How many places can a car dealership submit your credit application to get financed?
time4sax asked:
I just found out that the dealer were I purchased my vehicle had submitted my application to at least 20 banks/credit unions to get me financed. My credit score dropped 25 points in just 2 days due to the 20 inquiries now showing up on my credit report. Isn’t there a limit on how many places they can submit a credit application? I know I should have secured my own financing before going to the dealer, but I didn’t think they could ruin your credit score like this. Is there anything I can do to have all these inquires removed?
secured credit application
I just found out that the dealer were I purchased my vehicle had submitted my application to at least 20 banks/credit unions to get me financed. My credit score dropped 25 points in just 2 days due to the 20 inquiries now showing up on my credit report. Isn’t there a limit on how many places they can submit a credit application? I know I should have secured my own financing before going to the dealer, but I didn’t think they could ruin your credit score like this. Is there anything I can do to have all these inquires removed?
secured credit application
Tags: Credit Application, Credit Report, Inquiries
October 3rd, 2009 at 11:34 pm
secured credit application
Well, I have heard that a certain amount of credit inquiries that are for the same thing like buying a home or car, if they are within a time period they should be counted as one…. but I also know that when we went to 3 dealerships to do some comparison shopping a salesman told us how many times places our credit had been run through and it was shocking. I understand they want to get you financed any way possible but it can wreck your credit when all you want to do is get the best deal. You can’t do much about the inquiries, they will stick around for awhile. Next time you go to get financed for somehting just explain that you went car shopping recently…. they’ll get the picture.
October 4th, 2009 at 4:25 pm
secured credit application
no,,there’s no limit to how many they can submit it too,if i was you id make them repair this,,it can be done,,its not really fair to you ,,for them to do this,,id call or go in to talk to them,,about it,they can repair it,,and id see to it that they did fix it,,good luck hope this help,s.
October 5th, 2009 at 7:15 am
secured credit application
you should have had a privacy notice that you signed that tells you what they were going to do with the information. if you didnt sign the privacy notice or didnt sign the credit application then you should be able to do something about this. if you did, then I don’t know what you can do. I think the answer is nothing.
October 8th, 2009 at 9:07 am
secured credit application
nope, by signing the credit app, you give them legal rights to shop for the best interest rate. as far as 20…..you went to a lame dealership. and by the way i was a finance manager for a chevy dealership and getting your own finacing can be a mistake. i have had many people go to their own credit union, get an interest rate and come to me to find out i called THE SAME CREDIT UNION and got the loan a piont or two less!!! think of it this way….how many cars do you, as an individual, finance through them in your life? maybe between 5 and 10??? that is what I would do a DAY!!! I get special treatment and you get the shaft. I was in the car biz for a long time, lots of fun. your credit will bounce back in about six months to a year…..dont worry about it. what do you need it now for anyway??? you got the car, make your payments on time and watch it grow.
October 10th, 2009 at 7:49 am
secured credit application
Next time you want to comparsion shop, don’t give them finanial information until you are completely ready to proceed. Get the price of the car in writing before you talk about a trade-in or anything.
Don’t worry about pings. They go away in a few weeks. Banks just pull that up and think you’ve just applied for 20 credit card. Most people when they get new cards will go out and max it out. When a bank sees they are just pings and only the loan amount is appearing on the report, they will calm down.
October 11th, 2009 at 11:53 am
secured credit application
No, no limit.
But don’t worry, the 20 inquiries count as just *****ONE***** as long as they within 2 week window.
September 10th, 2010 at 7:44 pm
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