Auto Loan Credit Inquiries ?

Anonymous · ‎03-13-2015

I am not sure if I want to refinance my current car or buy a new one. I already have financing lined up if I buy a new one. i applied for several different loans in the 14 day app window so they count as one inquiry. I would like to apply for a refi to see my options but the 14 day window has passed. If I apply for refi will I hurt my credit by doing so or don't worry about the inquiry thing.

guydiver · ‎03-14-2015

@Anonymous wrote:
I am not sure if I want to refinance my current car or buy a new one. I already have financing lined up if I buy a new one. i applied for several different loans in the 14 day app window so they count as one inquiry. I would like to apply for a refi to see my options but the 14 day window has passed. If I apply for refi will I hurt my credit by doing so or don't worry about the inquiry thing.

Hard to say. One more hard pull may or may not affect your Fico score. Everyone's file is different. But realistically, it should be very minimal at the worst, and possibly not at all.

TRC_WA · ‎03-14-2015

I took 18 INQs across the 3 CRAs and lost just 1 pt on EQ.

FICO8 current as of : 4-17-24 EQ: 724 TU: 707 EX: 706
Hard INQs last 12 months: EQ: 5 | TU: 8 | EX: 9
Verizon Visa $8500 Amex Delta Reserve $10,000 Care Credit $18,000
NFCU CashRewards $7500 Apple Card $7000 Best Buy $8000 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) 6.95%
NFCU motorcycle loan (2024 Harley Davidson Road Glide - Alpine Green & Chrome) 9.45%
Total CL: $64,000 --- Total CC UTI: 27% --- AAoA: 5.5 years --- Income: $200k
Last app: 4-6-24

Anonymous · ‎03-15-2015

I just lost 8 points on Eq due to an inq for a refiance. Not sure if that was just one too many and that it why I took the hit or what. The way I look at it is if you can save money by doing the refi it is worth taking the point hit for a few months.

Anonymous · ‎03-15-2015

Inquiries aren't too bad. The new account will pull it down a bit.