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
clearingup51

0 Contributions
0 People Helped
i didn't authorize any one to make these inquiries.

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
2 Contributions
0 People Helped

ONLY ONE

I ONLY authorized a hard inquiry by ONE lender. I have worked in credit and mortgage underwriting for 25+ years. The individual I was working with is someone I have bought a car from before and I am very happy with the dealership. However, he shopped my loan to 8 other banks and all of my credit scores dropped 18 points in one day, across the board. It IS a big deal. And, its against the law when the individual you have a verbal agreement with takes a very short credit application, with no parameters about credit inquires or the number of them, and uses this to shop your loan to try to get you the deal you want. But, you would have never authorized them to do more than one inquiry with one lender. The lender was picked out in advance by both of us. He knew exactly what he was doing. He just hoped I wouldnt find out. Thanks to Credit Karma I did find out, the second I got home. I'm on the phone with my attorney on Monday morning. It is against the law to in any way misrepresent how you intend to use someones personal information. 

Top Contributor
7356 Contributions
3808 People Helped

Helpful to 0 out of 1 people

By doing an application foir a car loan, you are authorizing the inquiries and the company will try to get you the best interest rate possible.  If a large number of inquiries shoiw up, it means your credit is not fantastic and the search was more intense.  But inquiries are not that big a deal and have no effect on your score after a year.

Results 1-2 of 2Results 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.