already tried to submit a request for removal, but wondering if anyone else has been in the same boat. seems like this is more of a pain to remove “regular inquiries”
several months ago. was at hyundai dealer, agreed on deal, signed all paperwork, ran credit…all normal up to this point. im literally clearing out old car, setting up new car, and they tell me something was wrong on their end and couldnt honor deal from corporate, blahblahblah.
so now i want the inquiry removed of course, since that should’ve obviously been cleared with the 3 hours of going back and forth to get my original numbers in the first place. anyone attempt something like this?
Lowers score a bit and stays on for 2 years. Especially if I’m looking to get something else kind of soon. If I’m already top tier don’t need that pulling it down unnecessarily
If they see there was no additional line of credit opened, it won’t impact your credit score much one way or another. If you are top tier, then don’t worry about it. I just bought a car, used Ford’s captive finance company to get a sales price discount (they were charging insane rate in exchange for that ~$8k discount), flipped the loan to my credit union the next week. No impact at all on my credit score.
There is a scale for the number of inquiries and it may reduce the score when you move from 1 to 2 or whatever number.
In general, inquiries have a relatively low impact on your credit score.
One hard inquiry might not affect your credit score. But multiple hard inquiries in a short period of time will likely have negative affect your score, and could prevent you from getting the credit you want at the best available rates.
I can empathize with your annoyance. I just encountered a similar situation. It is fine when you take possession of the vehicle, but when you are approved, and the other party takes the deal off of the table, you are left with another inquiry when you decide on a different vehicle. However, if you find a car and are approved quickly, due to rate shopping, it should only count as a single hit.
Hopefully, you can get it removed, but I would not rely on that. The rules in this area are flawed. Two years is too long in situations such as yours (where you are approved, but no new account is present due to another’s fault). It no longer affects your score after one (year), but it needs reform.
Most feel if you have excellent credit and the impact is minimal, it should not be of concern. However, I am looking to purchase a home, and recent auto inquiries are beginning to stack up. It has not impacted my score much, but I wonder when I apply for a home loan, how they will be perceived. They see the hits, but no new accounts. So I question if they will assume that as my being denied credit when there was approval for each one. Once you reach a certain number of inquiries, I do not care how excellent your credit is, your score will lower.
Credit is a strange thing. You work hard to keep your scores top tier, and then you apply for a few of life’s necessities, and if they deem it as too much, your score drops a great deal because of it. I do not know how they expect a person to hold off on a new auto loan or mortgage, only to keep this from happening. I do not apply for credit unnecessarily, and my utilization stays at 1% (to show activity). But even my score dropped from inquiries. And to realize they will be on my reports until this time in 2019 is ridiculous.
I have tons of inquires (20+) on my credit and still have tier 1. Your assertion that it should have been wiped is incorrect. They did the pull, so it’s not invalid. It really doesn’t matter. You’re waging war for no reason. Let it go.
You can get inquiries removed. It usually improves your score about 2 points. If you have multiple inquiries in a short span of time, the bureau knows you are shopping so they don’t accumaltively hurt you.
Typically, if you want to improve your score, there are better ways.
As far as getting inquiries removed, it is just like getting anything removed. Send letters by certified mail to the bureaus disputing them. Wait 45 days. Check the result. Rinse and repeat. It may take a few letters or more but persistence wins.
Multiple loan inquiries within a 2 week time frame count as 1 inquiry as far as score reduction is concerned. At least that was the case a few years ago, I’m not sure if anything changed with that formula. Mortgage and auto loans both. You are/will be shopping around, and the credit bureaus know this.
There use to be a way to “bump” hard inquiries off your credit report. It worked on equifax and transunion. I’ve done it successfully many times after going on credit card app sprees. Not sure if the method works, I’ve been out of the loop for a while. There are many tips and tricks to boost your credit score. I’ve been 799-840 across all 3 bureaus. If your top tier, a few point reduction won’t hurt your score
I have a hard time understanding your point. If they - the Hyundai dealer, screwed up and yes pulled his credit without giving him any value for it. Shouldn’t it be their responsibility to fix it at any cost?
I want you to imagine situation reversed. You go to the dealer get a crappy deal, find out on leasehackr that you screwed up and go back to the dealer after everything is signed and say. I messed up and changed my mind.
IMO, this is just example of the lack of consumer protection, that’s all.
I do not however disagree with your call for “Letting it go”, but for completely different reason i.e. sanity
