car dealer credit pull help

[Spiritwovles_2]

We tried buying a car and were denied by maureen alex. chev. but they pulled hubbys credit report (with hubby signing it was ok) then they saw the report and said no due to the fact that our mtg is still showing as being late when it was iib. i know we have to fix our reports. Why do they keep it (the approval sig and cr report)if they deny you should i have requested that paperwork back, they said they shouldnt have even let us look at our cr report but he did. he was nice but im very cautious these days...

we despertly need a vehicle the one we have that we bought for 700 is a piece of crap and ready to conk out at anytime has over 200,000 on it and is acting up. bad enough were down to one vehicle.

anyways our question is, the signing of that paper to authorize them to pull the report was a one shot deal right? So afraid to sign anything anymore, they cant do anything else with that sig can they?

I have learned from reading here that that pull has cost us points off the credit score which stinks but didnt know til came here. We are just gunshy about getting taken over the coals with creditors etc. I was reading some posts and got scared that signing that might hinder us further. it says it stays on the credit report til 2008!

Whats the differance between hard pull and soft pull? i know soft pull doesnt lower your score but who gives them the authority to pull your credit report in the first place? most of them on there we never even heard of. Is there a way to stop soft pulls?

any input appreciated.....

[BassBoy]

The one credit pull isn't going to kill you. It effects your score when you go to every dealer trying to get credit. However, you have a window to shop....I think 30 days. I wouldn't worry about it too much.

Many of us here have had good success getting approved. Look through the threads under "Buying A Car After BK" and get some ideas of what and where. I found it a little easier to try to get a loan on your own. This will make it a breeze when you walk into the dealership's front door.

[edwards2]

Try Ford Motor Credit...they approved us one month post-BK. My husband has a lower score than I do but he filled out the app and we were approved for a $10K+ loan for a truck for our son to get to school and work. We did get the Cap One auto approved check deal but their guidelines were too restrictive. The bottom line was we would have had to buy a newer truck than we wanted which of course would have cost more and insurance for him would have been higher. However, we were desperate too and would have done the Cap One thing had FMC not helped us.

[Rob-NC]

Defiantely try that Capital One Blank Check! I did just a few minutes ago (mainly because I was skepitcal that it could be that easy.) My beater still has a few months of life left in her; however,

1 month outta chapter 13 and I was approved for 7,500-25,000 granted the interest rate isnt as low as I had hoped (dont ask me what it is hahahaha )
but they approved me. Friggin amazing! 5 years of hearing "Sorry, cant help you, maybe you should try a buy here die here lot" to being approved to buy anything I want! (within budget of course )

[Spiritwovles_2]

Originally Posted by BassBoy

The one credit pull isn't going to kill you. It effects your score when you go to every dealer trying to get credit. However, you have a window to shop....I think 30 days. I wouldn't worry about it too much.

Many of us here have had good success getting approved. Look through the threads under "Buying A Car After BK" and get some ideas of what and where. I found it a little easier to try to get a loan on your own. This will make it a breeze when you walk into the dealership's front door.

ty so much thats a relief

ty for the info i will do that. yes i have seen were if you go with your own loan it seems easier will have to ck into that too as we need to do something and soon

[Spiritwovles_2]

Originally Posted by edwards2

Try Ford Motor Credit...they approved us one month post-BK. My husband has a lower score than I do but he filled out the app and we were approved for a $10K+ loan for a truck for our son to get to school and work. We did get the Cap One auto approved check deal but their guidelines were too restrictive. The bottom line was we would have had to buy a newer truck than we wanted which of course would have cost more and insurance for him would have been higher. However, we were desperate too and would have done the Cap One thing had FMC not helped us.

great ty i will try them and see what happens. thanx for your input...

[Spiritwovles_2]

Originally Posted by Rob-NC

Defiantely try that Capital One Blank Check! I did just a few minutes ago (mainly because I was skepitcal that it could be that easy.) My beater still has a few months of life left in her; however,

1 month outta chapter 13 and I was approved for 7,500-25,000 granted the interest rate isnt as low as I had hoped (dont ask me what it is hahahaha )
but they approved me. Friggin amazing! 5 years of hearing "Sorry, cant help you, maybe you should try a buy here die here lot" to being approved to buy anything I want! (within budget of course )

i never heard of cap. one blank ck, i will look into it and see about that. is that thru like a cap. one credit card or something? oh yes im sure the interest rate will litterly bite lol but after awhile of making on time payments im sure u could refinance it to get the interest rate lowered. guess we just have to build our credit worthyness again so we dont end up in the same boat or them ending up with bad credit/no payment...

[anonymuse]

http://articles.moneycentral.msn.com...ringMyths.aspx

"If you want to minimize the damage from credit inquiries, make sure that when you shop for a mortgage you do so in a fairly short period of time. The FICO score treats multiple inquiries in a 45-day period as just one inquiry and ignores all inquiries made within 30 days prior to the day the score is computed."


http://www.myfico.com/CreditEducatio...Inquiries.aspx

What to know about "rate shopping."
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

[newstart]

Try roadloans.com they approved me 2 months after discharge for $20,000 but the interest rate was very high. I ended up with GMAC through a little dealership magic.

[Spiritwovles_2]

Originally Posted by anonymuse

http://articles.moneycentral.msn.com...ringMyths.aspx

"If you want to minimize the damage from credit inquiries, make sure that when you shop for a mortgage you do so in a fairly short period of time. The FICO score treats multiple inquiries in a 45-day period as just one inquiry and ignores all inquiries made within 30 days prior to the day the score is computed."


http://www.myfico.com/CreditEducatio...Inquiries.aspx

What to know about "rate shopping."
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

oh wow ty for this info. i didnt know this.

[Spiritwovles_2]

Originally Posted by newstart

Try roadloans.com they approved me 2 months after discharge for $20,000 but the interest rate was very high. I ended up with GMAC through a little dealership magic.

Ty will look it over, what if you dont mind me asking was this very high rate i dont want one super high i mean i know they are going to be high becuz of the situation but i dont want one that is extremely high. going to ck out gmac as well. someone else mentioned them somewhere.

[mike9302]

If you cant get approved anywhere try a buy here pay here lot. Just be careful though when you select a vehicle and dont get into the "New vehicle excited mode" lol. Take it to a mechanic preferably the dealership and they can do an inspection for something like 50.00. That way you can find out about any oil leaks, belts, hoses, brakes, etc.

[Spiritwovles_2]

Originally Posted by mike9302

If you cant get approved anywhere try a buy here pay here lot. Just be careful though when you select a vehicle and dont get into the "New vehicle excited mode" lol. Take it to a mechanic preferably the dealership and they can do an inspection for something like 50.00. That way you can find out about any oil leaks, belts, hoses, brakes, etc.

Thanx mike, i know what you mean about the 'new car excited mode' haha we want to get something with a warranty still on it, doesnt mean it has to be brand new but we want something very reliable. Something we will have for a very long time.