Before I fly off the handle and destroy some poor sap over the phone I want to make sure I'm not making something out of nothing. Readers digest version is this: Wife and I are having a house built, I am the primary using my VA loan (loan paper work has not gone through yet as house completion is January). Both cars were in my name because of the interest rate I have with Nissan. Found a smoking deal on a new car and used my wife's credit to purchase so the debt to income ration on my credit would improve. While the house loan will still go through with both cars in my name, a lower payment and lower interest rate is what sold me the car. I receive a notification alert this morning that the dealership ran my credit. I never gave them such permission. The car that was traded in was in my name, but I do not see that as a reason to run my credit? Anyone have any insight?
Is your name going on the new car? If so, they're gonna run your credit. To run your credit, you had to give them your SS#, right?
My name is nowhere on the car loan. There was the initial "offer" form where information is filled out. When I told the dealership that the car will be purchased using my wife's credit, that same form had to be re-done. There is a separate from that is signed granting the dealership permission to pull the credit. I signed no such form. Every credit pull lowers your credit score.
In many states (like here in wisconsin) community property state means both people are on the hook for any loan regardless of who's name it's in. Legally I can't finance anything with out my wifes written knowledge.
I work for a dealership. There should have been no reason to run your credit unless for some reason wife wasn't strong enough. At that point they should have contacted you first. just my 2 cents
Was the car you traded in financed? I work for a highline dealer in MN and we run into this from time to time. If the traded car is financed and the new car is financed both parties must go on the new loan. Did you give your information on a credit application or was it for verification of your identity?
From my experience this is correct. If you have several credit pulls in a short amount of time, it shows desperation
Several pulls in a localized time period is "okay" (FICO changed this a few years ago when they updated their formula) and better than a pull every month or two, but every "hard" pull dings your credit score. A "soft pull" (I'd verify that the dealership did indeed use a hard pull before flying off the handle) has no effect.
That's what I thought. The only outstanding credit issue I have is a $1500 max credit card I use for online purchases. This summer as almost a lark I applied for a loan with Yamaha for a new bike I was thinking about purchasing. I checked my score a month later and it went down 15 points because I applied for a loan (that I never ended up using). F'ing joke if you ask me.
Just have the dealer write you a letter explaining the mistake and that you did not actually apply for credit or take out a new loan. Have them sign it and hold on to it if it comes up from the mortgage company. Mortgage companies ask for strange things these days but will also accept a letter from an institution explaining what actually happened and move on. They document much more information now than they have in the past.
