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PRock

Removing Hard Inquiries. Auto Dealerships Racked up over 30 Inquiries!

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Hello CB members.

I have a problem which was my mistake for not researching.. I was in the market for a car a little over a month ago and shopped around between 4 different dealerships. Each of them pushed their own financing...the salesmen all told me that my score will only go down by a small margin because the bureaus will know I'm shopping around for a large purchase such a mortgage or auto financing. This was certainly true but I now have 31 new hard inquiries which is unfavorable to future creditors. Although I didn't mind each dealer to pull my credit, I didn't want each lender to all pull my credit. I expected 3 new hard inquiries (maybe 4 including the lender they choose to go with), not 31. 

 

I've read that you can delete hard inquiries which were not authorized...I only authorized the dealerships to pull credit, not each individual lender and I didn't even know each one would pull their own.

 

If there's a way to remove these, what's the best way to go about it?

- With the reporting agencies?

- With the creditors?

- Is there a template I can look into?

 

This is very disturbing to me as I've been working so hard to clean up my credit. I'm looking to buy a house next year and the excessive hard inquiries may harm me.

 

Hopefully this thread will be a good resource for others. Please help :(

 

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Don't attempt to remove legitimate inquiries.

 

These are legitimate inquiries.  

 

You gave permissible purpose when you sought credit to finance a car.  

 

For scoring purposes every inquiry that's coded as an automotive inquiry for 15-45 days (depends on the FICO score model) counts as one.  

 

Read the "rate shopping" section here.

 

An inquiry isn't derogatory.  You can have perfect credit with 7,700 inquiries.

 

 

Edited by cv91915

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7 hours ago, IH8SPM said:

Did you find the car you wanted a price you can afford?

Sent from my SM-G950U using Tapatalk
 

Yes, I actually downsized to save money. Cheaper car than what I had previously...shorter term, cheaper payments, cheaper maintenance. Went from an Audi to a Ford.

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18 hours ago, PRock said:

Yes, I actually downsized to save money. Cheaper car than what I had previously...shorter term, cheaper payments, cheaper maintenance. Went from an Audi to a Ford.

Payment amount doesn't matter. Hope you went to a cheaper APR (or at least the same), otherwise this may not have been a good financing deal.

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On 10/19/2018 at 3:29 PM, policebox said:

Payment amount doesn't matter. Hope you went to a cheaper APR (or at least the same), otherwise this may not have been a good financing deal.

Yes..you are absolutely right.. APR is decreased from 9.99 to 5.25....mainly due to my credit improving and newer car.  

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Sounds like a win! 

 

Anyway FICO ignores anything over 5 inqs. If only 5 had shown up, you probably wouldn't think anything of it. So 30 is the same thing. 

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