My credit score is somewhere between 525-580 depending on the credit firm. I have let 3 car dealers pull my credit, and found out that these inquiries are negatively affecting my rating. Can anyone shed some light on this matter?
2007-09-17 07:01:35 · 6 answers · asked by MJ 32001 3 in Business & Finance ➔ Credit
They drop your score for inquiries (not just cars) because some people have tried to game the system by applying for a second loan after the first is approved but before it is reported to the bureaus and thus hide some of their obligations. The inquiries fall off quickly when they are not followed quickly by a new loan.
If a car dealer won't let you take a test drive or show you the merchandise without a report, go somewhere else. Some dealers want to pull a report up front so that they know what you can afford and not give you their best price.
2007-09-17 08:05:37 · answer #1 · answered by Ted 7 · 0⤊ 0⤋
The more you let someone pull your credit, the lesser your score will be. It shows that you are trying to obtain more financial debt, which drops your score and makes it less appealing to future creditors. If you can, get a copy of your credit from the last person who pulled it and use it to shop around.
2007-09-17 14:14:44 · answer #2 · answered by NinaNewp 1 · 0⤊ 0⤋
They say that it hurts your credit because you are requesting credit. I know it is really stupid because you are probably trying to find the best deal, but the way they look at it is that maybe one is denying you so you are requesting from somewhere else ect ect ect. Bottom line they look at you trying to get credit a negative thing because it looks like you are trying to hard and makes it look like a lot of different people are "questioning" your credit.
2007-09-17 14:11:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Any time anyone looks into your credit it brings it down a bit till you build it back up again. So if you keep applying for credit at different places every hit when they look into your credit is going to bring it down a few notches. So only apply to use credit when you need too. But when you pay your regular payments on credit related items, credit cards, vehicle payments ect it brings it up quickly.
2007-09-17 14:11:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I have been wondering the same question I think it has to do with trying to optain credit
2007-09-17 14:11:13 · answer #5 · answered by Crazy cat lady >^ ^< 4 · 1⤊ 0⤋
see www.myfico.com for an explanation of credit scores.
2007-09-17 14:07:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋