Credit Question

[bonnie&clyde]

So i purchased a truck last month and i was wondering, when they run your credit thru all these different banks does each one count as a hit on your record? for the past week or two i have been getting these letters in the mail from banks as to why they denied my loan and each time i open the letter i see a lower and lower credit score

[Geor!]

They each score differently. You could have a 730 with one and a 690 with another.

[SVT Lurch]

Each shows as an inquiry and if it's anything like the mortgage industry they have to send a reason (in writing) as to why you were denied if you applied with them (which the auto LO probably did on your behalf).

[bonnie&clyde]

yeah they all said my credit score was too low, i thought anything over 650 is good....guess my 685 was not good enough :-(

[GE]

I dunno if I'd be bragging about a 685.

[bonnie&clyde]

I'm not, it has dropped a lot over the past 5 years do to me not paying attention to the mail, hope to get it back to mid 700's soon

[black50]

if you have alot of inquiries for the same thing like car shopping and all the inquiries occur within 30 days then its supposed to show only 1 ''hit'' on your credit

A hard inquiry will usually lower your score about 10-15 points per inquiry

[sosoe]

<< 800 club!

[CJ-95GT]

So can the dealership take the car from dude if they can't find a bank to finance it?

[2011GT]

<< 800 club!

you know they say the higher your credit score the more you like debt...

[bonnie&clyde]

So can the dealership take the car from dude if they can't find a bank to finance it?

the day we went up there they found a bank to finance, but i dont even think they would give u a car if they cant find a loan for u, maybe a car salesman can help us out on this

[krazy kris]

I was told by a loan officer for every 12 inquiries in a 2 week span it counts as 1 inquiry

[mstng86]

you know they say the higher your credit score the more you like debt...

i have about a 780 and have $1500 in debt. That doesn't apply to everyone.

If I had a mortgage loan it would probably be in the 800 range.

[Big A]

I was told by a loan officer for every 12 inquiries in a 2 week span it counts as 1 inquiry

There must be some caveat to that, or perhaps they don't keep the best tabs on what. When I bought my car a few years ago both BMW and my credit union ran the financing, and both showed up as hard inquiries on my credit report.

Perhaps FICO wasn't able to connect the 2 as an inquiry for the same car for whatever reason, both have dropped off at this point though.

[bonnie&clyde]

There must be some caveat to that, or perhaps they don't keep the best tabs on what. When I bought my car a few years ago both BMW and my credit union ran the financing, and both showed up as hard inquiries on my credit report.

Perhaps FICO wasn't able to connect the 2 as an inquiry for the same car for whatever reason, both have dropped off at this point though.

how long does it take to drop off your credit?