How can i fix this credit issue?
Damon O asked:
I went to a dealership to see about a loan, they turned me down because the car i was interested in was “too old to finance”? So i then tried to go to Citi financial and apply for a personal loan and came to find out the dealer had put 8 inquiry’s on my credit report. Is there something i can do about this?
DALTON
I went to a dealership to see about a loan, they turned me down because the car i was interested in was “too old to finance”? So i then tried to go to Citi financial and apply for a personal loan and came to find out the dealer had put 8 inquiry’s on my credit report. Is there something i can do about this?
DALTON
March 12th, 2010 at 11:56 am
ALONZO
1) Contact the credit bureaus
2) Contact the dealer and inquire as to the reasoning
It shouldn’t hurt you too much. However, I would look for a car elsewhere.
March 15th, 2010 at 5:38 pm
CHANCE
Speak to the dealership owner. 8 inquiries is too much!!! The more inquiries that are done, the more it negatively impacts your credit, I am told.
March 17th, 2010 at 6:23 pm
NORRIS
I don’t know of anything you can do to prevent this. I’ve seen this issue before myself. Dealers do this in order to get you the best possible rates for your car loan, so they shop around to various credit companies on your behalf…each credit company in turn, runs their own report on you too. So does the dealership…they run one for themselves as well!
Unfortunately, too many credit inquiries on your credit report is considered a negative aspect in your report. Fortunately, the clock gets reset each 365 days on this and those credit inquiries fall off your credit report after that.
March 18th, 2010 at 1:10 am
REFUGIO
Sometimes you just have to deal with the inquiries… don’t know why they had to do it 8 times though.
There are ways you can get errors and mistakes off of your credit report: