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? on running your credit

I have Googled this but maybe im missing something... Is there a law on how many times a company can run your credit? Like we went for an auto loan and the place ran our credit to 12 diff companys... My credit score went from a 695 to 606... I know neither one is a good score but i was on my way up and they knocked me back so far...

 
Anonymous

Asked by Anonymous at 5:09 PM on Feb. 3, 2009 in Money & Work

This question is closed.
Answers (5)
  • No it does not knock your credit if you are turned down for a loan...
    I work with scores and credit counseling every single day. Whether or not you knew your score going in your score HAS to be pulled however since they out source as well to other financial institutions as well as dealers that is why they pull multiple scores. please contact me if I can help you anymore...krista@nctv.com or via my website at www.mtgmentors.com
    mamakirs

    Answer by mamakirs at 10:19 PM on Feb. 3, 2009

  • There is no law- you have control over how often someone runs your credit. It's not fair but that's how it works.
    Katrinka_Renee

    Answer by Katrinka_Renee at 5:22 PM on Feb. 3, 2009

  • applying for an auto loan is one of the worst things on your credit becuase of that VERY fact. They out source to other auto dealers and each one will pull your credit. No one can pull your credit without authorization. However they work around that by your initial authorization.
    mamakirs

    Answer by mamakirs at 6:09 PM on Feb. 3, 2009

  • every time you get turned down it nocks your credit down. try going to a place like car mart or a place that is easy to get a loan and thats what helps build your credit, therr are also credit cards that you can get if you have a low score- just to help you build credit
    sarahdicksonjr

    Answer by sarahdicksonjr at 7:55 PM on Feb. 3, 2009

  • No. Especially a car dealership. They are in it to get you financed and the car sold. You knew your credit score going in and should have known financing wouldn't be easy with a less than stellar score. And I don't mean that in a smart ass way! I went thru the same thing. My score was about the same as yours when we bought our car. I knew it would take multiple tries to get us financed. Thats just what happens when your credit sucks.
    Anonymous

    Answer by Anonymous at 8:19 PM on Feb. 3, 2009