I had a 750 credit score, i went to buy a car and a ford dealership sent my app to 15 different companies that all ran my credit over a few days now my score is a 683 can i do anything to help or to get my score back up quickly???
2007-01-21 16:21:55 · 6 answers · asked by walker texas ranger 1 in Business & Finance ➔ Credit
I agree totally with you. Borderline entrapment if you ask me. For what it is worth this might help. There is a free download software look at my profile for the url finance. The software gives you a perspective of where you are with your debts and gives a strategy on how to clear them. Its shareware software that I used with some success. It just might help you.
2007-01-21 16:37:21 · answer #1 · answered by Anonymous · 0⤊ 1⤋
In all honesty there is probably something else that caused this. This is 67 point drop and while just doing these inquires may have caused it, there also may be another reason.
Are did your 750 score come from the same place as the 683 score did. Scores are also known to vary from one source or another, some as much as 20-30 points. If they did come from different places you might want to contact the agency that gave you the 683 and make sure they do not have any incorrect information that may be lowering your score.
You can read how FICO, where a majority of lenders use for scores treat credit inquiries. Basically, they have a process built in for "Rate Shopping" that is they will treat multiple inquires in a short time as 1 inquiry. This can vary but they mentioned a 14 day period.
2007-01-21 17:02:54 · answer #2 · answered by OC1999 7 · 0⤊ 1⤋
My guess is that the drop did not occur from the inquiries. Several similar types of inquiries on your credit over a period of a few days actually only count as one inquiry. My guess is that there was something else that trashed your credit recently. Make sure all of your card accounts are below 49% debt-to-limit. Make sure there are no late accounts. The inquiries should not have done that to you. I will also add this: a 750 score is tremendous, and with that score the FIRST lender would have written your loan. My guess is that your score got trashed before you even went to the dealer. You need to find out when the score started falling. The credit monitoring service from www.lendingtree.com keeps a running graph of your score and you may be able to pinpoint when the dive happened.
To get it back up: Move balances between cards to reach that 49% magic number of below. Find a friend or family member with stellar credit scores and perfect payment history for at least 3 years and ask them to put you on their account as an authorized user. You will get the card but you will inherit their history. If you do not have friends or family who will do this, go to www.blairsmedia.com and purchase trade lines. Its worth it.
2007-01-21 23:38:44 · answer #3 · answered by Freak Boy 3 · 0⤊ 2⤋
Not much you can do - it will bounce back in about 6 months. It's the nightmare-ish trick that auto companies do to people. It's always better to be approved from a lender before you go to the dealership. If you have a credit card with a $0 balance, use it each month and pay of the entire balance each month. This is a proven method of bringing up your score - but in the normal time frame. (Don't open a new card to do this)
2007-01-21 16:30:41 · answer #4 · answered by amy23 3 · 0⤊ 1⤋
I know it sucks, but there's not a lot you can do. Your scores will go back up after a few months. A 683 score is still a good score, so don't stress too much over it.
2007-01-21 16:44:50 · answer #5 · answered by kelly h 3 · 0⤊ 0⤋
I would have a total fit at the dealership. I am very confused about this though. When my husband and I go and apply for a car loan we've always signed off only on them sending it to 3 lenders. We always only okay it for our personal bank, our mortgage bank, and the dealership finance office(Nissan Finance for example)How did they finagle you into sending it to 15?
2007-01-21 17:37:56 · answer #6 · answered by psycho-cook 4 · 0⤊ 2⤋