GMAC Seeking 2nd Credit Check in Less Than 1Mo.

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jjcjct

Joined: 14 Jan 2010
jjcjct's page
Posts: 1

31 Magic Points

Subject: GMAC Seeking 2nd Credit Check in Less Than 1Mo.

Thu Jan 14, 2010 4:19 am

I am trying to pick up someone else's Chevrolet Tahoe car lease thru one of the lease swapping websites. GMAC ran a credit check on me last month the second or third week of December and I was approved. (My credit score is 780.) The deal with one Tahoe owner fell thru and now I'm embarking upon a second attempt, again with a GMAC lease. They're telling the current Tahoe owner that they have to run a new credit check all over again despite having run one less than a month ago. They told me after the first transaction didn't happen that I would be pre-approved for 60 days. I'm very concerned about how this will affect my score as well as a relative that co-signed with me. Is this legal for GMAC to do this??? I mean I know they're under Uncle Sam's microscope and that they're trying to rebuild but this seems really unnecessary.

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Thu Jan 14, 2010 9:59 am

Hi jjcjct

I don't think you need to worry about this one. The FICO scoring model works on logic and can differentiate between someone making unnecessary applications all over town and someone who makes an application only when he needs the money. Unless you are excessively shopping for credit, you should not get worried about your scores too much.
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Carol

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Thu Jan 14, 2010 2:53 pm

I would not think you would have any worries either. if you are still concerned you could call them and ask them your question. Congrats on the tahoe and the great score. we all know how hard you have to work at keeping a good score.

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