My Credit Score dropped 84 points because I was looking for a car for my granddaughter

[Anonymous]

To me this is stupid. We did not find one for her and I refused to let anyone else pull my credit score. That has been well over a month ago and my credit score still has not changed. One of the car dealerships told me my score would go back up if I purchased a car. How stupid is that.

What can I do to get my score back to where it was before I started looking for her a car? It was 784.

[llecs]

One of two things happened. First off, inquiries would never drop a FICO score 84 points. Assuming your credit was ran 500 times that week, you'd still get dinged for only one of those inquiries. Based on being in the 700s, assuming you had zero inquiries, I can't see much more than 10 points for that inquiry.

One of two things happened:

1) You may be comparing apples to oranges. Where did you pull your scores? I assume one was the dealer?

2) Assuming you are comparing apples to apples, look through your CR. Check to make sure that the balances didn't change, CLs the same, etc. Make sure there are no new accounts, missing accounts, added lates, etc.

ETA...that comment by the dealer was a bad one at that...glad you caught it.

Message Edited by llecs on 08-25-2009 11:18 AM

[Anonymous]

Well it looks like after going to 3 car dealer ships they each on pulled the credit twice a piece. Each one told me they have to pull it and then the company they are trying to finance with has to pull it. The reason I was doing this was because my granddaughters` credit score was not good. So what do I do to get this score back up where it was or is this even possible. I am so mad right now I could scream. This is NOT fair.

[llecs]

It is normal to pull that many times. Don't worry about that. It isn't hurting your FICO score. Most people shop around for the best rate for purchases like cars or homes. Because of that, you are only taking a score hit for one inquiry of the 6 pulled. Ignore the other 5. FICO does.

What was the score the lender pulled? 784? or 700?

[Anonymous]

Well it is hurting my score I had a score of 784 and now it is under 700. It dropped right after this was done. I looked at what caused it and all the reports did. This has been over a month ago. So again I ask what do I do to get it back up again? The last score I have was done on 8/8/2009.

[fused]

I agree with what llecs mentioned. Also, are you sure nothing else changed on your reports?

[Anonymous]

As I have said before, one pull dropped my score 30pts.  No one believes me, but this is true.  It was back up within six months, but......a pull can drop your score that much.

[Anonymous]

Inquiries do count for 10% of your credit score... which could be 85 points.  Maybe the recent score is a computer messup which clocked all the inquiries separately which led to an 84 point deduction.

Humans are stupid and we tell the computers what to do.

[llecs]

IMO, assuming nothing changed on OP's report (e.g. CC balances) other than the inquiry, then I bet OP is comparing apples to oranges per the score pulled. If OP pulled any score, other than from myFICO, then he/she very likely doesn't have a FICO score, but a FAKO. If indeed from this site, then I'd hazard a guess, and nothing changed, then I'd guess that OP was comparing the score pulled from the lender vs a score pulled from here. Even if both are FICO scores, the score pulled from the lender could possibly be an automibile-enhanced FICO score, geared towards OP's reporting auto history. If none of the above statements are true, then I'll have to eat crow.

[Watchmann]

Other's have already given good advice, but I wonder why you allowed them to pull your scores before you struck a deal?  If they ask tell them you may pay cash, and it is irrelevant to the deal anyway.  Once a deal is reached and the price negotiated THEN you allow them to pull the score so they can offer financing appropriate for the score.  If they say they need to know your score before talking turkey I'd walk out.  The price of the car has to be negotiated separately as a cash transaction, then you negotiate a trade in value (if any) and then you talk financing.  Each of these items is a stand alone transaction.  But dealers like to get the buyer all twisted up by mixing up all three of these elements (always to the dealer's advantage).

One trick they like to pull is when you test drive a vehicle they will make a photocopy of your license and while you are out in the car they run an unauthorized credit check.  I make a copy of my license and write on the copy with a black Sharpie, "No credit checks authorized", and I tell them if they pull my credit I will sue them.  I've never had an unauthorized check yet. 

Message Edited by Watchmann on 08-29-2009 08:28 PM