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Hey Monte, credit "pull" question...
#8889571
05/02/13 03:04 PM
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Joined: May 2011
Posts: 2,710
lowew79
OP
Extreme Angler
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OP
Extreme Angler
Joined: May 2011
Posts: 2,710 |
Monte,
If you don't mind I have a credit question. How much does filling out a credit app at a dealership drop your score?
We have bought 3 new cars over the last 10 years, a house about 8 years ago, and paid off a lot of debt. Our score WAS great when we started shopping for latest vehicle (My wife's Honda needs replacing, she has developed knee problems and it is just too cramped for her to drive). Again, no late payments on any vehicle for eight years, credit lines getting paid off, we are doing everything right.
Anyway, we shopped around a few dealers, and filled out apps at all of them to see who could give us the best deal. Well, when we went to pull the trigger on a suv for her, we had problems. The salesman told us that our credit had been pulled nine times in the last week and that had tanked our score.
Is this plausible? Does getting your credit pulled cause it to drop like a lot? If so, how long do we need to wait for it to recover from that. There is nothing negative on it except a medical bill that we are trying to deal with. Also, if your score drops from being pulled, what's the best way to shop around for a rate, without disqualifying yourself for that rate?
I just wonder if it is just the pulls or if I need to look and see if there is something else going on.
Thanks for your time sir.
Politicians are like diapers, they both need to be changed often, and for the same reason - Unknown
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Re: Hey Monte, credit "pull" question...
[Re: lowew79]
#8890232
05/02/13 05:17 PM
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Joined: Apr 2004
Posts: 14,121
Stump jumper
TFF Guru
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TFF Guru
Joined: Apr 2004
Posts: 14,121 |
Since I re-financed my house 2 months ago I have gained a wealth of knowledge on credit. My ex-wife signed me up as an authorized user on a Sears card and paid it late and then let it default. The default happened in Dec.. Before that all scores were in 800s. 2 of the CUs will show a history on a authorized user. It was not right because I am not liable for the debt. Somewhere in my research on this issue I came across something that said your credit scores cannot be impacted by comparison shopping. I know it covered mortgages but believed it covers any secured debt including vehicles. Now CCs are a different story.
2200 Bay Champ/200 Mercury Optimax 2017 Tundra TSS 4x4 Crewmax 5.7L
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Re: Hey Monte, credit "pull" question...
[Re: lowew79]
#8895433
05/03/13 10:34 PM
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Joined: Mar 2003
Posts: 10,695
Monte Coon
Coon's Bar & Grill
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Coon's Bar & Grill
Joined: Mar 2003
Posts: 10,695 |
Monte,
If you don't mind I have a credit question. How much does filling out a credit app at a dealership drop your score?
We have bought 3 new cars over the last 10 years, a house about 8 years ago, and paid off a lot of debt. Our score WAS great when we started shopping for latest vehicle (My wife's Honda needs replacing, she has developed knee problems and it is just too cramped for her to drive). Again, no late payments on any vehicle for eight years, credit lines getting paid off, we are doing everything right.
Anyway, we shopped around a few dealers, and filled out apps at all of them to see who could give us the best deal. Well, when we went to pull the trigger on a suv for her, we had problems. The salesman told us that our credit had been pulled nine times in the last week and that had tanked our score.
Is this plausible? Does getting your credit pulled cause it to drop like a lot? If so, how long do we need to wait for it to recover from that. There is nothing negative on it except a medical bill that we are trying to deal with. Also, if your score drops from being pulled, what's the best way to shop around for a rate, without disqualifying yourself for that rate?
I just wonder if it is just the pulls or if I need to look and see if there is something else going on.
Thanks for your time sir. I would recommend looking into your credit report to see what's causing the score to be lower than you anticipated I dont believe that having 9 inquires would be enough to drop it to the point that you wouldn't be able to get financed. It's possible that the medical bill you mentioned may be causing more problems than you think I've seen those get reported multiple times which may have something to do with the drop. Also you mentioned paying off some of your other debt, that can cause your score to temporarily drop as well when you payoff or close an account. Heres a couple of links that I thought may be helpful http://www.myfico.com/crediteducation/creditinquiries.aspxhttp://www.bankrate.com/finance/credit-cards/how-credit-inquiries-affect-credit-score.aspxhttp://www.experian.com/consumer-products/credit-score.html
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Re: Hey Monte, credit "pull" question...
[Re: lowew79]
#8920415
05/11/13 02:33 AM
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Joined: May 2011
Posts: 2,710
lowew79
OP
Extreme Angler
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OP
Extreme Angler
Joined: May 2011
Posts: 2,710 |
Politicians are like diapers, they both need to be changed often, and for the same reason - Unknown
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Re: Hey Monte, credit "pull" question...
[Re: lowew79]
#8921791
05/11/13 05:56 PM
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Joined: Mar 2003
Posts: 10,695
Monte Coon
Coon's Bar & Grill
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Coon's Bar & Grill
Joined: Mar 2003
Posts: 10,695 |
Yes sir let me know if I can help!!!
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