows up as 7+ credit inquiries on my credit/FICO score. Is there anything I can do to reduce the number of these that are showing up on my report?
Here's what I have tried so far:
1. Tried to contact the Dealership - They are out of business.
2. Called freecreditreport.com (I am a member). They say they can do nothing.
3. Called Experian, Transunion and Equifax and they say there's nothing I can do.
Any ideas or tips? If I can reduct these inquiries, I can gain 7 points on my score.
Welcome to the forums!
First off, know that under FICO scoring, inquiries only count for one year. While they report for two, they'll fall off your FICO report and they aren't factored in any way into your FICO score. Moreover, FICO is unique in that car and mortgage inquiries are lumped together for scoring purposes during a two week plus window (depending on the CRA + FICO version) because the avg. consumer would want to rate shop to get the best deal. So, if you have 50 inquiries in a 2 week period, you are only dinged for one.
Freecreditreport.com has reports for EX and offers a score, but that score isn't a FICO score. It is a non-FICO score we call a FAKO. Specifically, it is a PLUS score. Ignore that score as lenders don't use it anyway.
Thanks for the reply... I guess I will have to live with the slight ding.. Nice to know that the real FICO doesn't take it into account.
The wierd part of this is that the inquiries show up over a 5 week period... I was trying to lease a 2003 Car and most leasing companies won't touch a car that old... The dealer was really at fault here, allowing so many inquiries to happen.