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BennlyBen

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Car dealership pulled my credit 7 times. Dropped my credit 94 points. How do I fix this?
So I went to a small dealership in south carolina. They were pretty nice, down to earth and pretty straight forward with me. I'm only 24 and really have no experiance with dealerships at all so I'm new to buying a vehicle from someone who isn't a family member selling off their old junk. At first I looked at a 2014 Cadillac Sedan that was a bit too much so they offered me a Toyota camry (2012?) That was closer to my price range. Now, they had just got it in a trade in literally not 24 hours prior. I told them that I was uncomfortable at the fact that it hasn't been thoroughly checked and was parked in the back with obvious fixers (that irritated them, they even offered to buy me a 60" TV if I bought it right then). By now they done pulled my credit (signed a paper saying they could view my credit, another paper about securing it). I thought they just look at your credit. About a month later I'm at another dealership and they inform me of my new credit score and they noticed instantly that I was furious and it went from viewing cars to trying to find a fix for my credit. I went from 702 to 608. How on earth does my credit being pulled 7 times utterly decimate my credit? How can my credit be viewed and it not take another 8 years to fix? Please someone help me

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The good news is that the hard pulls they completed will only be on your report for 2 years and not for 7.  A lesson learned is never provide your personal information or sign any documents until you are in fact ready to hold the serious conversation of financing.   The dealership pulls your credit initially to get insite.  They then shop your imformation to the actual finance firms that they deal with in which to get you financed.  Sometimes, trying to save you interest, but at other times, just trying to get a positive response from someone who will indeed do the financing.  One should probably look at variable financing options and secure the loan or a pre-qualified amount prior go going shopping for that vechile.  A bank for instance will only need to do one pull in which to make a decision, although, they take longer to decide.   You then walk into the dealership and get your bank on the phone to arrange to cut that check.  Some credit company pulls will consolitate those pulls into one as they occured in a short period of time, others will see them individually.   You may alway want to take a closer look at your score, as 98 points is kind of high, even for 7 pulls.

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