Fair shopping??

[KLEXH25]

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@Stugotsv10 wrote:

no they took same day.. July 4th no losses... the inquiry hits instantly on Vantage so it gives you a real world idea.. then Fico hits later of course, Wallet hub is a great way to see whats what because it updates every morning at 6am

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The inquiries will hit instantly...there's no argument there. But @Anonymous is saying that the loss of FICO points attributed to the inquiries should occur 30 days later if the inquiries are coded correctly for an auto loan. 

[Anonymous]

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@Stugotsv10 wrote:

no they took same day.. July 4th no losses... the inquiry hits instantly on Vantage so it gives you a real world idea.. then Fico hits later of course, Wallet hub is a great way to see whats what because it updates every morning at 6am

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Yes they may count on Vantage the same day and they show up on your credit report the same day, but instalment inquiries do not affect your score for 30 days, I promise you that. So if it was coded as instalment or auto the point loss would not be until 30 days from the first in the 45 day window. 

So, if it was on June 4, I would expect it to hit July 3 or July 4. Any point loss on fico from the same day was not from an instalment inquiry I assure you. Look for other changes that day.

[Anonymous]

@Stugotsv10 Go look at this under FICO 8 risk score. See where it says other information? What does it say? That’s straight from trans-union

• 30-day buffer and 45-day inquiry dedupe of all auto- and mortgage-related inquiries

https://www.transunion.com/docs/financialServices/TransUnion_Models-Jan2011.pdf

and look it also discusses revenue models to determine our profitability potential, insurance risk scores, all sorts of models.

[Anonymous]

https://www.fico.com/blogs/better-way-treat-inquiries

[Anonymous]

It’s actually explained in the Scoring Primer linked at the top of my signature, but here’s another source on the web that discusses it:

https://www.creditcards.com/credit-card-news/multiple-credit-inquiries/

[Anonymous]

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@Stugotsv10 wrote:

no they took same day.. July 4th no losses... the inquiry hits instantly on Vantage so it gives you a real world idea.. then Fico hits later of course, Wallet hub is a great way to see whats what because it updates every morning at 6am

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@Stugotsv10 yes CK and WH are great for monitoring your data as long as you disregard the scores. CK always alerts me to any inquiries, but that doesn't mean the point loss happens that day in terms of fico.

And the inquiry actually hits your credit report instantly, so whether Vantagescore or fico is subsequently ran, it will take it into account based on that algorithm's rules. Vantage score uses the same data from the bureaus fico does. 

[Stugotsv10]

So I had a 831 Score.. I decided I wanted a new car AND a new bike (I'm sure you can already tell where this is headed right? lol) SO since I was getting something my GF wanted to get a new car, SO I end up with 3 new loans basically within the same month, so I'm sure you can guess what happened to my 831 right? YEAH 663 is what happened between ALL the inquiries AND the 3 loans.

So my question is this.

Is there anyway besides TIME that can help me fix this? I only ask because I need a merchant for a new business venture and they rejected me due to my score being only a 663, ANY trick any of you know?

Thanks so much for any and all help / Replies

[coldfusion]

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@Stugotsv10 wrote:

So I had a 831 Score.. I decided I wanted a new car AND a new bike (I'm sure you can already tell where this is headed right? lol) SO since I was getting something my GF wanted to get a new car, SO I end up with 3 new loans basically within the same month, so I'm sure you can guess what happened to my 831 right? YEAH 663 is what happened between ALL the inquiries AND the 3 loans.

So my question is this.

Is there anyway besides TIME that can help me fix this? I only ask because I need a merchant for a new business venture and they rejected me due to my score being only a 663, ANY trick any of you know?

Thanks so much for any and all help / Replies

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You can start by filling us in on what "831 Score" and "663" are.   Without context these numbers are...just numbers.

FICO 8?

Vantage 3.0? 

??

Why someone would take on multiple unnecessary personal loans within less than a month when planning to line up financing to support a business venture is beyond me, but to answer your question no there are no tricks.

[Stugotsv10]

Fico 8.

As far as the situation goes

1. The business idea was always on the back burner but just recently new developments made it possible sooner

2. I did NOT expect such an intense drop

3. I have not applied for a payment gateway in a few years BUT in years past they were not this strict on credit score

[coldfusion]

I would have expected a fairly substantial drop in scores but maybe not one quite this big to be honest. Still, there is no quick fix unless you had the means on hand to pay down significant portions of all loans which should allow your scores to recover somewhat.