Wednesday, September 26, 2007

bankruptcy, inquiries, fico, credit card

Dealership turned me down for having too many inquires on my credit report.
I received several letters in the mail saying I had been turned down for credit.
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The letter are legal for putting a inquiry on your report.
How many inquiries?
I doubt anyone got turned down from too many inquiries.

The letters you got are from potential creditors the car company tried to get you finance with and they were turned down. So he was just fight to keep a deal with.

I would say incompetence is not the right term.
He either tried to get more interest usually capped by lenders at 2% percent max dealer increase. So at 14 percent all he could make was 2 % of loan interest. So the bank bought it for 12% they charge you 14 and make some money.

Usually this is not a bad deal as car dealers get better rates than the average guy.
I would contact a credit union
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Thanks for the quick reply,The credit report lists 15 separate inquiries from May 12th - May 15th, 12 checks on May 16th, the day of purchase.
If not incompetency, I suspect he was being vengeful for not accepting the 14%. (It seems to me any reputable dealership (this was Nissan) should have a better credit system check than this. ...) I see the way Capitol One is listed on the report and the "loan offer" was from Capitol One, and the credit denial letter from them clearly states the reason for denial as "Too many recent credit inquiries".
There was nothing negative or missed payments between my last FICO report from Oct 2006 and the recent one I just obtained. The loan was only for $5000.00, and I had planned to "flip" it over quickly in 6mos, If I "get rid of anything capitol one", dosen't it look bad closing a credit card acct? (Excellent payment history)
Also - When the bankruptcy goes off the report will my automatically credit improve? It's the only "negative" on my report.....
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Never make payments on something for only 6 months.
Rated has to be 12.
They probably worked on your credit right then that day to get you a better rate.
A person must tell them not to shotgun your credit. Mostly done with people on the margin of good and bad credit.
I doubt you have any recourse and many times a denial list menial items and they do not really tell you why. They didn;t want to do it so they came up with a decent reason. I am sure there are other reason they did not list on your denial letter. Nature of the business. I know. I sold cars for 12 years. Financed em. everything from top to bottom. -------

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