multiple inquiries

[Anonymous]

I had a FICO score of over 700 then I purchased 2 vehicles and had multiple inquiries for refinancing one of the vehicles. now my score is at 460.  What can i do to fix this problem?

[Anonymous]

Your score would not drop from 700 to 460 from inquiries.  Something else is going on there.  Where are you getting your scores from?  If you take on a lot of inquiries when getting an auto loan they are all scored as 1 inquiry, so just because you see a ton doesn't mean you'll be scored any differently than if you just had 1.  This is assuming that the inquiries were all coded correctly, which is never a given. 

[Anonymous]

i did purchase 2 new vehicles.  Would that have lowered my score?

[Anonymous]

Great response by BBS.  Continue to work with him.  He's knowledgeable and generous at helping newcomers.

Note that he asked you where you were getting your scores from.  Answering that question will help him help you better.  He'll also be very interested in hearing about your credit reports, which are different from your scores.  In particular:

*  Have you ever pulled your credit reports?

*  If so, do you have copies of your reports from back when your scores were high?

*  Do you have copies of your reports now that your scores are very low?

*  Are your reports from all three bureaus or just one?

*  What tools are you using to pull your reports?

Of the many inquiries that were done, were they all done within a very short time frame?  Or were some of them a lot further than the others?

Adding a couple car loans would not account for this huge loss.  A 460 is wildly low -- hard to explain except via the abrupt appearence of major derogs on your reports (given that your score were very decent before).  Or conceivably all your credit cards becoming maxxed out.

BBS will be able to give you a much better idea once he hears more about your reports.

[Anonymous]

Top notch response from CGID above as usual.  He poses some very good standard questions that should be answered by the OP before we can proceed and really give you sound advice as to what is going on and what you can do to rectify it.  The bottom line, though, is that any significant score drop you realized is not due to taking on 1-2 new installment loans, so we must dig deeper here for what's really going on with your report and subsequent scores.