aquamarinebug Posted April 9, 2008 Report Share Posted April 9, 2008 Okay I know this has been asked - and talked about - but I can't seem to get a straight answer.Here we go:Husband shopped for cars - his credit is very poor (he is my next project after fixing my own). I allowed ONE car place to run my credit. After both of us being declined, a few months later, I pulled my credit and there are all kinds of different loan agencies.I authorized it on the PHONE with the dealer - and my only agreement was with FORD MOTOR CREDIT. THAT IS IT! I have 12 inquiries on my credit report(s).So, I sent letters to the agencies as well as with TU, EQ, and EX. Nothing has happened yet. The online ones haven't changed.My question is - did I go about this the right way? (Minus the whole - husband attempting to use me as a cosigner thing?) Link to comment Share on other sites More sharing options...
Guest BucFan Posted April 9, 2008 Report Share Posted April 9, 2008 I'm new but I think this might help you...Linky Link to comment Share on other sites More sharing options...
VeVe Posted April 9, 2008 Report Share Posted April 9, 2008 They only count as one inquiry. No big deal. Link to comment Share on other sites More sharing options...
aquamarinebug Posted April 9, 2008 Author Report Share Posted April 9, 2008 I'm new but I think this might help you...LinkyThank you...and welcome.Yep - that is what I sent out. ) Unfortunately I have learned that you need to pay attention to the posts that are on the forums (date wise). I was so pumped about the online removal just by submitting the investigation online and putting "inquiry 3/14" or whatever...and then I learned that post is from like 2007- and the big 3 credit agencies must have caught on, because it SO didn't work for me.Welcome - you will learn SO Much here and don't be afraid to ask anything!! Link to comment Share on other sites More sharing options...
aquamarinebug Posted April 9, 2008 Author Report Share Posted April 9, 2008 They only count as one inquiry. No big deal.But it doesnt-it says that I have like 12...not like, half of that. Link to comment Share on other sites More sharing options...
VeVe Posted April 9, 2008 Report Share Posted April 9, 2008 But it doesnt-it says that I have like 12...not like, half of that.They will show up individually, the they count as one. Put another way, when your FICO score is calculated, all the auto loan pulls weigh as only one pull.You're expected to shop around for the best rate when purchasing a car or home which is why you're not penalized for having a bunch of companies pull your credit in a short period of time. However, if you go out tomorrow and start shopping for a loan again, that will count as a new inquiry. Link to comment Share on other sites More sharing options...
VeVe Posted April 9, 2008 Report Share Posted April 9, 2008 Straight from FICOWhat to know about "rate shopping." Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score. Link to comment Share on other sites More sharing options...
aquamarinebug Posted April 9, 2008 Author Report Share Posted April 9, 2008 They will show up individually, the they count as one. Put another way, when your FICO score is calculated, all the auto loan pulls weigh as only one pull.You're expected to shop around for the best rate when purchasing a car or home which is why you're not penalized for having a bunch of companies pull your credit in a short period of time. However, if you go out tomorrow and start shopping for a loan again, that will count as a new inquiry.I see. I just hate it from the big three and it lists the hard inquiries that "may be pulling down" your credit score.I want them gone...dang it.Thank you again. ) Link to comment Share on other sites More sharing options...
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