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Dealership Hit My Inquiry List 12xs

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Contributor

Dealership Hit My Inquiry List 12xs

I recently purchased a vehicle from Carmax. Apparently, they ran my credit TWELVE times, as my inquires skyrocketed to 31!

 

I've already prepared a letter to Carmax demanding they drop all but 1 of the inquiries. Will these hurt my score if I leave them there?

Starting Score: EX 578 | EQ 542 | TU 577 as of 3/7/2014
US Bank $300, First Progress $1000, First Progress #1 $300, Capital One $300, Credit One $400
Message 1 of 16
15 REPLIES 15
Community Leader
Legendary Contributor

Re: Dealership Hit My Inquiry List 12xs

It is very common practice for dealers to shop your app arround.

FICO recognizes both that practice, and that consumers may also do their own multiple apps for auto and mortgage shopping.

Thus, it counts all inquiries for auto or mortgage as a single inquiry if made within a sliding window, which is usually approx 2 weeks in width, but varies with the FICO model.

 

All inquiries will show in your credit report, but will not all be scored if properly coded as auto or mortgage.

Message 2 of 16
Contributor

Re: Dealership Hit My Inquiry List 12xs

Though the statement "All inquiries will show in your credit report, but will not all be scored if properly coded as auto or mortgage" may be true, I have also recently been shopped around by a dealership and over half the inquiries they placed (of which there were many) came back as something other than "auto".  I have been informed that there is very little chance of having them properly coded.  

 

I also applied for a credit card shortly after that and was denied for "too many inquiries".  According to the bank with which I applied - it didn't matter that they were all in the same window - they were counted separately.  So - although FICO might count them together within your score - the banks looking at your applications very well may not.

BK7 d/c:03/2010
8/16/15 - MyFICO EQ-582 TU-601 EX-573
12/7/2017 - MyFICO EQ-640 TU-669 EX-667
Message 3 of 16
New Contributor

Re: Dealership Hit My Inquiry List 12xs

I'll still send my letter. Can't hurt! Smiley Happy

Starting Score: EX 578 | EQ 542 | TU 577 as of 3/7/2014
US Bank $300, First Progress $1000, First Progress #1 $300, Capital One $300, Credit One $400
Message 4 of 16
Senior Contributor

Re: Dealership Hit My Inquiry List 12xs

That number does seem excessive but if you want to avoid multiple pulls by dealers then sort out your financing on your own and don't let dealers pull your credit.  You can certainyl request removal but they had permissible purpose.

Message 5 of 16
Established Contributor

Re: Dealership Hit My Inquiry List 12xs

I was afraid of the very thing that happened to the OP, so I did the same thing, shopping on my own. I just told them to assume the credit was fine and asked what the very best rate possible was. I ended up going with a local CU as they had the best rates, but I didn't give my personal info to ANYONE until I had settled on the best rate and was ready to pull the trigger.

 

When I've done dealership financing in the past, I told them I was ONLY interested in financing right from the manufacturer and to NOT shop me to anyone else. I didn't want to end up in the same place where I got shopped and my inquiries skyrocketed. I know the theory of scoring regarding multiple inquiries for the same purpose (mortgage, auto) but I've also read that it doesn't always work the way it was intended. Sorry that you got dinged by this, OP.

Message 6 of 16
Valued Contributor

Re: Dealership Hit My Inquiry List 12xs

I try to get financing outside the dealership, check in hand, then freeze my reports.  I don't trust the dealership to not "try and get me a better deal on financing" then proceed to assault my poor reports.  I've got the check guys, gimmie the car. 

 

Yay for new car I hope!

Starting Score: (8/15) EQ08 592 TU08 572 EX08 600
Current Score: (05/19) EQ08 740TU08 743 EX08 740
AX Plat and Sapphire Pref user.
Message 7 of 16
Contributor

Re: Dealership Hit My Inquiry List 12xs

I like your thinking buyaobuyao I won't go car shopping again without freezing my reports...bought a car 2 months ago and get to enjoy about 20 new inquiries separately on my 3 reports. :/
Message 8 of 16
Frequent Contributor

Re: Dealership Hit My Inquiry List 12xs

I recently purchased a vehicle thru a Nissan dealership.  That one vehicle purchase, hit my credit report 3 times. 1st by local dealership on Date A, 2nd by Nissan Corp on Date A, and 3rd by Nissan Corp on Data A + 1 (the very next day).  The funny thing is that I was approved for the loan on Date A for 0% by the local dealership thru Nissan Corp.  Then on the very next day, even though I had the vehicle in hand (signed, sealed, delivered), for the life of me I can't figure out why then ran my credit report that 2nd time on the very next day.

 

So on day #1 - 2 credit report pulls, and on day #2 - 1 credit report pull = 3 hard pulls.

 

Something smells fishy about that 2nd day, and that I should probably try to get it removed since I already had the vehicle????????  Hmmmmm...


Starting Score: EQ 593, TU 600, EX 612
Current Score: EQ 850, TU 850, EX 843
Goal Score: EQ 750, TU 750, EX 780


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Message 9 of 16
Community Leader
Super Contributor

Re: Dealership Hit My Inquiry List 12xs

The same thing happened to me in August with my new car purchase. Fourteen inquiries across two credit bureaus. My next purchase I will go in with my own financing. So sorry this happened to you, OP.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 758; TU: 746; EQ: 762
Message 10 of 16