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Hey guys,

I recently just purchased a new Camry 09 in 7/19/08. I financed through toyota's own financial department for the low rate. I had an alert from my credit monitoring agency. My credit report has 4 new hard inquires.

07/19/2008 : CREDCO (Experian)
07/20/2008 : CREDCO IMS (Transunion)
07/21/2008 : CREDCO (Equifax)
07/22/2008 : TOYOTA MOTOR Transunion.

I did a bit of googling and it seems like CREDCO is First American CREDCO. I don't know about CREDCO IMS. Toyota Motor is Toyota Financial I guess. I thought they would just run it once. Will this have a negative effect on my credit score? and to what extent?

I have contacted the dealer and left a voicemail.

Could someone shed some lights on me please?

Thank you

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First time buying a new car, btw

I am about to finance my first new car as well and would like to know also!

It is one inquiry but for all three credit bureau. inquiry is negative, but should be fine, and I don't think you can do anything about it.

Some googling turns up that "Integrated Dealer Systems" and "AutoManager" use Credco services to provide a "merged credit report"..

Looks like the dealer pulled your credit using Credco, which gave you a 3-in-1 pull, then when they saw your report and decided to steer you to TFS, who pulled your credit to give you a loan. I guess the dealer uses multiple lenders depending on your score. It's a little scummy but there's not much you can do at this point, because you probably agreed to it in writing. Hope TFS gave you a decent rate for it, at least.

Last year I bought a honda and went in with pre-approval from my CU (who agreed not to hard pull my credit until I actually took out a loan/bought the car), and they beat the rate with american honda financial. I ended up with only one hard pull, from AHFS..

Not sure what is built into contracts now, had to have a cosigner when I got a loan, but something to watch out for. My grandfather worked for Ford and bought a truck in 95 from them with his employee Z purchasing plan. Since then they have pulled his credit one every 6 months or so. They say they do this to offer new loans on cars, but really it just hurts your score. I heard that some other contracts with creditors have these stipulations, yet they hardly use them. My family has bought Toyotas using TFS for teh past 20 years and never had a problem, but we haven't seen Credco come up on our reports, just TFS.

PorStaker said: Since then they have pulled his credit one every 6 months or so. They say they do this to offer new loans on cars, but really it just hurts your score.

Those should be soft pulls, not hard, therefore not hurting his score at all.

I called and got a reply. They said that they pulled TU first (through CREDCO service) but my score was lower than the min required for the low special rate so they pulled from the other two unions. They said they wanted to make sure i was qualified for the 2.9% offered by TFS (what i wanted) to have the vehicle delivered on the spot. Yes I did sign the paper. I should have done my research and allowed them for only 1 hard pull.

This sux, will the 3 CREDCO inquiries be merged into 1?

Also, since the TFS pulled from Transunion on which my credit score is the lowest. That score failed for the low rate in the first place. I am afraid TFS will pull from the other two as well. What should I do?

Thanks,
buying a new car has not been a pleasant experience.

They pulled once from each credit agency, there is no way they would merge those hard pulls since the 3 credit agencies are separate from each other

If you're alrdy approved for the Toyota loan then I doubt they'll pull the other 2 reports

Your FICO score for each agency will just go down a couple points for the next 6 months, but it'll stay on your report for the next 2 yrs

Credit unions are not associated with those 3 credit agencies (credit unions are like banks - google "credit union vs bank" or something to learn more, many people here use PenFed)

hommer said: ....
@OOPSZ, a lot of ppl say they get auto loan from their Credit Union. How do I know out of the three, which one is mine?
.....

Transunion, of course, that's why toyota motor pulled there. Please let us know how much they approve you for.

delzy said: hommer said: ....
@OOPSZ, a lot of ppl say they get auto loan from their Credit Union. How do I know out of the three, which one is mine?
.....

Transunion, of course, that's why toyota motor pulled there. Please let us know how much they approve you for.


Now we see who's still buying new cars.

hommer said: I called and got a reply. They said that they pulled TU first (through CREDCO service) but my score was lower than the min required for the low special rate so they pulled from the other two unions. They said they wanted to make sure i was qualified for the 2.9% offered by TFS (what i wanted) to have the vehicle delivered on the spot. Yes I did sign the paper. I should have done my research and allowed them for only 1 hard pull.

This sux, will the 3 CREDCO inquiries be merged into 1?

Also, since the TFS pulled from Transunion on which my credit score is the lowest. That score failed for the low rate in the first place. I am afraid TFS will pull from the other two as well. What should I do?

@OOPSZ, a lot of ppl say they get auto loan from their Credit Union. How do I know out of the three, which one is mine?

Thanks,
buying a new car has not been a pleasant experience.


What you should do is not buy a new car until:
You know the difference between a credit union and a credit reporting agency
Your credit score qualifies you for the best deals
You have cash to pay for it
and you understand WTH you are signing on for.

Buy a cheap used car and try to find some other way to impress the hotties.

delzy said:

What you should do is not buy a new car until:
You know the difference between a credit union and a credit reporting agency
Your credit score qualifies you for the best deals
You have cash to pay for it
and you understand WTH you are signing on for.

Buy a cheap used car and try to find some other way to impress the hotties.


Alright Mr., why are you here? Trying to make you sound smart over somebody else mistake?

I could have paid cash for the car but I financed to build up my credit, that was the whole reason for buying the new car. I checked my credit score and it was over 700 across all 3 bureaus. I never thought a camry would be a chick magnet. May be it is to you.

I read all the papers before I signed. There was no indication of how many times my credit would be pulled. I told them, make sure you don't over run my credit. They said yes.

I got 2.9% approved (jst called TFS). Isn't it the best deal?



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