Financial Resources

Initial Business Response / [redacted] (1000, 5, 2015/06/09) */ At the time that of their purchase on November 3, the names we have on file are [redacted] and [redacted] I am assuming that they have married since thenAttached you will find the credit applications signed by both parties and dated the day of the transactionIn the clear disclosure on the applications it states that by signing the applications the applicant is authorizing the dealer to submit the applications to financial institutions on behalf of themselvesAlso attached you will find an online article from MyFICO stating how inquiries affect FICO scoresIn the article it states in paragraph 3: Hard inquiries are inquiries where a potential lender is reviewing your credit because you've applied for credit with themThese include credit checks when you've applied for an auto loan, mortgage or credit cardEach of these types of credit checks count as a single inquiryOne exception occurs when you are "rate shopping"That's a smart thing to do, and your FICO score considers all inquiries within a day period for a mortgage, and auto loan or a student loan as a SINGLE INQUIRYThis same guideline also applies to a search for a rental property such as an apartmentThese inquiries are usually recorded by the credit bureau as a type of real estate-related inquiry, so the FICO Score will treat them the same wayYou can avoid lowering your FICO Score by doing your apartment hunting within a short period When the [redacted] 's applied for credit through us we submitted to several lenders shopping for the best rate of interest for the customer just as the article recommendsOur sales people are also aware of the fact that multiple inquiries from shopping for best rate count as one inquiry as long as the purchase is made within days of the first inquiryThe [redacted] 's loan was contracted on the same day as the inquiries Now I do understand that their credit score may still have dropped some points after the purchase of the vehicle but it was not due to the inquiries it would be due to them taking on the additional debt of the vehicle loan and the fact that early in the loan the remaining balance is still very close to the high credit available on the accountYoungblood Auto did not do anything wrong or out of business practice when shopping for the loan for the [redacted] 's as they authorized us to doEven if we wrote letters to the lenders requesting for the inquiries to be removed (which in years in the business I have never been asked to do) the inquiries would still not be removed and the FICO Score would not be affectedPlease refer to all attached documents for verification of the facts stated above