Billion inquiries from Car Dealership finally falling off

For just about anything you want to get off your chest about credit cards.
4 posts
jrmsu
Platinum Member
Platinum Member
 
Posts: 79
Joined: Sun May 04, 2014 9:53 am
Location: Mississippi

Billion inquiries from Car Dealership finally falling off

Postby jrmsu » Mon Apr 27, 2015 10:47 am

2 years ago, before I knew any better, I went to buy a car at a Nissan dealership. I had relatively little credit history and wasn't aware about hard pulls and their effect on my credit score. Turns out that the dealership put in about 8-9 credit inquiries on Equifax and Experian. If I had known about this site 2 years ago, I would not have allowed that. I'm just glad that those inquiries are finally falling off. I'm curious to see how my score will change.
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)



Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Re: Billion inquiries from Car Dealership finally falling off

Postby Vermonster » Mon Apr 27, 2015 10:55 am

We had a similar thing happen when we were looking for my wife's car. Chase had approved us for about $12k @3.5% for a 4 year old car as long as it didn't have more than 75k miles. The one we had in mind when we were approved was sold before we could close on it. We cheched a few other dealerships and found one that fit all needs. The dealer convinced us that he could do better than Chase even when I lied and told him we were getting 3.0%. He came back and said the best he could do was 6.3%, LOL. Unfortunately a few weeks later I saw that they hit all 3 credit reports with 2 hits each!

In our case it only took about 8 months for the inqs to stop affecting the score. I think I saw a 2 point increase when they fully dropped off. Either way most creditors will count all those as one inq when looking at your report.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Re: Billion inquiries from Car Dealership finally falling off

Postby MemberSince99 » Mon Apr 27, 2015 11:24 am

Your FICO score won't change at all - to your FICO the inquiries "fell off" after a year. On Credit Karma you will probably see a big boost but that doesn't mean a thing.

And yeah it looks bad but FICO also groups those inquiries within a certain period together so they ding your score as if they were one, at least in theory.

Still it's a nice feeling to kiss them goodbye.

jrmsu
Platinum Member
Platinum Member
 
Posts: 79
Joined: Sun May 04, 2014 9:53 am
Location: Mississippi

Re: Billion inquiries from Car Dealership finally falling off

Postby jrmsu » Mon Apr 27, 2015 1:49 pm

MemberSince99 wrote:Your FICO score won't change at all - to your FICO the inquiries "fell off" after a year. On Credit Karma you will probably see a big boost but that doesn't mean a thing.

And yeah it looks bad but FICO also groups those inquiries within a certain period together so they ding your score as if they were one, at least in theory.

Still it's a nice feeling to kiss them goodbye.


What? Are you saying Credit Karma is not accurate?! Next you are going to say that Gardening doesn't give you superpowers!

Lol, at least now I know why the FAKO score from Credit Karma has always been much lower than my actual scores.
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)




Return to “General Credit Card Talk”

Who is online

Users browsing this forum: TrumanMet and 1 guest