Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
valmandoz

0 Contributions
0 People Helped
How Long a hard inquire will continue to affect your credit?
A year ago I move to a new city and inquire for a new car and new phone. Dealer made 5 inquiries on its own without my permission, and resulted in 6 Hard Inquires that brought my rating to POOR, only 6 did that. Well now is June 2016 and those 6 inquires remain there and still hurting my credit. How is that possible to an intelligent and logical mind????????

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-6 of 6Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
269 Contributions
115 People Helped
Most Helpful Response

Helpful to 10 out of 10 people

A hard inquiry will remain on your report for two years but is only factored into your score for one year.

1 Contribution
4 People Helped

Sickend By This Mess

Helpful to 4 out of 5 people

I had the same thing happen to me, went to a dealership, didn't have a price on the car, told them over and over not to run my credit.  They did, 4 times even though I told them who I wanted to go through.  Now my credit is poor and I am told I have to get a letter of permission and deletion to get those inquires off of my report.

This is terrible, they were wrong but I am paying for not buying a car from them and have to ask their permission to get it corrected.  It's my credit report/score.  

How fair is this!

6 Contributions
25 People Helped

me

Helpful to 5 out of 7 people

your lucky  had a dealer moke 16 inquires on mine,without my knowledge...dealers explanation....oh the credit people will know..and only put down one.credit inquirey...not so  still there

1 Contribution
2 People Helped

FACTS about multiple inquiries.

Helpful to 2 out of 2 people

When a dealer and their banks pull your credit, it is scored by the bureaus as one inquiry. Each individual bank will show on your bureau so that you know who looked at your information. So if your score dropped or is low, it is due to other factors.

See the statement by Equifax - "When shopping for a car, it is common for auto dealers to submit your information to multiple lenders in an effort to find the lowest interest rate and most favorable loan terms. This practice allows you to benefit from lenders competing for your business. The same practice is used for mortgage lending.

Experian lists each inquiry that is made into your file for two years, so that you have a complete record of who has reviewed your credit history. However, you don’t need to worry about inquiries for auto and mortgage loans affecting your credit scores.

Lenders recognize that shopping for only one car or mortgage does not mean you are trying to open multiple new accounts. Credit scoring systems have been designed to account for that practice and include rules such as counting the same type of inquiry as only one inquiry as long as they are made within a short period of time.

This enables you to shop for the best rates for a car or home loan without your credit scores being impacted as a result of multiple inquiries."

1 Contribution
2 People Helped

Auto Loan

Helpful to 2 out of 3 people

It stays on there for 2 years.

2 Contributions
2 People Helped

Helpful to 2 out of 4 people

Are car dealerships able to do credit checks with a driver license?

Results 1-6 of 6Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.