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Posted in Auto Loans
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Rosiej70

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I used the credit score simulator and still cannot increase my score enough. What else can I do?
I want to increase my score and found a couple of ways however it seems as though all the hard inquiries are what is bringing my score down. How can I remove these or how long do they stay on your report? A lot of them I did not authorize and I also thought that when you are buying a car, finding the right bank to get your loan should only count as one hard inquiry? I've got 30!!

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Silly Credit Karma!

It may be that Credit Karma isn't taking into account the fact that multiple inquiries will be treated as a single inquiry when the FICO score is calculated.  Or maybe the credit bureau industry has just been lying to us about this.  Fair Isaac is anything BUT transparent about their models, though if they were, it would be a lot easier to game their scoring model.

The typical usage of modern machine learning technologies is to throw all the training data into the computer.  If the data shows that you had inquiries from a certain combination of businesses, it's possible that is being used as a factor.  So it might not be the number of inquiries per se, but the more inquiries you have, the more likely that particular combination comes up (this is completely hypothetical,the point is that it's possible for the computer to search through limitless combinations of factual data and find some particular combination that happens to show a correlation to your credit risk yet which may seem to contradict common sense).

The inquiries come off your report after two years ... which means that the scoring model won't have that information to base a score on.  Supposedly these older inquiries become a smaller factor after a year or so, though it's not clear that is taken into account by the Credit Karma scoring model.

As for the credit simulator, it's just a plain pile of junk.  While the Credit Karma score may well have some inaccuracies, the credit simulator spews almost complete nonsense.  You should consider it to be for entertainment purposes only.

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